2021 was a record year in real estate across the U.S., with home buyers spending nearly $3 trillion on properties. And although the market started to cool off in 2022 because of the economic slowdown and rising interest rates, home prices are still higher now than they were pre-pandemic in 2019.
If your house is on the market, but you’re wondering what you’re doing wrong because it isn’t selling, there are some concrete reasons you can turn to for answers.
See below the top five reasons why your property isn’t selling and what you can do to fix it.
1. You Set the Price Too High
The most common reason your house isn’t selling is because it’s overpriced. If the price is too high, interested buyers will look for other options.
Although a seller’s market usually means you can set a higher listing price, there is still such a thing as setting the price too high.
The price is part of the first impression of your home. You want buyers to give it a chance – get them in the door, so they fall in love with it! So if you price your home too far above its market value, they may not be willing to give it a look.
A price reduction is the best way to remedy the issue. Reductions are standard and can help draw in buyers. Drop the price appropriately so you don’t need to drop it again in a few months.
However, it’s best to avoid overpricing from the start. Remember that a price reduction signals to some buyers that something is wrong with the property. Listen to your realtor on how to set the asking price – they know the real estate market better than anyone and can ensure you get a fair price.
2. You Missed the Market’s Peak
Though not as volatile as the stock market, home prices still have ups and downs. As a result, homeowners who put their houses on the market today will not experience the same market conditions as six months ago, let alone at the height of the boom in 2021.
As the velocity of the market continues to slow, it’s good to consider this when listing your home.
Your realtor has a wealth of knowledge on the market and can help you better understand your property’s value and the home seller’s process. Together with your agent, you can devise a strategy to ensure the sale of your home regardless of what’s going on in the market.
Also, check in with me about current market conditions and available inventory. Read my latest newsletters and blogs so you never miss out on the ideal time to sell. Don’t be afraid to reach out and ask questions – I am always happy to help!
3. You Need to Address Specific Problems
No house is perfect. However, if your market is hot and it still isn’t selling, it could be because of a particular issue affecting the home’s value.
Think to yourself what you would change to make yourself purchase the home. Then, ask for feedback from open house guests or friends and family on the problems they see.
You know the specific issue to fix if you get the same answer from different parties.
Once you know your problem, you can mitigate it. For example, if your home needs more lighting, there are several ways to fix this. You can try the following:
- Clean the windows
- Install more lighting
You may have a more significant issue to address, such as a marble stain on the kitchen island. It would be best if you fixed this to increase the home’s value and the likeliness it will sell.
Ideally, you want your home to be as move-in ready as possible unless you mention the sales price indicates a tear-down or a complete remodel.
If your home needs significant renovations, complete them yourself before listing on the housing market or list below market value, so the buyer knows renovations will be necessary after purchase.
4. Poor Marketing
97% of potential buyers look at homes online during their search, often before scheduling an in-person walkthrough or visiting an open house. Websites like Zillow and Realtor.com are prevalent places to market homes, as are various social media platforms.
Thus, if your home looks grainy in the photos, the rooms are dark, or the house has a lot of clutter, buyers will go to the following listing and skip yours. Great pictures allow buyers to imagine themselves in your home.
Hire a stager and professional photographer to capture your home in the best light. If you cannot afford a professional stager, I have plenty of home staging tips you can follow instead.
Additionally, landscaping can help increase curb appeal if the outside of your home is drab.
Along with the photos, it’s best to include as much detail as possible in the listing description.
Also – highlight the best features at the beginning of the description with accompanying photos. The more information you include, the better.
5. You Chose an Inexperienced Real Estate Agent or Went FSBO
Finding the right real estate professional can be tricky. You want someone with expert knowledge of the market and comps in your neighborhood. This is especially true for luxury real estate. You need a realtor who knows how to sell luxury real estate and has proven experience.
Conversely, if you are trying to sell your home as “for sale by owner” (FSBO), you may not be doing a great job, especially if it’s your first time as a home seller. Communicating and negotiating with potential buyers isn’t for the faint of heart. Plus, finding buyers is even more complicated when you don’t have access to a multiple listing service (MLS).
If you’re unhappy with your listing agent, you’ll likely need to wait out the time left on the listing agreement before finding another. Then, after the contract expires, hire an expert.
You can hire an agent immediately for those who went the FSBO route.
Why Isn’t My House Selling in a Hot Market?
By making a few small changes to your selling strategy, your home will sell in no time! There is no shortage of home buyers, and I can help connect you with the right one for your property.
To begin your home selling experience, contact me today. I know all the ins and outs of Tampa, and I love setting people up to enjoy all that Tampa has to offer – in a cozy new home!