Why Isn't It Selling

There are many reasons why a house may not sell quickly or why a home seller might not receive any satisfactory offers they are willing to accept. While asking price is often the primary culprit, there are a host of other reasons that might be playing into ongoing difficulties, including market conditions, housing inventory in your area, house marketing strategies and location.

Common Reasons a House May Not Sell or a Buyer May Not Get Many Good Offers

Overpricing

FSBO (for sale by owner) homes are often overpriced – and for understandable reasons. People tend to like their house and think it’s worth more than the market would suggest. This is doubly true if they invested a lot of money into renovations or remodeling and expect to see those costs fully reflected in their home sale price.

The unfortunate truth is the vast majority of home remodeling projects don’t have a 100 percent ROI. You may only see about half the value (or potentially less) of those projects reflected in increased home value. For example, if you spent $40,000 on a new midrange kitchen, you might see the value of your home increase by only $20,000 – not $40,000.

Real estate agents can help homebuyers appropriately price their home and provide actionable advice on ways they might be able to increase home valuation without losing out on equity in the process. Flexibility and willingness to negotiate and compromise may be necessary – unless you’re willing to wait for market changes (which may be an option for some homeowners).

Curb Appeal

Poor presentation and home condition can also slow down the speed of selling your home. The good news is many of these issues can be easily addressed with low-cost solutions. Pulling weeds, mowing grass, trimming trees, installing siding and exterior painting can dramatically increase the curb appeal of your home and enhance marketability without requiring massive investments in remodeling or renovation.

The exterior of your home isn’t the only attribute to consider. People who tour your home or attend an open house might be turned off by clutter, dented or scratched drywall, dirty or scuffed flooring or even unpleasant odors. Simplifying or removing décor so people who tour the home can envision their own belongings and decorations inside can help accelerate offers.

Poor Marketing

Although ineffective marketing is an almost inevitable struggle faced by FSBO homes, sellers represented by real estate agents are not immune from this challenge. The truth is not all real estate agents are equal in their ability to effectively market properties. Experience does matter, as does motivation and skill. It’s important to do your own due diligence when choosing a real estate agent to represent you and find one who utilizes effective marketing strategies to get more eyes on your home and attract offers from qualified home shoppers.

Market Conditions

These variables are out of your hands as a home seller. One of the benefits of working with an experienced agent is their ability to help generate offers even in a buyer’s market.

Location Problems

The truth is every metro area will have parts of town that are less desirable to live in, whether due to crime rates, school districts, a lack of amenities or the condition of infrastructure in the area. There may still be buyers for properties in these areas, but they may only attract budget buyers or those looking to purchase rental properties. It may be necessary for home sellers to adjust their expectations based on location variables.

Lowering asking prices can help make a home more competitive, even if the location isn’t ideal, but it’s important to discuss options with an experienced real estate agent. In some cases, it may just be a matter of marketing and ensuring your home gets noticed by the right home shoppers.

Lack of Accessibility

Although some property purchasers, like institutional investors, auctions or parties buying multiple investment properties, may put in offers without seeing homes, the average family looking for their next house will want to see inside before making offers. The scenarios in which an offer might be made without a tour tend to be disadvantageous to sellers and will often be below market price.

It’s important to allow interested home shoppers to tour the home or attend at least one open house. If you have security concerns or are worried about the appearance of your home’s interior, you may want to discuss options or get advice from an experienced real estate agent. 

Features and Tastes

The popularity of home aesthetics, like the color of interior paint, flooring style, cabinet color and countertop materials, change over time. The rapidity of evolving trends makes it difficult or cost prohibitive for homeowners to keep up through renovations.

It’s not uncommon for home sellers to have interior features that are “outdated” by years or even decades. While outdated fixtures or features aren’t always a make-or-break issue for motivated home shoppers, potential buyers might choose a different home that doesn’t require costly modernization.

72SOLD Is the Cure for Stagnation

Are you frustrated that your home isn’t getting offers? 72SOLD real estate agents utilize a proven method for marketing homes – and we have the independent, third-party studies to prove it. On average, our clients get offers 7.8 percent higher than comparable homes in their local MLS – in just eight days or less.

If you’d like to sell your home faster and for a great price, get in touch with the 72SOLD team.