Wondering ‘Why Won’t My House Sell?’ Here Are 5 Options to Consider
After all the time it takes to list a home it’s hard to have to wonder ‘why won’t my house sell?’ Consider these 5 things if this sounds like your situation.
Did you know that, on average, homes are on the market for about 65 days? This number is even lower in areas where the market is hot. In these markets, houses are only on the market for a week or two.
If your home has been on the market for much longer than this, there is probably a reason why. If you’ve been wondering “Why won’t my house sell?” it’s likely for one of the reasons below.
Keep reading to learn the most common reasons why your house isn’t selling and what you can do about it.
1. It’s Priced Too High
If you price your home too high, you might get a lot of showings but no offers. If the price isn’t in line with comps in your area, people are going to make offers on those homes, not yours. Or, they’re going to make an offer much lower than the listing price.
Your home shouldn’t be priced based on what you think it’s worth. Remember, your home has sentimental value. It also has your sweat equity in it, so you tend to overestimate its value.
Your real estate agent should perform a market analysis, pull comps in your neighborhood, and then work with you to determine a competitive price.
2. It Needs Improvements
Look at the other comparable houses on the market, those pending sale, and those that recently sold. What kind of improvements do they have and how does your home measure up?
If hardwood floors or an updated kitchen is standard, and you still have the old stained carpet from when the house was built or an outdated kitchen, you might need to think about doing some improvements or adjusting the price accordingly.
Certain home updates will be a better return on your investment, so keep that in mind when deciding what to update.
Take a look at your curb appeal as well. What do potential buyers see when pulling up to your home and walking to the front door?
A well-manicured lawn, weed-free landscaping, and an inviting front door? Or do they see an unmowed lawn, landscaping full of weeds and old mulch, and a front door in need of new paint and hardware?
Improving curb appeal is usually a relatively inexpensive project that you can do on your home. Remember that buyers are forming an opinion on your home based on their first view, so make sure that view is a good one!
3. Your Listing Needs Improvement
How good are your home photos? Do you have a video? Is your real estate agent marketing your home beyond putting the listing online and then hoping the buyers will come?
Your photos don’t need to be taken by a professional photographer (although if this is available, jump on it!), but they should be bright, include the most important rooms (kitchen, master bedroom, the outside) and the rooms should be uncluttered, clean, and staged.
If your online listing doesn’t include a video, you might consider having one done if your home isn’t selling.
4. Your Real Estate Agent Is Ineffective
If you picked your real estate agent because they promised you top dollar for your home, you might want to rethink that decision. This is especially relevant if the price they recommend is much higher than comparable homes.
If you want a real estate agent who sells homes fast, ask him or her how many they’ve sold in the past year and how long they are on the market. Contract with an agent who specializes in your particular area or neighborhood and who has sold homes similar to yours.
5. Marketing Isn’t Effective
A good real estate agent knows that you can’t just list your home, put it online, and wait for potential buyers. It might work like this, but if your home is sitting on the market for 30, 60, 90 days with no offers, they need to rethink the marketing strategy.
Other marketing tools include color flyers to give out to prospective buyers who visit your home, postcards mailed to homes in the surrounding neighborhoods. You should also be seeking feedback from buyers who visit your open house or come for a showing. Ask what they liked and didn’t like and make improvements or changes accordingly.
What to Do If Your House Won’t Sell
If you’ve done everything you can to sell your home and it’s still on the market, you do have some options, especially if you need to get out from the financial obligation of your home quickly.
You could consider a short sale, renting your home, or even refinancing it. These options might not be as ideal as outright selling your home, but they can alleviate the financial burden if that’s your goal.
Another option is an agency that buys homes fast and makes offers in as little as 24 hours. I Buy Houses Boise is one option for selling your Boise home fast. They can make you an offer and close on your home in as little as 7 days.
Final Thoughts on the Question “Why Won’t My House Sell?”
Selling your home can be stressful and overwhelming, especially if you’re relocating to a new city or state. If you find yourself lamenting every day “Why won’t my house sell?”, use our tips to get your house moving.
If you’re still not having luck, contact us. We’ll come and check out your home, make you a no-obligation written offer, and then have the cash in your hands in as little as a week if the offer is agreeable. We can help you sell your house fast!