You've put your house on the market, and it's just not happening: not a single showing or not one purchase offer. You were ready to move quickly and close on buying a new house, but now you're stuck trying to get rid of your old one.
It's a frustrating feeling, but it might just mean that your approach needs some adjustment. Here are some ways to isolate the problem—be it in the pricing, the marketing, or even the people helping you—and find an answer to that panicky question: Why isn't my home selling?
- Your home may not be as attractive as the comparable homes you're competing with in your area.
- You may not have enough photos, or enough quality photos, to attract interest in your home.
- You (and your agent) may not be doing enough marketing to sell your home, or maybe you're marketing at the wrong times.
- You don't want to give your home away, but you want to make the price competitive to attract buyers.
Your Home Isn't up to Snuff
Take a look at the local real estate scene. If 90% of the homes in your market are not selling, then your home needs to be in the top 10%. More specifically, look at the pending sales data for the homes that are under contract. Information on already closed properties (the sort of comps your agent used to set the asking price) could be two to three months behind the current market movement. If you want to know what is happening right now, the pending sales data is best.
After arming yourself with this data, consider the condition of your property, from curb appeal to interior decor. Of course, you prepared your home for sale prior to listing, but maybe you should re-evaluate it in light of the competition. For example, if the top 10% of the sellers on the market have new carpeting, and yours is worn and dated, your home is less likely to sell. Perhaps you should consider adding updates or doing repairs. Ask your agent which efforts will give the most bang for your buck.
The Photos Are Lacking
That saying "A picture is worth a thousand words" applies in spades to real estate. In the multiple listing service (MLS), the shared database among real estate professionals, homes with only one photo usually get passed over. It's the homes with dozens of real estate photographs that get noticed.
Take quality, professional-grade photos; neither you, nor the camera, nor the flash should be visible. Shoot wide angles with plenty of light, showcasing your home's best features. Some other tips include:
- Don't shoot the master bedroom only. Try to capture all of the bedrooms, because buyers will count the number of bedrooms in the photo lineup. If one is missing, they might incorrectly assume that your listed number is erroneous.
- Play to your home's strengths. If a hallway is narrow, don't take a picture of it. Get a close-up of your fireplace or another interesting feature instead.
- Take many photos of the kitchen. Kitchens are traditionally the heart and soul of a home, and buyers want to see them.
- Set the table before photographing the dining room. This helps home buyers imagine themselves using the space.
- Move some furniture out. Living room photos should show space.
- Remember to include the backyard and gardens. People want to see what the whole property is like.
- Add descriptive text to each photo. This should evoke a mood or elaborate on features (e.g., "perpetually sunny" or "perfect for barbecues").
Quality images are critical for your listing. If you're not a skilled shutterbug, hire a professional photographer.
You're Not Marketing Enough
No single aspect of marketing sells a home; it's a combination of efforts. If your online media outlet makes a mistake and lists your home under the wrong section, don't panic. Homes have sold to buyers who found them in the wrong place. For that reason, consider placing an ad under several classifications.
- Print four-color postcards and mail them to surrounding homes in the neighborhood and adjacent neighborhoods as well.
- Create four-color fliers containing several photos to distribute to prospects and those who tour your home.
- Hire a virtual tour company to shoot and upload videos.
- Consider shooting a video yourself and uploading it to YouTube, even if it's just you talking about what you like about living there.
- Advertise extensively every weekend.
- Hold open houses on Sundays that coincide with other neighborhood showings. Sometimes Thursday evenings also attract buyers for twilight tours.
- Get feedback from buyers about what they liked and disliked about your home, and make adjustments to overcome objections.
You Hired the Wrong Listing Agent
Your agent may seem competent, experienced, and honest, but not all agents are right for all properties or all clients. For example, if you want the home to sell quickly, look for someone who specializes in quick turnovers and high volume. There is a world of difference between an agent who sells 12 homes per year and an agent who sells 100. On the other hand, if a big profit is your goal, an agent who's good at the long game—at cultivating deep-pocketed buyers and collecting fewer, but better, offers—might be a better match.
If you're a leave-it-to-the-professionals type, you should have a full-service brokerage. Some discount agents don't invest a lot of time and effort into marketing, especially if they are paid a salary instead of a sales commission. Not that the discounters don't have their pluses—you'll just need to be prepared to do more of your own work.
Speaking of sales: Did you choose your agent based solely on the price tag named for your home? Sometimes, the best listing agent suggests a lower but more realistic figure. Here's a key question to ask the agent: "How many of your properties have sold for their original asking price?"
What's the communication level between you and your agent? Is the agent keeping you duly informed of all developments? If you need hand-holding, the agent should provide it. If you don't, then they should leave you alone. The relationship should always be within your comfort zone.
Finally, what's your agent's take on the lack of action? Is there a strategic marketing plan in place, and if so, what are the agent's ideas for revising it?
The problem might not lie with your rep. But if the agent has no thoughts for improving the situation or isn't satisfying you in any other way, it may be time to move on.
You Haven't Priced Your Home to Sell
Sellers say, "But I don't want to give away my house." Of course not. But to make a sale, the price must be right. Don't test the market or ask for an inflated figure, because if you do, your home will probably sit there as the days on market continue to mount. Dated listings—homes that have been on the market too long—don't generally sell for list price.
To avoid overpricing your home, examine the sold comparable sales. Adjust for square footage if necessary. If your home has a bad layout or is in a less-desirable location (next to a school, on or near a busy street, or bordering a liquor store, for instance), you're not going to get the same price as homes with a good layout and in a good location.
For example, suppose the last three homes sold for $400,000, but you feel that they are not comparable to yours, because they don't contain updates. However, if they were located on a quiet street, and your street is noisy, your home is probably worth about the same. A plus-$50,000 adjustment for the updates could wash out the minus-$50,000 for the busy street.
In a buyer's market, price your home a minimum of one percent less than the last comparable sale. If you can't live with that price, then don't put your home on the market and set yourself up for disappointment. Overpricing is one of the worst mistakes a home seller can make.