Struggling to Sell a Home
November 4, 2024
Some sellers receive fantastic offers on their home immediately while others wait for months to receive a decent offer. To make matters worse, potential buyers may assume something is wrong with the home if they see it has been on the market for a few months. There may be several reasons why buyers are unwilling to pay the asking price. The key is to figure out why they are unwilling to pay the listing price and make the necessary changes to receive the offer you are seeking.
Common factors involved with selling a home include price, timing, home condition, home characteristics, marketing, the real estate agent, and the seller. We examine these factors below and offer potential solutions to the challenges posed by each one.
Price and Timing
The price of the home is arguably the most important factor for buyers. Many sellers have an emotional connection to their home and believe it is worth more than what the current market indicates. When a home is overpriced, it can turn away buyers who would have otherwise been interested in the property. If multiple buyers express that the price is too high, the home will likely remain on the market for an extended period.
Timing is another significant factor, as major market shifts can take place in a short period. For example, you may decide to list your home for the same price as a comparable home that recently sold in your neighborhood and then learn that the market has since shifted, and home prices have fallen.
When it comes to pricing your home correctly and selling it at the right time, the solution is often dependent on your situation. If you are not in a rush to sell and would be content with relisting at a later point in time, then that might be the right path for you. If you need to sell now, then you will likely need to lower the listing price or make the necessary upgrades to attract buyers in your ideal price range.
Home Condition and Home Characteristics
If multiple buyers decide not to make an offer on a home based on its condition, this can serve as helpful feedback for the seller. For example, if the garage door does not open properly or the lighting is too dark in the house, potential buyers might not view the home as move-in ready. If you know of issues with the home and decide to list it as-is, then you should prepare yourself for feedback and concern.
A home with unique or unconventional characteristics may also be difficult to sell. Even if a buyer is looking to purchase a property that will serve as their primary residence, many buyers also consider the future resale value of the home. A house with unconventional characteristics will naturally receive less interest because it appeals to buyers with specific preferences. Homes with pools are common examples. Pools require a decent amount of upkeep, and not every buyer is willing to take on the extra costs and labor associated with them.
When it comes to the condition of the home and its characteristics, some issues are easier to fix than others. For example, if multiple buyers think your home is too dark, add new or different lighting and declutter as much as possible. Other issues may require you to lower your asking price if you are unwilling to make changes. The same can be said for homes with unique or unconventional characteristics. You must either find the niche buyer in search of the features your home offers or be willing to entertain lower offers. If neither of those options sound appealing, then it may be best to keep the house on the market a little longer or relist it at a later date.
Marketing and Finding the Right Real Estate Agent
One of the primary selling points for hiring a real estate agent is their knowledge of the local housing market. They have access to data that a seller likely would not be able to attain on his or her own. Another major benefit of a real estate agent is their marketing expertise. There is a lot that goes into marketing a home, such as staging the interior, staging the exterior to maximize curb appeal, taking professional-quality photographs, and creating an appealing listing, among other things.
- Staging the interior – Potential homebuyers should be presented with a relaxing, inviting, and uncluttered space they can imagine as their own.
- Curb appeal – Make a good first impression outside the home with a well-manicured lawn, a welcoming porch, and clean surfaces. Add pops of color by planting annuals.
- Photography – Make sure your real estate agent hires a professional photographer who takes high-quality photos with exceptional lighting. Consider adding video as well so those looking at the listing can picture themselves in the home.
- Listing – The description in your listing should stir up excitement and make others interested in learning more about your property.
The Seller
Oftentimes, the individual hindering the sale of the property is the seller. Most real estate agents encourage sellers to leave the home while it is being shown, as viewers of the property want the privacy to look at their own pace and ask their real estate agent questions without the homeowner hovering nearby. If potential buyers are not given the freedom to envision the home as their own, they can easily lose interest or undervalue its charm.
If you are struggling to sell your home and realize you have made this mistake as a seller, take a step back and trust the process. The real estate agents showing the home want their clients to find a house they love, and if you give them the space to view it on their own terms, the home they end up loving might just be the one you are selling.