Home not selling? Here is a checklist to help determine why
If your property has been sitting on the market for a while, it’s time to re-evaluate your strategy. Don’t blame buyers.
Take a look at what you’re offering and see how you can make your home more attractive and increase your chances of a sale.
Is it overpriced?
Overpriced properties discourage potential buyers, who may not even view the property if they think it’s worth much less than the asking price. This doesn’t mean that you should underprice your home, but you should put some thought into pricing your home to sell. If you suspect your house isn’t selling because you’ve asked too much, ask your Realtor to conduct a new market analysis and decide whether to lower the price.
Properties priced too high sit on the market, and buyers often assume there’s something wrong with them.
If your listing has become shopworn, look at reducing the price or offering incentives. These strategies may help pique buyer interest.
If you think your home is appropriately priced and everything else seems to be in order, it could be that the market has changed since your initial listing.
It’s important to understand the state of the current housing market and to stay on top of what’s happening in your neck of the woods, which is where a Realtor can be extremely helpful.
Is it accessible?
Most sellers opt for a lockbox to make it easy for buyer’s agents to access your home. Without one, agents representing buyers are forced to work around your schedule, setting an appointment to gain access and view your home.
That may prove too much of an obstacle for potential buyers.
Additionally, imposing restrictions on the times the home is available for showings can dissuade traffic.
Your house probably isn’t the only one a potential buyer is going to view.
If your house can only be toured after 2 p.m. on Tuesdays and Thursdays, you’re reducing the number of potential buyers.
Does it need repairs?
You say it’s a “fixer-upper.” Those typically sell for substantially less than other properties. Maybe you’ve already accounted for your home’s condition in the price, and it’s still not selling.
You may want to look at making major cosmetic repairs or review ways to improve serious maintenance problems. You might also entice buyers with a cosmetic allowance.
A cosmetic allowance is money allocated by the seller to the buyer to offset the costs of repairs. If you already offer a cosmetic allowance but buyers still aren’t biting, you may want to consider fixing major problems and removing the allowance.
Is it your neighbor’s fault?
Nearby homes and neighborhoods can significantly affect the value of your property. If you believe the condition of your neighbor’s property is stifling your opportunity for a sale, it’s time to address the situation. It’s important to open the lines of communication and look for a win-win solution.
The sooner you do this, the better your chance of success. Voice your concerns to the property owner and see if you can resolve the problem. If the condition of the neighbor’s property is affecting the entire neighborhood, get everyone to work together to find a solution. If feelings get hurt and the problem escalates to name calling or worse, you may need to bring in a neutral party, such as a friend or community arbitration board.
You can also review local laws and zoning ordinances. If your neighbor has a disabled vehicle in the front yard, a typical “junk vehicle” ordinance may apply.
Many factors may affect the sale of your home, including price, condition and location. If your property is shopworn and potential buyers are just not coming around, sit down with your Realtor and discuss measures that may boost your chance of a sale.
For more on selling your home, visit HAR.com.
Thomas Mouton, with Century 21 Exclusive Properties, is 2024 chair of the Houston Association of Realtors/HAR.com.