When you sell your home, you probably imagine getting lots of offers within days and closing on the sale in a few weeks. But that doesn’t always happen. If your house has been on the market for a while, you may be wondering why your home isn’t selling.
In this Redfin article, we’ll cover 11 common reasons a home might not sell – and the steps you can take to fix them. If you’re having trouble selling your house in Tampa, FL, or your condo in Chicago, IL, here’s how to turn things around.
1. The list price is too high
Your home has the most interest when it first comes on the market. So it’s important to price your home correctly from the moment it’s listed. You may love your home and think that the list price matches the value, but if no one is interested, it’s likely you listed it too high. If you overprice your house, buyers may move on to the next listing without touring your home.
Your agent should prepare a thorough comparative market analysis (CMA) to determine the best asking price for your home, before you list it. A CMA compares the price of your home to other, similar homes in the area to determine the right price. It can be easy to think your home is worth more, but try not to let sentimental value influence your judgment.
How to fix it
It’s best to price your home correctly from the beginning. Pricing your home a little lower may increase interest and may increase your final sale price. However, if your home is already listed, you may need to lower your list price. If your home is already listed, speak with your real estate agent to determine a strategic price drop to spark renewed interest.
2. It’s a buyer’s market
Real estate markets typically swing between seller’s markets and buyer’s markets. The type of market depends on factors like the economy and local real estate conditions. A buyer’s market may not always be the best time to sell a house, since buyers tend to have more negotiation power during these times.
How to fix it
While a seller’s market can make it easier to sell your home, sometimes you have to sell when the timing is right for you. In this case, expect that there may be fewer buyers, and they may be looking for a better deal. Be prepared to offer incentives, price your home competitively, and stay flexible during negotiations.
3. Your home’s condition needs work
Unless your home is marketed as “as-is”, most buyers expect a home to be move-in ready. If your home appears to be in less-than-great condition, you’re probably going to wait longer to find a buyer who is willing to make updates. Or you’ll need to lower the price, so buyers can budget for repairs.
How to fix it
Small changes can go a long way to make your home appear to be in better condition. Some sellers need simple fixes to attract buyers, like reorganizing and decluttering the space. Cleaning up excess knick-knacks, removing personal items, and deep-cleaning the space can go a long way.
If there are major issues with the home’s condition and it needs repairs or renovations, then you’ll need to consider your options. If making repairs isn’t an option for you, the best thing to do is be realistic about your asking price and anticipate that you may need to make concessions.
4. Your home is too customized
There are home improvements that add value, while other renovations may detract from your home’s potential. Not all home improvements have the same return on investment (ROI), so even if you think you’ve priced your home correctly, that may not be the case. If you have a lot of unique customizations, it can deter buyers who are looking for a blank slate they can add their personality to.
How to fix it
If you’ve already renovated your home, chances are, you don’t want to do it again. In this case, you may need to lower your expectations about the price you sell your home for, even if you don’t get a full ROI. Some quick fixes can include using neutral paint colors and removing overly personalized décor.
5. Listing photos don’t do it justice
Professional real estate photography is key for every home listing. Hiring the wrong photographer or doing it yourself may not showcase your home in the best light. Your home’s first showing happens online, so lower-quality photos may deter potential buyers. It’s essential to have clear, bright, quality photos on your home’s listing to draw in buyers.
How to fix it
Hire a professional photographer who specializes in real estate listings. Professional real estate photographers know how to capture your home in its best light, and it can be worth the investment.
6. Your house isn’t staged to sell
Home staging is the process of styling your home’s décor to make it appeal to as many buyers as possible. Poor home staging can often lead to a house not selling. This can happen when a home is cluttered with furniture, doesn’t highlight its best features, or makes the home feel too personalized.
How to fix it
You can hire a professional to stage your home for you. However, there are also things you can do first to help. The most important step is decluttering and removing excess décor and personal items when possible. The next step is doing a deep clean so your home looks maintained and inviting.
Finally, remove any furniture or décor that feels crowded, oversized, or dark. This will help to lighten and brighten up the space and help buyers to better picture themselves living in the home.
7. Your house lacks curb appeal
Curb appeal is the first thing that buyers notice when they drive up to your home for a tour. A home that’s lacking curb appeal may cause your home to not sell. Some people may not even tour the home if there are signs of overgrown weeds, untrimmed grass, or peeling paint.
How to fix it
Take a look at other homes on your street and determine which ones look the most inviting. See if there are small things that you can do, from cutting back bushes to painting the front door. Small updates that refresh your curb appeal can make your home more attractive to buyers.
8. The listing description is bland
If your home’s listing description only has simple facts about the number of bedrooms and bathrooms, then it may not be captivating to buyers. An interesting listing description needs more details about what makes your home unique.
How to fix it
Think about what makes your home special. Is it a certain style, like Victorian, Mid-Century Modern, or Mediterranean? Does it have unique characteristics like crown molding, a wine cellar, or an enclosed patio? Make sure your listing description paints a picture for buyers, so that they’re intrigued to see it in person.
9. Your marketing isn’t reaching enough potential buyers
Just listing your home for sale on the MLS or putting a “For Sale” sign in the front yard won’t reach every potential buyer. There are a lot of things a good listing agent can do to market your home to potential buyers, like posting on social media or sending out emails. Agents who have a strong professional network will be familiar with buyer’s agents in your area. They can reach out to them proactively and see if they have any clients looking for homes like yours.
How to fix it
If you think that your home isn’t reaching enough potential buyers, then it’s time to discuss marketing efforts with your agent. There may be more they can do to promote your listing. If you’re selling your home on your own, consider printing flyers, posting about it on local social media pages, and having your friends spread the word. The more people who see your listing, the more likely it is to land in front of an interested buyer.
10. Your agent isn’t the right match
Sometimes, the problem may just be with your real estate agent. It doesn’t mean they aren’t trying their best to sell your home, but they may not have the knowledge or expertise needed. Some agents may not be willing to have the tough conversations about listing price or negotiations needed to make the sale.
How to fix it
There are several reasons why you should hire an agent with a lot of experience to help you with your home. Make sure to ask questions to help you determine whether they will meet your needs.
11. You’re unwilling to negotiate
In most markets, it’s important to be willing to negotiate a home sale. Refusing to negotiate can lead to a house not selling. Be sure to focus on what’s most important to you and consider negotiations that work with your goals and the current housing market conditions.
How to fix it
It’s critical to have a real estate agent you trust during negotiations. Your agent should be able to prepare you for what negotiations to expect, what you may be able to offer upfront, and what may be deal breakers for buyers.