5 reasons why your house might not be selling
Your house has been on the market for several weeks and you still haven’t received an offer. You’re wondering why your neighbour was able to sell within days while you haven’t received a single visit.
There are several reasons why your house may not be selling.
1. The asking price is too high
Many owners have a tendency to inflate their price to get the amount they really want, after negotiations. This isn’t necessarily the best strategy. We recommend opting for a narrower negotiation margin.
For example, if you’re asking $325,000, hoping to get $300,000, you may be discouraging potential buyers whose budget doesn’t allow them to go over $300,000. So they look for houses in a lower range.
Don’t forget that your property is in competition with all the other homes for sale in your neighbourhood. If you’re asking $210,000 for a property that is worth $175,000, you might be competing with houses that are more luxurious or better-equipped.
Keep this in mind: it’s the buyers who determine a home’s market value. No matter what price you’re seeking, you have to find a buyer who is willing to pay that amount.
2. The house is not making a good impression
Like the asking price, a house’s appearance is one of the factors that sellers can modify to encourage a sale.
The real estate market is made up of both new homes and older builds. Remember that your home is competing with all the others on the market. So a new or better-maintained home might be more attractive to buyers.
Don’t hesitate to spend a little money to improve your house’s appearance before putting it up for sale. Repairing holes in the walls, switching out bulky furniture or sprucing up rooms with a fresh coat of paint are some simple, affordable ways to have your house looking its best.
3. Your neighbourhood is not in demand
Your property’s location can make the price shoot up or deflate significantly. For example, proximity to a school, park or shopping centre can make your home more attractive to certain buyers.
Unfortunately, this isn’t something you can change. If the location isn’t attractive to buyers, there’s not much you can do. Arm yourself with patience or consider lowering your asking price.
4. Real estate market conditions and the competition
The real estate market has cycles. A recession can cause a home to stay on the market longer, while a period of prosperity could net you an unhoped-for price.
In a seller’s market, demand is very high while the offer is rather limited, so house prices tend to go up. If your property is attractive and well-situated, you have every chance of selling it quickly, at a higher price.
In a buyer’s market, a larger number of properties are available and potential buyers have considerable choice. You’ll have more difficulty selling your home and can expect to receive a lower price.
Depending on the market trend, you may have to adjust your price or wait until conditions are more favourable to sell.
5. Your property is not sufficiently advertised
Your house is a product, with features. It has qualities and flaws, strengths and weaknesses. You have to find a way to sell while keeping in mind that, to interest buyers, your home needs to be shown in its best light.
Set up the For Sale sign on your lawn, list your property on DuProprio.com and share the ad on various social media platforms to increase its visibility. Potential buyers will do everything they can to unearth a gem and find the home of their dreams. It’s rare for such an important search to be taken lightly. Be sure you do everything you can to get the information out there where they can see it.