There are few things more frustrating in real estate than when a great home isn’t selling. Especially if you’re the owner of that home.
In this article, I’m going to share the top seven reasons homes don’t sell, based on my years of experience as a licensed real estate agent.
Whether you’re struggling to sell your home now, or you just want to avoid delays in the future sale of your home, understanding why a home isn’t selling and knowing how to overcome the issue will set you up for a faster sale.
The Top 7 Reasons Your Home Isn’t Selling
Let’s count them down from number seven to number one!
Reason #7: You Have a Unique Home
Homes that appeal to a specific type of buyer naturally take longer to sell than homes that appeal to a wide range of buyers. Luxury properties, for example, can only be purchased by the small percentage of buyers who can comfortably afford the home. Similarly, homes with exceptional features (like interesting floorplans, highly-personalized design elements, or high-maintenance landscaping) have a smaller pool of potential buyers than a standard home.
How to Overcome This Hurdle
If your unique home isn’t selling, you need to understand who your potential buyers are and how to reach them.
As an example, let me tell you about a unique listing I had in Winsted, CT. The lot held two structures: a gorgeous Victorian home, built in 1860, that had been divided into two dwelling units, plus a completely separate house at the rear of the lot. By targeting homebuyers looking to “house hack” (which means to generate income from renting out space on your primary residence) and investors looking for a three-unit rental property, we were able to sell the property comparatively quickly!
Reason #6: The Curb Appeal Needs Work
How does your home look when people pull up at the curb? Is it warm and inviting?
Buyers often make snap judgments based on first impressions. And if your curb appeal leaves buyers unimpressed, they may carry that tone throughout the showing.
How to Overcome This Hurdle
Invest a little time and effort in making the front of your home shine! Start with a good cleaning. Then clean up the landscaping (maybe adding some new mulch or flowers), and add some warmth through accessories like a welcome mat, door wreath, or potted plants.
In most cases, small financial investments in upgrading your home’s curb appeal are fully recovered by a higher sales price than the property would have otherwise garnered.
Reason #5: The Listing Photos Aren’t Engaging
Did you know that 96% of buyers look for homes online? This means that the first impression buyers get of your home (even before the curb appeal) could very well be your listing photos. And if your listing photos aren’t of the same quality as the photos for other listings, you could be losing buyers before they even have a chance to properly consider your home.
Poorly lit photos make homes look dark and dull. Low-resolution photos create visual “noise” that can make the property feel messy. And bad angles can make every room look smaller.
How to Overcome This Hurdle
Professional listing photos are a must if you’re looking to maximize your sales price while also selling quickly. This is why I cover the expense of professional listing photos for all my sellers. I hire local photographers with a portfolio of exceptional work. Every photo is professionally shot and edited to help your home show its best.
Reason #4: The Marketing Strategy Isn’t Effective
If your home isn’t selling, your marketing strategy might be to blame.
Marketing strategy is complex; there are many ways in which a marketing strategy can fail to hit the mark. Perhaps the messaging conveyed through the listing photos, listing description, and marketing materials isn’t resonating with buyers. Or maybe the information isn’t reaching the right potential buyers.
How to Overcome This Hurdle
There are dozens of tactics we can use to effectively market your property. I, for example, create a custom marketing plan for each of my sellers. This plan includes a determination of possible buyers and multiple channels for reaching those buyers, including:
- A single-property website
- “Just listed” eFlyers
- A slideshow property tour
- Print advertising
- Online promotion
- Mobile brochures
- Neighborhood announcements
- Targeted online advertising
- Area Realtor® notifications
- Online syndication
- Social media promotion
- Email marketing campaigns
- Signage
- An open house (to area brokers and/or the general public, depending on what’s best for your unique situation)
Reason #3: The Staging Needs Improvement
Reports indicate that staged homes sell notably faster than unstaged homes (and often for more money!). But many sellers skip this step, thinking it’s unnecessary because buyers should be able to look past personal belongings and focus on the home’s structure.
While it’s true that buyers should be able to look past staging, the fact is that most buyers react more to the feeling they get walking through a house than to an objective analysis of the structure. And without proper staging, it’s difficult to elicit that emotional connection that makes a buyer submit an offer.
How to Overcome This Hurdle
First, it’s important to note that there are many levels to staging. Some properties just need a good cleaning, some strategic furniture placement, and a few accessories to showcase the best features of the home. Others benefit from having a professional staging company fully stage the home from top to bottom.
Start by having a professional walk the home with you to provide honest feedback. A good real estate agent knows what your target buyer expects to see during a showing and can help make sure your home meets or exceeds those standards. A good agent might be able to help you make a few quick fixes that will instantly increase the likelihood of a buyer making an emotional connection to the home. Or, they might recommend a staging company that can transform your home to maximize your profits on the sale while minimizing the remaining time on the market.
Reason #2: There is a Specific Issue That Concerns Buyers
In some cases, there is a specific issue that deters buyers from making an offer on a home. Maybe there isn’t air conditioning. Or the roof needs to be replaced. Or the house is located on a noisy street. If you can identify the specific issue that prevents buyer after buyer from taking action on your home, this issue needs to be addressed.
How to Overcome This Hurdle
The solutions to specific issues are as unique as the issues themselves. Maybe it’s worth adding AC or replacing the roof? Maybe you can plant mature shrubs to create a noise-minimizing hedge along the front of the property.
A good real estate agent can help you understand your potential returns on such an investment. They might even be able to help you apply for a loan to cover any upfront expense of a large capital improvement while you wait for the proceeds of the sale to come through.
Reason #1: The Price is Too High
The most common reason a home isn’t selling is because the price is too high.
There are many reasons sellers may set the price too high. First is the “test the market” strategy. When a seller isn’t highly motivated to sell, they might set a high listing price just to see if anyone is willing to pay it. If the seller can get that number (or close to it), they can be persuaded to move. Otherwise, they’re fine staying in the home for a while longer.
The second reason is to “leave room for negotiation.” The idea is that, by pricing above market, you can counter a low-ball offer at true market value. This sound logical, but nearly always backfires. In fact, when buyers (and their agents) see a listing with an unrealistic price, they often mistake these sellers as “test the market” sellers and think they’re not serious about selling. So they skip past the house in their search. To make matters worse, when the listing price gets lowered a few weeks in, many buyers think the price needed to be lowered because of a problem with the house. The longer the home sits on the market, and the more the price is reduced, the more unappealing the listing looks to buyers. These sellers would have been better off pricing correctly from the beginning to get a quicker sale at market value.
The third reason homes are often listed at too high a price is because of a bias called The Endowment Effect. This is the human tendency to attach more value to possessions we own simply because they belong to us. We get attached to our things and value them more highly than potential buyers do.
For all these reasons, it’s important to find out how much your home is worth based on objective market data as early in the listing process as possible.
How to Overcome This Hurdle
Getting the price right is critical because this is the one lever that can “fix” any other issue.
Is your home in a less desirable neighborhood? You can’t move the property, but you can price the property to incentivize buyers to consider the area.
Is your lot size too small? Does your home need a full renovation? Are your local HOAs too high? Adjusting the price for any of these factors can help you get a quick sale so you can move on to your next chapter!
Are You Ready to Sell Your Home Quickly?
I would be happy to discuss your unique property and unique circumstances with you in a no-pressure, completely free consultation. For sellers in the Farmington Valley area and Litchfield County, I’m thrilled to assist you personally in getting your home sold. And, for sellers in other areas, I’m happy to refer you to one of my well-qualified colleagues across the country who understands your local market.
Contact me today, and let’s get your home sold!
