One of the most frustrating things a Seller can experience is a home that just sits on the market for seemingly endless months. In some cases, a house won’t produce any potential interest; while in others, the house is viewed by many possible buyers, but no offer is ever made… Are youwondering why your home won’t sell?
If you have found yourself in this predicament, it may be necessary to take a step back and look at various factors that could influence the appeal of a For Sale by Owner [FSBO] house. Sometimes it’s just one thing, but usually there are multiple causes. Here are the Top 5 most common seasons that your home isn’t selling:
1. Your house may be overpriced
This is the most common reason that great homes don’t seem to get the interest they should… and it has nothing to do with selling privately. Sometimes, overpricing can occur when a seller opts for the biggest quote given from a market evaluation, which has been conducted by the wrong type of Real Estate sales agent. Other times it’s because homeowners have an emotional investment in their home, which causes them to perceive it as more valuable than it actually is. But whatever the reason, you may be asking too much… and the solution is obvious: you need to lower the price.
2. Your house is not showing “at its best”
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. Otherwise, this can be remedied with deep cleaning, re-painting, and replacing the worn, the shabby and all outdated aspects of your house.
3. Your marketing is not working
Just because you put up a sign and posted an ad somewhere doesn’t mean that’s enough! Many free and online ads only stay live for short periods of time, and as new ads come in, your ad decreases in relevance/effectiveness. And more often than not, the ad you’ve written could survive an edit or two! In fact, there are tons of sub-standard ads out there- ones that don’t actually have enough information to capture the interest or attention of potential buyers. They may lack emotion, pictures and fail to accurately describe the property’s best attributes. Unfortunately, many For Sale by Owners [FSBOs] fail to invest the time and energy necessary to properly market a home.
4. Location, location, location
If your house is located in a less desirable area, this can seriously impact the perceived value 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 neighborhood, but there are still some options. If location seems to be preventing your house from selling, you need to emphasize all of positive selling points and effectively minimize 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 reality can be tough to deal with, but with effort and a good For Sale by Owner [FSBO] sales coach, it’s not an insurmountable hurdle and you can still come out on top.
5. You aren’t getting enough exposure
If you are getting very few prospects, the problem could very well be that potential buyers aren’t even hearing about your house. Successfully marketing a home privately requires strategy and effort. If this isn’t being done, then your house simply won’t generate any interest. If you think this is the case, you may need to consult a For Sale by Owner Expert to discover how to bring out the best in your house and reach buyers.
It can be difficult to pinpoint the specific reasons your house is not selling, especially since they can be mutually-reinforcing… However, with perseverance, objective analysis, and the benefit of a sales coach, you should be able to make the necessary changes which will see you through as a successful For Sale by Owner [FSBO].
If you haven’t already, check out CanadianHomeFind.com’s Selling Packages.