5 reason why your home is not selling in the market

Five Reasons why your property is not selling in the real estate market

 

Selling a home in a competitive market is not an easy process. There is a lot of effort that need to be done to bring the best value to a property. However, an expert real estate agent can make the best deal for any property because he knows the best buyers in the market, observes the market condition, and researches for achieving the best value of a property. Your home must be sold if you choose a right agent. As a homeowner and seller, your objective is twofold: to sell your home as quickly as possible, and for the highest possible price. The beauty of owning real estate (whether as a principal residence or for investment purposes) is that historically, it has yielded solid returns to Canadians who are in it for the long haul. The proceeds can be used to upsize to a bigger home, retire, travel, invest, or fund life’s next big milestone – whatever that may be. Particularly in a hot housing market, a home that isn’t selling can attract negative attention. Here are a few common reasons why a house is not selling, and how to help turn that “For Sale” sign to “Sold!”

 

 1. Emotional Pricing

 A home full of memories may have high value to you, and you may want to set a high price. But your price should be valued based on the measurable attributes of the house, not on the number of pinto beans in the floorboards. Remember that beauty is in the eye of the beholder when it comes to a home sale. “Don’t take it personally when people don’t love the house you’re selling,” Hirs says. ” It only takes one person or family liking the home.”

Solutions: So, Understanding your home's condition is crucial when determining the right listing price. Of course, whether you end up with more or less than your asking price will likely depend not just on your pricing strategy but also on whether you’re in a buyer’s market or a seller’s market and how well you have staged and modernized your home.

 

 2. Poor Renovation

A buyer does not see a home the same way a seller does. As many homeowners have grown accustomed to their home along with developing an emotional attachment, many items may be overlooked. What looks good to one person does not look the same to another – especially a buyer. Most buyers are looking for a near perfect home. This means clean, in good condition mechanically and structurally, and in a pleasing decorating style.

The ideal situation would be for the buyer to move into a home, without having to do any work, including cleaning the carpet. When a buyer looks at a home, they try to imagine themselves living in the home. If any work needs to be done they are less likely to make an offer, when compared to another home that is in model-home condition. At the same time, a buyer could make an offer less than the market value, to compensate for any required work. You could lose money by not having your home in top condition.

The paint inside and out should be in good condition. Everything should be kept perfectly straight and orderly. A seller should walk through the house as if they are a potential buyer, being very critical and asking whether they would purchase a home in this condition.

 

 

Solutions: Make little upgrades, paint, fix anything that’s broken, clean up your yard, and do a brutal decluttering pass. Consider hiring a stager to help you show your home at its best. If you’re working with a top agent, they almost certainly have someone whose eye they trust: use that resource. It’s understandable that you don’t want to spend a lot of money fixing up a house you’re selling, but little upgrades will often bring a huge return on investment. And packing up a bunch of your things and sending them to storage or living in a home with furniture that isn’t yours might sound unappealing, but can sell your house faster and for more

 

3. Bad Photo and Videography

As so many buyers look for homes online these days, and so many of those homes have photos, you’ll be doing yourself a real disservice if you don’t have any visuals of your home. At the same time, there are so many poor photos of homes for sale that if you do a good job, it will set your listing apart and help generate extra interest.

Good photos should be crisp and clear and taken during the day when there is plenty of natural light available. They should showcase your home’s best assets. Consider using a wide-angle lens if possible—this allows you to give potential buyers a better idea of what entire rooms look like. Ideally, hire a professional real estate photographer to get top-quality results instead of just letting your agent take snapshots on a phone.

Solutions: don’t just stop at photos. Consider adding a video tour or 360-degree view to further enhance your listing. This can be easily done with any smartphone. You can certainly entice more potential buyers into walking through your doors for showings. You may even get more offers if you give them an introductory walk-through of your property.

 

4. Unfavourable Market Conditions

When it comes to selling your home, there are many things within your control. Others are a wild card, as far as the seller is concerned. Factors such as a growing or declining population, economic conditions, interest rates, housing demand and supply, and even the weather can all be reasons why a home is not selling.

What you can control, however, is when you choose to sell your home. An experienced real estate agent can help you time the market. These professionals have the market experience to speak to what is happening in the real estate landscape, and to predict what may happen down the road.

While you can’t control things like the job and housing markets, these are still important factors to consider when deciding if now is a good time to sell. Determine when your house is most appealing to homebuyers. The return of spring tends to rouse homebuyers out of hibernation. Similarly, keep your ear to the ground for other circumstances that may affect home-buying trends, such as an upcoming employment boom or new developments in your area that may increase housing demand.

 

Sometimes it can be tough to pinpoint the exact reason a home isn’t selling. At other times, it’s painfully clear. Consult your Empower Estate agent for important insight on what you’re doing that may help or hinder the sale.

 

5. Didn't Sell With Professionals

Selling a home can be complicated, even under totally normal circumstances. Market conditions can change quickly, impacted by everything from local, national and international economies, to population fluctuations and even the weather. And these past few months, COVID-19 hasn’t made things any easier. Especially in uncertain times, a little professional help can go a long way.

real estate agent in Ingleburn

While most homebuyers and sellers will only have a limited number of transactions under their belt, an experienced listing agent has handled hundreds of home sales under a variety of market conditions. Let us guide you through the twists and turns of the housing market. Use our online valuation to get an updated market value and start your home selling process with us 

 

*Note: This is not a financial advice

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