When your home has been on the market for what feels like an eternity, it can leave you second guessing everything. The move alone is going to be stressful, so the last thing you need are frayed nerves from the events leading up to it. Fear not, the causes for a stagnant sale may be fixable. If your home is not selling, read through these four culprits and see if any of these apply to you:
The listing price is too high
The right price will depend on the competitive landscape in your area. Your real estate agent will help you to determine if your home is overpriced by comparing it to other nearby homes with similar square footage and features. If yours is consistently the highest priced home on the market and there aren’t clear objective reasons as to why that is, consider lowering the price to remain competitive. Your agent may strategically price your home low to encourage multiple offers in a very short period. Fortunately, if that happens, the resulting bidding war will likely elevate it back to an appropriate market price. It’s also worth knowing whether your area is in a buyer’s or a seller’s market so that you have a better understanding of supply and demand.
You’re selling a fixer-upper
Some buyers want a move-in ready home, not an immediate mountain of responsibility. It may be disheartening that you won’t be around to enjoy the renovations, but issues with the roof, walls, paint, and windows can be significant deterring factors for buyers. Think of these fixes as an investment towards selling your home quickly and at the right price or market your home appropriately as a fixer-upper.
You’re skimping on your home’s visual appeal
We are visual creatures who respond strongly to aesthetics. Do you feel confident in your home’s photography? Buyers browsing online may dismiss your home if the photography is unflattering. Ideally, your real estate agent will make sure that photos are shot during the day when there are clear skies to maximize natural light. Days before the photo shoot, take pictures with your cell phone every hour to see how each space receives light and casts shadows differently. That information can be very useful for your agent. Your agent may add artificial light in spaces where the sun is insufficient, use high resolution photography, and stage your rooms to improve your home’s visual appeal online. Properly staging your home will transform its layout and generate mass appeal through strategic presentation.
Your marketing strategy is not right
Are you getting many walk through appointments? A lack of awareness from inadequate marketing might be why. Review the MLS listing with your real estate agent and ensure it is robust with measurements, materials, and relevant details without fluff or exaggeration. If the MLS listing is the only marketing your agent has, it’s probably time to expand into other channels. The right agent should know how to strategize on the local level to reach your home’s target demographic.
It can be hard to look at your own home objectively, as it’s only natural to see the value in every nook and cranny. But if your home has been on the market for a while and it’s guilty of any of these four things, it’s time to accept that you may not find a buyer until you resolve the issue.
