Why Has My House Not Sold?
Realtors are not magicians, and if you’ve had to ask them, “Why has my house not sold” you’ve got some work cut out for you.
As depressing as it may seem, if you’re not sure why your house has not sold, there may be something you can do to fix the problems.
Marketing A House For Sale
In all honesty, this is a question that a Realtor never wants to hear, but it happens based on the market, location, price and condition of the home.
It is, quite possibly, the first sign that things are not going as smoothly as you would have hoped for.
From personal experience, when I list a home for sale, I do so with a clear marketing strategy in place.
I know where and when I’m going to advertise, hold open houses, and learn at what stage we may have to adjust things. Invariable things may not always go to plan.
Still, by discussing and agreeing with your entire strategy at the beginning of the process, you establish an understanding with your clients.
Any home may take longer than “average” to sell, or in many instances, any given homeowner may change the entire plan with a moment’s notice.
You have to be willing to adapt your strategy or expectations.
Reasons Why A House Is Not Sold As Fast As It Should
Below is my list of what I consider to be the six most common (in no particular order, yet all equally important) reasons that your home won’t sell.
1. Price Of The Home
Pricing a home can be tricky, but it is one of the most common reasons a home has not sold.
Some indicators that your home is overpriced include:
- You are the most expensive listing in the neighbourhood
- Very few showings, very little open house traffic
- Lots of showings with no offers
- You picked the Realtor who told you what you wanted to hear i.e the highest price…..
- Feedback from other Realtor’s mentions pricing
You need to rely on the professionals and make sure that you and your Realtor work well together.
Just because you think your home is worth a million dollars doesn’t make it accurate, sorry!
2. Agent, Exposure and Marketing Your House
This can be a sensitive topic.
Almost everybody is related to, works with or is friends with the wife/husband.
This makes it very easy to go with the comfortable option of hiring (yes, you are hiring them, they work for you) the person you know. It is an understandable choice, but is it the best one?
I urge you to try and put sentiment aside and hire the best person for the job.
That person should be able to present you with a clear and concise plan.
They will show you where they will spend their advertising dollars, not make vague suggestions about where your home MAY be advertised.
The Realtor that is going to sell your home will be honest, professional and efficient.
If things aren’t working, they will tell you why and provide you with the evidence.
That does not mean you shouldn’t hire someone who hasn’t been in the business for 20 years.
It means to employ the person you are comfortable with and who has (in your opinion) a feasible and realistic plan to sell your home.
Aside from establishing a price and discussing the supporting documentation to justify that dollar value, here are:
Ten Questions To Consider Before Hiring A Realtor
- Do you work as a Realtor full time or part time?
- How long have you been a Realtor?
- Can you supply references?
- Can you provide me with a marketing plan? How will my property stand out from the crowd?
- Do you use Internet marketing? Can I see samples?
- What are the current local market conditions including average list times, buying trends, local job market and other community specific factors that would affect the salability of my home?
- How will you help me preparing my home for showing in order to make the best first impression on buyers?
- If I’m not pleased with your services can I cancel the listing without any problems or cost?
- If I am also buying a home, will you charge me less to sell?
- What will you offer a co-operating Realtor as compensation and will you charge me less if no other Realtor is involved?
- Have you ever been sued or charged with an ethics violation?
Just remember that you are hiring someone to sell your home. That is one of the most significant assets most people have.
You need to find the best Realtor for the job, so don’t be scared to interview them.
Related: How To Hire The Best Realtor To Sell Your Home
Location Of Your Home
We have all heard it said a hundred times, “Location, Location, Location.”
The reality of your situation may be that your home is in a less than desirable area (in some peoples’ opinion).
However, this does not mean that your home won’t sell; however, it means that you will have to have some patience.
Try and highlight as many selling points as possible and make sure you are as competitive as possible with your pricing.
Personal Motivation To Sell Your Home
Do you want to move? Do you find yourself turning down appointments to view the property? Are you not interested in finding a new place? Maybe deep down, you don’t want to move? Make sure your entire family is on the same page and make sure you are motivated to sell the property.
Condition Of Your Home Both Inside and Outside
In a previous post, I wrote about the return you can receive from some DIY projects around the house.
If you are ready to sell, try to get your home evaluated at least a month before hitting the open market.
By doing so, it allows you to gather feedback about some possible upkeep and maintenance issues.
The condition of the home is critical.
You can only make a first impression once.
Make it a good one!
Selling Your Home Privately
Hire a professional, especially if you aren’t confident enough to sell your house without a realtor.
You can negotiate commission with a realtor if you’re trying to save money by selling privately.
By doing so, you get professional marketing, market analysis and selling advice.
Perhaps the most significant advantage is that realtors have the time to make sure your house sells.
These are just some of my thoughts. \
What do I base it on?
During observations on common problems that I have run into during my time in the business, I’ve seen a lot.
I’ve also spoken to some of the other Realtor’s in my office to get an idea of what they have experienced.
These are just some of the basics of why your house is not sold in a timeframe that you had thought it would.
Discussion: What are some other reasons you think a house is not sold as fast as it should?
Please leave us your questions or comments below for us.
Guest Post By: Stewart Blair is a Sales Representative for Royal LePage TriLand Realty.
