Why Is My House Not Selling? 5 Common Reasons
There are a lot of things that can go wrong while selling your home. The real estate market may not be on your side, you may not know how to market your home, or you may be asking too much. Regardless, if you don’t figure it out, your home could sit on the market month after month without any serious offers.
If you find yourself wondering “Why is my house not selling?” it could be a number of things. We’re here to help provide a little clarity.
Whether you’re getting ready to list your house on the market or are already having trouble getting it sold, we can help. Keep reading for the top five things that can keep a home from selling and how to fix it.
1. You’re Trying to Sell Your Home at the Wrong Time
You may not know it, but there are good and bad times to sell a home. Not only do you need to pay attention to the economy and real estate market, but the time of year and week also play a role.
Buyer’s vs Seller’s Market
First, let’s talk about the difference between a buyer’s market and a seller’s market.
In a buyer’s market, there are tons of available houses for sale and limited buyers. As a result, sellers are forced to drop prices and make more concessions in order to sell their homes. Buyers have an advantage in negotiations and can afford to shop around and make sellers compete against one another.
In a seller’s market, there aren’t as many options for buyers. Additionally, the demand for homes is high in a seller’s market, giving sellers an advantage over buyers. Home sellers can ask for more money, be less accommodating during negotiations, and typically end up hosting bidding wars between buyers.
Time of Year
You’ve probably already guessed it, but it’s easier to sell a home in the spring and summer than in the fall and winter. The days are longer, the kids haven’t started school yet, and the weather is more pleasant. Furthermore, fall and winter are full of busy holidays.
However, you should avoid holding open houses during the hottest days of the year when people are less likely to leave the comfort of their air-conditioned homes. Lastly, homes listed on Thursday typically sell better than homes listed on any other day.
2. Your Home is Overpriced
If you’re asking “Why is my house not selling?” you may need to reexamine your asking price. Take a look at homes sold in your neighborhood over the past three months. Barring any unusual circumstances, your home’s value should fall within 10% of the average sale price.
However, you also need to consider the condition of your home. For example, if it needs a new roof and new flooring, you can’t expect to ask the same price as your neighbor’s house that is in pristine condition.
If your home is overpriced for your neighborhood, you’re going to turn away potential buyers. This will also result in fielding tons of low-ball offers. Talk to your realtor and get your home appraised to get an accurate depiction of how much you should be asking.
3. Your Home Needs Work
Selling a house quickly means doing one of two things. You either need to put in the work to make it attractive to buyers or price it incredibly cheap so people will overlook damages and other flaws.
If your home’s in rough shape, it may be your answer to “Why is my home not selling?” We recommend having it inspected by a home inspector (if it hasn’t been already) and fixing any issues they flag.
This includes major and minor damages, such as:
- Roof repairs
- Water damage
- Mold
- Pest damage
- Faded, chipping, or peeling paint
- Damaged drywall
- Cracked windows
- And more
If you don’t have the resources to make these repairs, it may be time to consider selling your house to a cash buyer. They specialize in buying houses in all shapes, sizes, and conditions. Just as importantly, these cash offers close within a couple of weeks.
4. There Are Flaws in Your Marketing Strategy
Another major issue that could be keeping your house on the market is that people haven’t seen your listing. Learning how to sell a house quickly means getting the word out to local buyers. Consider the following methods:
- Hiring a real estate agent
- Using a multiple listing service
- Posting your house for sale on Facebook
- Listing your house on Craigslist
- Putting up yard signs
- Listing your house in local newspapers and magazines
- Hosting open houses
There are other things you can do as well to increase the odds of selling your house. For example, professionally staged homes sell 87% faster than unstaged homes and for more money.
Finally, make sure your house listing is accurate, sufficient, and engaging. Post dozens of high-quality photos as well as virtual video tours.
Identify the most probable demographic of buyers for your house and target them with your listing. This could be single families, young couples, house-flippers, etc.
5. You’re Not Making a Good Impression With Buyers
If your home is priced to sell, the market is good, and you’re still wondering “Why is my house not selling?” it could come down to the impression you’re making with buyers. When they walk into your home, they should be met with a clean, warm, and inviting atmosphere.
If not, their experience could be underwhelming at best. Intoxicate the buyer’s senses by focusing on the three S’s – sight, sound, and smell.
Make your home picture perfect. It needs to be deep cleaned, staged, and neutralized for maximum appeal.
Play some soft music in the background while your home is being toured. Keep it classy, quiet, and pleasing.
Finally, make sure the home is free from any unpleasant odors. These include smells from pets, bathrooms, sinks, last night’s dinner, etc. Replace unpleasant odors with candles and air fresheners.
Are You Wondering “Why is My House Not Selling?”
Are you trying to sell your house but can’t figure out why it’s still on the market. We hope our list helped you understand more about your situation.
And if you’re still asking “Why is my house not selling?” check out some of our other real estate articles before you go for more answers. Our blog was created to help homeowners like you sell their houses faster and for more money. Good luck!