5 reasons why your home isn't selling
Every time your realtor books a showing, your heart beats a little bit faster and the anticipation builds. But then, an offer doesn’t come. Sometimes you don’t even get constructive feedback.
If your home is on the market longer than you expected it’s time to drill down and figure out why. What are the issues with your home and what can you do to improve the chances of a sale? Some issues you can fix, some you can’t.
Here are some reasons, based on experience, why your home may be languishing on the market and what, if anything, you can do.
Market Conditions
Especially now, with average days on the market in Calgary being so high, this could be to blame. However, if you haven’t received any offers at all, check to see if others in your neighbourhood with homes for sale have. Are other homes in your community moving while yours isn’t? If everyone’s in the same boat as you and there are too many homes in your area, consider talking to your real estate professional about taking your home off the market until some of the inventory in your area is absorbed. If you’re not in a position to do this because you’re relocating or your finances aren’t in great shape, you could rent out your home until the market improves.
Issues with your Home
If other properties in your area are moving and yours is being passed by, chances are there are issues with your home that are putting off buyers. It’s important that your real estate professional gather feedback from all showings so you can start making some decisions. A lot of buyers can’t look past little things such as bedrooms painted in wild colours. If more than one buyer comments on things such as clutter or funny odours in the home or notices that something things need to be repaired – this is something worth paying attention to. If potential buyers comment about things you can’t fix, such as the location of the home or the fact that there’s no in-suite bathroom off the master, well – you’ll just have to wait until the right buyer comes along.
Incorrect Pricing
You will probably know that your home isn’t priced correctly where there are very few showings scheduled. Buyers might be weeding you out and not even coming to the party. Has your real estate professional encouraged you to price your home differently? You might need to revisit this. Ask to see the comparative market analysis that was done prior to your home hitting the market. Perhaps you should get it updated. Then make a decision about how to price your home more appropriately to make it more attractive to buyers. Make it more in line with what buyers want to pay rather than making it about what you believe its worth.
Inadequate Promotion of your Home
All homes are advertised equally on MLS. It’s the efforts around that listing that make the difference. Some people who use a marketing company that offers do-it-yourself packages for selling your property yourself face this problem. If comparable homes have sold in your neighbourhood, maybe interview the real estate professionals involved in the sale. A successfully agent should be happy to share their methods with you and discuss marketing options that you feel comfortable with.
The Time of Year
Historically, December is a pretty lousy time to be selling your home. There are too many distractions and people tend to put off important decisions until after the holidays. It could be just that simple. All you can do is wait it out and listen to what your agent has to say. You can only control what you can control and no more.