When you put your home on the market, you want it to sell fast and for the best possible price. However, sometimes it doesn’t happen as quickly as you would like. If your home has been on the market for a while and you’re not receiving many offers, it’s time to take a step back and evaluate the situation. In this article, we’ll discuss the top 5 five reasons why your home is not selling and provide you with effective solutions to help you get back on track. Whether it’s pricing strategies, interior design, marketing, timing or working with the right estate agent, we’ve got you covered. Let’s dive in!
1. Pricing Strategies: Is your home priced too high?
Selling a home can feel like a daunting task, especially if you’re on the market and not getting any offers. One of the first things to consider is the price of your home. Many times, homes don’t sell because they are priced too high or have the wrong pricing strategy. In order to determine the right price for your property you should consider;
Comparable Properties – How does your property compare to the competition?
Sold House Prices – What have other properties in your area actually sold for?
Current Market Trends – Is the market increasing, decreasing or static?
Unique Features – How much real value do your properties unique features add?
5 Reasons Why Your Home Is Not Selling
Once you have this information, you can set a realistic price that will attract potential buyers. It is also worth thinking about the most attractive pricing strategy. A tweak in pricing strategy can boost interest levels when used correctly. For example using an ‘Offers Over’ pricing strategy could produce more interest than a ‘Fixed Asking Price’ strategy. The right pricing strategy will largely depend on the current market conditions, so it’s well worth discussing this with your estate agent before making any changes.
2. Interior & Exterior Design: Is your home too cluttered, dated or lacking in curb appeal?
On a viewing you want potential buyers to feel welcome and at home. If your home is cluttered, untidy or outdated, it can be a major turn off. The first step to improve your home’s interior design is to declutter and streamline by removing unnecessary items. The second step could be to redecorate. Using light and neutral colours and décor can help your home feel spacious and airy. The goal is to help your prospective buyers visualise their own belongings in the space and imagine themselves living there. If your home is dated it’s worth considering the impact refurbishing could have on both the saleability and value of your property. Read: How To Add Value To Your Home Here.
5 Reasons Why Your Home Is Not Selling
Curb Appeal: How does your home look from the outside?
Another reason why your home may not be selling is because of its curb appeal. First impressions matter, and if your home doesn’t look appealing from the outside, potential buyers may not even want to step inside. To improve your home’s curb appeal, you should adequately maintain the frontage of your property. This means cutting the grass, trimming the hedges and sweeping the footpath. You should also make any necessary exterior repairs and upgrades, such as fixing a broken fence or painting the front door.
A tell tale sign that your property is disappointing prospective purchasers in person is if you’re getting a good amount of viewings but no offers or positive feedback. Read: 10 Tips To Ensure Your Property Is Viewing Ready Here
5 Reasons Your Property Is Not Selling
3. Marketing: Are you advertising your home effectively?
If your home is priced well and looks great, you still need to effectively market it to potential buyers. One of the most important things you can do is use professional photography, video & floorplans. The correct visuals will showcase your home in the best possible light and attract more attention online. Social media marketing can also be a very effective tool to help get the word out, after all most people have a smart phone in their pockets these days. You should also not underestimate the power of an estate agents mailing list. Estate Agents will typically have access to thousands of applicants on their database who have registered their interest in finding a home in your location. One direct email campaign could be all that’s necessary to find the right buyer. Find out our 7 top tips to get your property noticed online here.
5 Reasons Your Property Is Not Selling
4. Timing: Is now really the right time to be selling?
It all comes down to what you’re trying to sell, who the target market is and when they’re most likely to buy. For example, a beachside apartment with sea views that will primarily appeal to the second home market will likely have a lot more demand in the summer than the winter. Savvy sellers can use timing and seasonal fluctuations in buyer demand to their advantage. However, you should also keep a focus on the market forces that are outside of your control to determine timing. For instance; interest rates, government policy, employment levels and sentiment will all also have an impact on buyer demand.
5 Reasons Your Property Is Not Selling
5. Estate Agents: Are you working with the right Estate Agent?
If your home is not selling, it may be time to evaluate whether you are working with the right estate agent. Different agents typically specialise in different areas, property types and price ranges. Selecting an agent that is not geared towards your property type can be detrimental, as they will not have access to the right audience. When selecting an estate agent there are some crucial factors that you will want to consider;
Reputation, Awards & Testimonials – Is the agent trustworthy?
Previous Sales Figures – Is the agent selling?
Market Presence – Are they established and well known?
Marketing Techniques – Are they going to get your property the best exposure?
Number Of Staff – Will they be proactive and have time for viewings, feedback & communication?
Questions you should ask if you’ve been on the market for a little while;
Is your estate agent as enthusiastic as they were when you first appointed them?
Do you receive regular progress reports with constructive observations?
Are you happy with the number of prospective buyers looking at your property both online and in person?
Does your estate agent have a structured plan to maintain your property’s marketing presence and prevent it from going stale?
If you feel the answer to any of these questions is no, it may be time to consider switching agents. You may be surprised to learn that over 50% of properties sell with the second agent that markets. There are many reasons why the second agent can prove instrumental in achieving a successful sale. A new agent is likely to;
Bring a fresh approach to the marketing and will typically seek to improve upon what was being done previously.
Bring a new sense of optimism and energy to the property sale.
Benefit from a fresh listing on the property portals which removes the perception that a property has gone stale
Bring a different applicant database and list of contacts.
Learn from any mistakes, insights and feedback from the first round of marketing.
Selling a home can be a stressful process, but it doesn’t have to be. Remember, if you; price your home correctly, enhance its interior & exterior design, market it effectively, get the timing right and work with the right estate agent you can avoid the 5 common reasons why your home is not selling. We hope these tips have been helpful to you and wish you the best of success in selling your home!
James has lived in the Poole & Bournemouth area for over 25 years and has an extensive knowledge of the conurbation. He started his career in the property industry in 2015 following his graduation from the University of Kent, Canterbury and has worked in a variety of different roles in this time. Formerly a Sales Manager, he brings an in-depth understanding of the industry to his current role as Marketing Manager at Martin & Co.
