Have you ever walked up to a restaurant window and after seeing nearly every chair empty, thought, hmm maybe I won't eat here after all? This is the same anxiety buyers feel when a property has been on the market for too long. They instinctively think "what's wrong with it?". It is hard to fight your way back from this unfair snap judgement. It can compound inability to sell the property.
You have loved your home, it has treated you well and you have many fond memories there. You just can't figure out why buyers don't love it as much as you do. Now you've had it listed for a while and you're afraid it's gone 'stale'. What happens next? What should you do? Why isn't it selling?
Here are 8 reasons your property isn't selling.
Reason #1
Uniqueness. Maybe your home is significantly different from those in the surrounding area. It could be extraordinarily large, include a significant sized lot, have unique features or a specialized custom floor plan. If you fall into this category, it shouldn't be cause for concern if your property takes longer to sell than others nearby. Especially unique properties often need to find the right buyer, which can take some time.
Ask your real estate agent what creative marketing ideas he/she has that are specific to your property. An agent's standard marketing package may not be adequate, so make sure you take the time to discuss this and get your agent involved in reaching the correct set of potential buyers.
Reason #2
Price. I hate to be the bearer of bad news, but your home may be priced too high. Be honest. Were you stubborn when discussing list price with your real estate agent? Or are you trying to sell FSBO? Pricing correctly can make all the difference when it comes to listing your home for sale. If you are priced too high, people will likely still be interested in viewing the home, but you may not receive any offers.
Spend some time reading the CMA. Study the market. Don't sabotage yourself by asking way more than your property is worth.
Reason #3
Staging. Staging. Staging. According to The Mortgage Report, staged homes sell 73% faster than similar homes that are not staged. This is incredible. I'm pretty sure if I could do just about anything 73% faster, I wouldn't think twice about taking the steps to make that happen.
Take note from Nike. Just Do It.
Reason #4
Showings. You're either not getting them, don't like them, or don't prepare for them. If you're not getting them, you may have a pricing issue (see Reason #2) or a marketing issue (likely lack of professional photography). If you don't like showings, maybe you have refused them or made excuses not to accommodate them. In this case you have no one to blame but yourself. Preparation is also key. If your house is a hot mess and there are barking dogs at the door when buyers arrive, they're not going to leave with a good impression of the home.
Try to adjust your schedule to allow for showings anytime they are requested. It can be a good excuse to take your husband or family out to dinner and a movie. If you have the option, it is ideal to start moving out prior to listing your home. That way you can clear out all the clutter and knick knacks, leaving the home looking incredible for each and every visitor.
Reason #5
Specific projects. Does your home really need a kitchen remodel or a bathroom revamp? Are there projects that would really stand out as a differentiating factor for buyers? The fact is, buyers don't want a project. They are looking for something that is turn key, move-in ready and polished. They don't want to have to spend weeks or months remodeling after closing. They just want to roll into their new home like a day at the Four Seasons.
Reconsider taking the time to complete one of these larger projects or a few smaller ones. Or, if you really can't take that on right now, ask your realtor to advertise a credit for [xyz] in the listing. Offering a discounted sale price for new appliances, a new roof, etc. can really motivate buyers who are on the fence.
Reason #6
Curb appeal. IS REAL. When buyers pull up to your property, what is their first impression? Does the home look inviting, welcoming and clean? Do you have clutter around in the driveway and front yard, or are you presenting a home that looks well kept? Whether consciously or not, buyers weight first impressions very heavily in their emotional connection with a home.
If you're not sure how your home appears to the unforeseen eye, ask a friend who hasn't been over in a while to come by and give you her opinion. Maybe invest in a little landscaping work to spruce up your facade and really try to lure buyers in as soon as they arrive.
Reason #7
Feedback. Are you listening to it? Are you even hearing it? Feedback is so important in real estate. When you have showings, find out what comments potential buyers are making. Sometimes it can be hard to listen to why others don't love your property the way you do, but in many circumstances there are little issues that can be easily fixed in order to boast the good parts of your home without any distractions.
Take feedback seriously. It matters.
Reason #8
Advice. Many of these issues can be avoided in the first place if you have open lines of communication with your real estate agent. Make sure you're working with someone you trust, who is available to discuss these topics with you. Your agent should be taking charge of your marketing plan, and prioritizing your best interest first.
If you don't feel well represented, ask around for additional advice from friends or other real estate agents with experience.