✏️ Editor’s Note: Realtor Associations, agents, and MLS’ have started implementing changes related to the NAR’s $418 million settlement. While home-sellers will likely save thousands in commission, compliance and litigation risks have significantly increased for sellers throughout the nation. Learn how NAR’s settlement affects home sellers.
92% of Realtors believe that poor curb appeal could jeopardize a property’s saleability. Common mistakes, such as lack of repairs, incorrect home pricing, poor marketing, etc., can cost you a successful sale.
To avoid this, we have listed the 7 most common reasons why your house isn’t selling, with possible solutions. According to 25% of sellers, these fixes can increase your property’s appeal before you sell your home.
📌 Reasons why your house is not selling
Common Mistakes to Avoid During a Home Sale
Here are some of the mistakes you must avoid while selling your house:
1. Incorrect Home Price
Overpriced homes can reduce your chances of a successful sale. In fact, 20% of home sellers have had to reduce their asking price at least once.
To avoid this, conduct a comparative market analysis. This helps estimate your home’s price based on the value similar properties were sold for.
Alternatively, you can also get a Broker Price Opinion (BPO). In this case, an agent calculates the value of your home based on certain characteristics like its size, days on the market, age, amenities, etc.
2. Neglecting Essential Repairs and Upgrades
If your house has improper wiring, damaged walls, and faulty plumbing, it can affect its appeal. Consequently, your property’s market value can fall drastically.
To secure a good price, focus on repairing and maintaining your home. Check the essentials such as electrical wiring, HVAC system, bathrooms, etc. Once these are done, you can focus on cosmetic issues, partial upgrades, and the like.
3. No Curb Appeal
Another reason why your house hasn’t sold in 3 months or more could be a poor curb appeal. Overgrown lawns, shoddy fences, and poorly maintained trash cans will lower your home’s impact on a buyer.
The state of your curb is part of your buyer’s first impression. So, maintain your lawn and wash your driveway to improve your curb appeal.
4. Poor Marketing Efforts
Marketing is not a single activity but a combination. Don’t limit yourself to online listings or printed fliers. Consider the following to put your best foot forward when marketing your house:
- Hire a virtual tour company.
- Host an open house on the weekends.
- Ask your friends, family, and neighbors to spread the word.
5. Inadequate Property Description
When selling your house, you must craft your property description to highlight its best features. This will encourage potential buyers to take a trip to check out the property in person.
A description like- ‘Three-bedroom, three-bath duplex in Chicago suburbs’ doesn’t offer much information to buyers.
Instead, opt for – ‘Beautiful three-bedroom, three-bath duplex in Chicago’s suburbs. Spacious, modern living with a touch of luxury. Perfect for a young family with premium schools and amenities within three miles.’
6. Low Buyer Agent Commission
2.5% is a competitive buyer agent commission. This commission is split between the buyer agent and their broker. The buyer’s agent might not promote your property if you offer a low fee.
7. Poor Quality Photos
75% of buyers take an interest in a property based on its photos. So, invest in professional real estate photographs to capture the best aspects of your home.
You must also ensure that the photos you upload are optimized, in focus, and professional. You’ll lose buyers if your property’s value isn’t reflected in your photos.
How to Ensure a Successful Sale?
Based on the above pointers, you can reassess your sale process to understand why your house won’t sell. But, if that doesn’t help, here are some additional measures you can take to facilitate a successful sale.
1. Gather Feedback From Past Showings
Get honest feedback from buyers during your open house to understand what can be better. This will allow you to identify problems quickly and rectify them.
2. Revisit Your Selling Strategy
Another reason you might find it difficult to sell your house could be an improper selling strategy. For instance, you might be marketing your house as a home for a young family. In reality, it could be more suitable for an elderly couple.
This gap between the type of house and the buyer can be the reason why your home’s not selling.
What Are the Current Real Estate Market Trends?
When mortgage rates hit a 7.79% high in October 2023, mortgage applications witnessed a dip. This, in turn, affected the saleability of residential homes. However, 2024 is proving to be a profitable year for sellers.
Experts say that high demand and low inventory will drive prices. Moreover, mortgage rates have reduced as well. This offers greater affordability to buyers.
Bottom Line
Pricing your home incorrectly can cost you the sale. If you’re unsure of how to price your home, explore Houzeo. The Platinum plan offers pricing assistance to help you value your house accurately. You can list your home, connect with buyers, and negotiate prices yourself.
Eager to Know How Houzeo Works?
Check out if why Houzeo’s packages are the best way to sell a house by owner.
Frequently Asked Questions
Can the neighborhood impact my home's saleability?
Yes, the neighborhood does influence the sale of your property. Amenities such as public parks, schools, hospitals, shopping complexes, etc., in the vicinity can drive your home’s sale price and appeal.
Can I sell my house if the market is sluggish?
Yes, you can sell your house in a sluggish market, but the pool of buyers may be limited. It's best to partner with FSBO websites like Houzeo in such times. You can directly get in touch with buyers, eliminating the middle agents.
Is staging my home worth the effort and cost?
Yes, staging your home is worth it. 75% of sellers see a 5% to 15% ROI when staging their homes.
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