They say the market’s hotter than ever, so why is my house not selling?” If this is a thought you’ve had recently, you’re in the right place. The past few years have seen the housing market in the US and many areas all over the world reach record-high prices, so you’ll be forgiven for thinking your house would sell in just a few days.
But what are you supposed to do if your home doesn’t? By the time it’s been on the market for a month, it can start to feel like no one will ever want your home. The good news is this isn’t the truth – someone will want to buy your home, you just need to find them.
Let’s explore some of the reasons you may not be getting offers on your house and what you can do to turn things around.
1. You are asking too much
This has to be the number one reason why a house gets no offers: too high a listing price. No one wants to undervalue their house, we all want to get the best possible price, but asking too much money will never work out well. Asking too little can also put people off, as they’ll think (often rightly so) that there’s something major that needs to be fixed. This is where an independent valuation can be beneficial to help you get a realistic idea of what your home is worth.
2. The house needs a lot of work
Even if your price reflects any work that needs to be done, most buyers will be reluctant to put in an offer if they feel there’s a lot of work to do. The majority of house buyers want to move right in and aren’t interested in doing more than a cosmetic update.
If you are getting feedback from viewers that a particular problem is putting them off, consider getting it put right, even if this costs money. If that’s not possible, you may need to drop the price to find a buyer willing to put in the work.
If you’re already being upfront about what work it needs, read your home’s listing description and make sure the problems aren’t buried at the bottom. Being upfront is best and some people are looking for a project.
The days of print ads and yard signs as a marketing strategy for house sellers are long gone. Almost all house sales begin online and you have to grab a potential buyer’s attention in seconds before they move on. Poor low-res pictures will not do.
You need to invest in top-quality photographs from an experienced specialist if you are to stand a chance of turning an internet search into a physical viewing. Look at your listing’s photos and consider if they look like they’ve been taken quickly on a smartphone or by a photographer. A good photographer can do amazing things with an iPhone, but they need to have an eye for composition.
It’s not just photos, either; more and more buyers expect virtual tours along with the pictures before they will even think of sending the details to their real estate agent or arranging an in-person viewing.
If your current agent isn’t doing much to sell your home, find a new one.
If your house is out of the ordinary it will likely take longer to sell. Houses that are bigger and more expensive, properties that have unconventional layouts or features, and those with strange decor mean that your market is smaller. You might love the narrow spiral staircase that leads to the fifth bedroom; others may not!
If your realtor is good they may be able to suggest ways of tweaking the marketing of your property so that it targets a very particular set of buyers that prize uniqueness.
If you live in a sought-after area and your house is the only property of that type available, it will usually sell fast, but the reverse situation will work against you. If several similar houses in your street are on the market at the same time the laws of supply and demand work against you. First, you have the competition of the other sellers and second, there is less jeopardy for the buyer – if you don’t accept their offer perhaps another seller will.
The only way to get around this is either to make certain your house is by far the best of those on the market or put off selling until the rarity factor comes back into play. Certainly, if multiple similar properties are on the market it is wise to delay trying to sell if you can – though that might not be an option.
This is the one no one wants to face up to. If you live in an unpopular area, are right beside the freeway, or have trouble with your neighbors, selling your home is going to be tricky and you may have to drop the price further than you would like to encourage offers.
If you are not getting offers on your house there are, as you can see from above, many areas you can look at to increase your chances. If this seems intimidating or you feel like you’ve run out of options, there is an alternative – sell your house to a company that buys houses for cash.
If you’re struggling to sell your home in Massachusetts, we’re here to help. We buy any kind of house in any condition quickly with no need for you to organize expensive repairs or worry about preparing for viewings. Simply reach out to us with the details about your property and we’ll give you an offer. You’re under no obligation to accept but if you do, the sale can complete in just a few weeks. To find out more or to get our best cash offer on your home, click here.