The real estate market will eventually shift more towards a buyer’s market, which means more and more homes for sale will be coming off the market unsold. With that said, when a property is listed for sale and doesn’t sell during the listing contract, it is called an expired listing.
If your home is sitting on the market unsold or has already expired while the other houses are selling fast, then you’re probably wondering why it isn’t selling?
To help you answer that question, here are the top 3 reasons why listings do not sell.
Price is too high
What’s the first thing a potential home buyer notices about a home for sale? The price, of course! Pricing your home accurately according to your local market conditions is vital since an overpriced home could increase the number of days it sits on the market. Correctly Pricing the home the first time will increase interest, translating into more buyers stepping foot inside your home. The more buyers who see your home, the better the chances of getting an offer are.
Not enough market exposure
Zillow and even the MLS might not be enough.
With technology becoming so prevalent in real estate, buyers and sellers have become accustomed to thinking that simply listing your home on Zillow or the MLS is enough. However, with the accessibility to these outlets finding your home could be like finding a needle in a haystack. Additionally, you might accidentally put yourself in a tricky spot to see with filters.
Not Making Your Home Available For Showings
When your house is for sale, you need to do everything in your ability to make the home available for showings at any time of day. Some people are only available in the middle of the day on a Tuesday to see the house, while others may only be available at dinner time on a Sunday. Yes, this can be inconvenient, but if you don’t cater to the potential home buyer’s schedule, there’s a good chance they’ll decide to move on to the following listing and not give yours a chance.
Poor Home Presentation
Bad Photography or Staging
Since most home searches begin on the internet, the photos you use of your home are crucial to generating interest. To prevent home buyers from continuing to scroll through to other listings, you need to ensure your marketing photos are of the highest quality. If you have dark, blurry pictures or just an overall low quality, the chances that homebuyers will stop to take a look at your listing are slim to none.
Professional home photography is pretty standard these days, and for a good reason. According to the National Association of Realtors, the use of professional photographs helps to sell a home 32% faster.
Professional photographers know what angles best capture a room and take photos that enhance the focal points of space that home buyers want to see. They also make the most of natural lighting in your home, as well as subtle editing software to make your photos look like an accurate representation of your space.
While staging is not required, it helps with photos and showings since the home stager will work with the photographer to choose pieces that will make you appear more prominent.
Other reasons include
Too Long on the Market
A common question buyers and their agents ask are how long a house has been on the market, then compare it to the norm. There are many valid reasons a home can take longer to sell, but people think that if a house takes too long to sell, it must be something wrong.
Your real estate agent is too busy.
Typically local agents can only handle a few listings per month. So when a seller chooses a real estate agent by how much advertising they do in their neighborhood, they might already have too many listings. While there are pluses, you could end up with an agent who thinks of your house as another listing in her inventory.
Your real estate agent is too new.
Sometimes sellers think that a new agent will try harder, which may be true. But an experienced agent will already know what to do, and she won’t be using your house as a learning experience.
Your real estate agent is a friend or relative.
Sellers often make this choice because their acquaintances would be mad if they listed with someone else. However, because of this relationship, they might think it’s okay to slack, they won’t cancel on me. Also, we find it’s best practice to avoid mixing personal relationships with business. Most people will only sell or buy a home 1-2 times in their entire life, and if something goes wrong, it could end a relationship.
Your real estate agent works part-time.
Selling real estate is just like any other professional service. If they don’t know how to market a home or aren’t willing to invest their capital into generating buyers, it will only make it that much harder to sell.
Everhome is a full-service real estate brokerage that offers a unique flat fee commission model of only $3950 for most single-family homes. From photography, legal paperwork, negotiations, escrow, and coordination, there is almost nothing we don’t do! Click Here to learn 10 Ways Everhome gets your property sold fast and for top dollar.