In our experience, there can be multiple reasons your home is not selling. Below are the top five reasons we have seen why your home might still be sitting on the market.
1. Your agent has an ineffective marketing program.
Marketing a home is typically involves multiple strategies. Having an effective MLS listing with professional photos is one way to attract buyers. Properly staging your home also gets more people through the door. Your agent should have a comprehensive marketing plan for the sale of your home, based on what works for your target buyers. This may include virtual tours, a promotional video that sells the lifestyle that the property affords, a strong social media elements including Facebook, Twitter and YouTube, targeted advertising, and open houses.
If you haven’t yet chosen one yet, have potential agents explain how they will market your home. If you’re wondering what to look for in an agent, see here. If you’re wondering what interview questions you might ask a real estate agent, see here.
2. You overpriced your listing.
Your home must be priced appropriately for the value it offers, relative to buyer’s other options (e.g. competitive listings). Many factors play into this calculation, such as size, features, condition and location. If a buyer’s first reaction is “what are they thinking?” when they see your listing price, they likely won’t give the home a second thought.
According to this Globe and Mail article, price is usually the most important factor in selling your home. To ensure your home is priced right, find comparable properties that have sold in your neighbourhood and seek help from a realtor or evaluator.
3. You have an issue with home presentation.
Buyers have difficulty seeing a home’s potential, so it’s important to do it for them. Neutral colours and décor, proper furniture placement and a clean, uncluttered look can sell your home more quickly.
4. Your home doesn’t smell fresh.
The way your home smells may be the reason your home is not selling. If your home has a smoke, pet or other odor, it can be a turn-off for potential buyers. Smoking in the home is a killer – especially on resale home value – see here. Even new carpeting or paint can give off a strong, unpleasant chemical odor. Try to remove the source of the odor, air out your home and look into professional cleaning for draperies, carpets and other upholstery. Don’t just try to cover the smell with air fresheners – buyers will notice and worry the smell can’t be removed.
5. You are not being flexible on showings.
Having to be out of the house during viewings and keeping your home pristine isn’t easy. Although trying, being flexible and allowing showings at the buyer’s convenience is key to selling your home more quickly. Buyers are often interested in more than one property. If yours is too difficult to see, they will likely move on.
For more tips on selling your home quickly, Forbes has an interesting article on eight home-selling mistakes to avoid here.