Things To Consider If Your             House Didn’t Sell

Selling your home can be a nerve-wracking experience. You can hope that homebuyers will pay your asking price, but it doesn’t always work out that way - and being able to sell quickly is often the key to maintaining your equity. If you’re wondering why your house isn’t selling, here’s what’s likely going on.

Let’s review the market conditions.

Over the last two years, the housing market has shifted dramatically from incredibly low-interest rates, to rates higher than anything we’ve seen in the past 15 years. On top of that, buyers competing to take advantage of the low rates pushed home prices up, up, up. 

So it’s important to keep in mind that buyers are dealing with high monthly payments. All U.S. states saw mortgage payments increased in cost since 2021, making it much harder to afford a home. 

That might sound like a difficult time to sell. Working in sellers’ favor, however, is a super low inventory of homes. With so few homes on the market, buyers are desperate to snap up the homes that are available. 

For this reason, it’s important to respond quickly if your home isn’t selling. As a seller, you still have some edge on the market - and should be able to find a buyer so long as your home is priced reasonably. 

Problem #1: You’ve priced your home too high

More than anything else, pricing too high is usually the problem. Sellers often assume that it’s financially strategic to list high, then knock down the price if no one buys. The problem with this strategy is that the market is time-sensitive. New homes on the market get the most eyeballs online, and homes that have been on the market for months are often greeted with suspicion. People assume there’s a reason it hasn’t been bought. 

You also lose some negotiating power. Once your home has sat on the market for 3 months, buyers no longer have that sense of urgency. They know that no one else has touched your home at the listed price - so they won’t feel compelled to offer it. They’re more likely to low-ball and see just how low you’ll go.

For this reason, it makes sense to price your home competitively from the beginning. If it’s truly a great price, you’ll potentially receive several offers and get to pick and choose the best. For most people, this is likely preferable to having your home sitting on the market for months, then having to choose from several low-ball offers.

Problem #2: Access and flexibility 

How easy is it for buyers to come and see your home? It’s understandable that having people tour your home is inconvenient - and you might limit the available showing hours in order to ensure a clean house and that dogs, kids, etc. are out of the way. 

However, limited hours for showings can limit showings, period. If a buyer is available to see homes on Saturday and they can access four other homes in your neighborhood - but not yours, because you only allow weekday hours after work - there’s a good chance they’ll simply take you off the list and potentially make an offer on one of the homes they do see, rather than waiting for your availability.

Problem #3: Poor marketing

Ensure  your real estate implements a comprehensive digital marketing strategy, leveraging social media, online listings, and targeted advertising to maximize visibility and reach potential buyers.

Utilize professional photography and video to highlight the best features of your home and  increase online visibility. 97% of all buyers used the internet in their home search. With most people starting their home search online, the first image that they see of your peoperty is incredibly important.  First impressions are everything…

 One study by the Wall Street Journal found that:  “Listings with professional photos and video tours got 61% more views than those without them.” 

Bottom Line

It’s natural to feel disappointed when your listing has expired, and your house didn’t sell.  As a real estate professional, I completely understand, I have suceesfully sold homes that presented challenges for other realtors.  If you're still contemplating a move, I 'd like to offer for a non-commitment consultation to discuss  your goals and present the marketing plan that I know will get your home sold.   Please feel free to contact me at any time at 818-270-7090.