The top reasons your home didn’t sell
February 14, 2019 | Dwell JC
These four reasons will help you understand why your property didn’t sell—and what you can do about it.
Even though some experts are predicting a continued shift towards a buyer’s market in 2019, that doesn’t mean your listing shouldn’t be getting attention from the right buyers. If your home is on the market but not getting much interest, it might be time to reconsider your approach.
As a real estate professional, certain factors like the local housing market, are out of my control but your agent should be constantly monitoring the market and assessing why your home is not selling. Here are my top four reasons your home hasn’t sold:
1. Your expectations were too high.
A home that is priced too high is bound to deter potential buyers, and it’s one of the top reasons a home won’t sell. Of course, you want to get the best possible price, but be sure that the listing price is in line with the comparative sales for similar homes in your neighborhood. Don’t get hung up on the amount of money you spent on renovations, or frustrated that the neighbors’ home sold for more money a year ago. And don’t let a sentimental attachment cloud your judgement.
If the property has had interest from potential buyers but no offers, the culprit is likely the price of the home. Buyers are ultimately the ones who determine the sale price of a home. Often the best strategy is to price your home in the middle of the pack or perhaps a bit below. Remember, the market (the buyer) will determine the price of the home and multiple bidders will often bid-up the price to above asking.
2. Your agent’s marketing isn’t working.
Hopefully, your agent did more than just list the property on the MLS, put up a “For Sale” sign and schedule an open house. Even if they did a great write up and got it up the MLS, that is often not enough to make your home stand out. A “For Sale” sign in the front just won’t cut it in today’s competitive market. Your agents should have a combination of efforts and outlets in their marketing strategy.
Be sure your listing is advertised in a variety of online locations and those platforms are giving your listing top scores. Zillow’s algorithm for example will rate your listing and then promote it based on the photos, copy, and upcoming open houses. If it is not scoring well, your listing won’t be seen and changes need to be made. Your agent and you should be sharing your listing on social media channels such as Facebook, Instagram, Twitter, and LinkedIn, as well as email lists. Paid online advertising is the best way to reach the most potential buyers in your market. Simply putting it on these platforms is not enough, it has to be promoted.
3. Unprofessional Photography or overly photoshopped pictures.
If a buyer isn’t captivated by the photographs accompanying a listing, why would they schedule an appointment to come see the home in person? Listing photos are one of the most valuable ways to convey the true nature of a property to potential buyers. Be sure your agent is willing to provide high-quality photography, and make sure they always provide enough photos to make it clear to buyers exactly what they are buying. Our MLS in Hudson County allows up to 15 photos but Zillow will allow more. According to one real estate photography company, high-quality photos can help sellers generate up to 118 percent more online views and sell their home 50 percent faster. However, the photos need to be realistic. Super wide-angle lenses that make the rooms look larger than they are or overly photoshopped images may bring in potential buyers but they will feel misled.
4. The house isn’t presenting well.
If a listing isn’t selling and you think it’s priced competitively compared with similar homes in the area, then it’s time for your agent to go back to the drawing board. What do these other homes have that this listing may not? Maybe they have new hardwood floors or brand-new appliances while your home does not. Homes always show best when all clutter and personal items are removed, and the home appears neat and tidy. Perspective buyers are always more comfortable looking at the home when you are not home. Consider staging with a professional staging company if your furnishings are detracting from the home.
If you are not currently working with a Real Estate Agent and would like a free home evaluation, please CLICK HERE. And good luck selling your home!
This article was written by Thomas Gibbons, a licensed Real Estate Agent in the state of New Jersey.