Why Won't my House Sell?
One of the most frustrating things a home-seller can experience is a home that just sits on the market for seemingly endless months. In some cases a listed house won't even produce any potential interest, in others, the house is viewed by many possible buyers, but the visits never result in an offer being made.
If you have found yourself in this predicament, it may be necessary to take a step back and look at various factors that may influence the saleability of a house. There are many possible reasons a house can sit on the market for an extensive period of time. Sometimes, it's just one thing, but usually there are multiple causes. Here are some common reasons:
Your house is overpriced
This is a one of the most common reasons that great homes don't seem to get the interest they should. Sometimes this happens because a seller chooses the listing agent that gives them the biggest quote, and other times it's because homeowners have an emotional investment in their home which causes them to perceive it as more valuable than it is. But whatever the reason you are asking too much, the solution is obvious: you need to lower the price!
Your home is a turn-off
This doesn't necessarily mean that there's something wrong with your home, but sometimes very nice homes don't sell simply because they don't show well. Generally, this is a superficial, cosmetic problem and there is always something you can do to make your house more appealing to potential buyers. Sometimes it's a matter of making your home more neutral, which is to say making it less personal so that anybody can picture themselves living there. Other times, this can be remedied with deep cleaning, repainting, and replacing the worn, the shabby and outdated aspects of your house.
You're listing agent is a dud
Just because someone is a real estate agent, it doesn't mean that they're doing a good job. In fact, there are tons of sub-standard agents out there. These are the ones that will tell you that you can get more for your home than it's actually worth, that aren't available, that don't invest time and energy necessary to market your home, and who never fill you in on what is going on. If you feel that your agent isn't doing as much as he or she could, you may be wise to consider finding a new one. Boost your listings with FSBO Listings Canada!
Location, Location, Location!
If your house is located in a less desirable area, this can seriously impact the saleability of your home. After all, location is paramount in real estate. Unfortunately, there's really nothing you can do to remedy the desirability of a particular neighbourhood, but there are still some options. If this is what is preventing your house from selling, you need a great listing agent who can find heaps of positive selling points, and effectively minimise the negative ones. Further, you will likely need to ask less for your house than you would like, while providing lots of incentives for potential buyers. This can be a tough, but with effort and a competent agent, it's not an insurmountable hurdle.
You aren't getting enough exposure
If you are getting very few viewers, the problem could very well be that potential buyers aren't even hearing about your house. Successfully marketing a home takes a lot of effort and means putting it out there all over the place. If this isn't being done, then your house simply won't generate any interest. It's possible that if your agent doesn't see potential in your home, they will put less effort into marketing it than they will other, sure-sale houses. If you think this is the case, you may need to consult with your agent to find ways to bring out the best in your house. If your agent doesn't seem to be on board, you might want to find a new agent, or even consider selling your home yourself as an FSBO.
It can be difficult to pinpoint the specific reasons your house is not selling, especially since these often interact with each other. However, with perseverance, objective analysis, and lots of outside opinion, you should be able to make the necessary changes which will see you through as a For Sale by Owner.