If you live in a bustling city such as Sacramento, Boise, Phoenix, or Seattle, you’re probably aware that the housing market is hot. This typically means that inventory is lower than demand, and sellers can often close at costs higher than their asking price.
So if you’re trying to sell a property in one of these cities and you’re not getting any leads, something might be wrong.
Instead of leaving your home on the market and crossing your fingers that eventually a buyer will come along, step back and consider why your home isn’t selling. Consider these reasons why your home might not sell in a hot market — maybe it’s time to make some changes.
1. The Price Isn’t Right
One of the main reasons your property might not be flying off the shelf, so to speak, is that your price might be too high or even too low.
If your home is priced too high, it may be out of a lot of potential buyers’ budget, or they could feel intimidated or unsure about submitting an offer below asking price. Even in a seller’s market where you can feel confident in asking for a higher price, you shouldn’t push it.
Alternately, a home priced too low could deter buyers who think that there might be something wrong with the property.
Work with your real estate agent to accurately price your home, taking into consideration similar properties that have sold in the area, current market conditions, any recent work or renovations, and the quality of your neighborhood.
2. Not Enough Exposure
The reason your home isn’t selling could be because no one’s aware that it is on the market. Analyze your marketing tactics and make sure that you’re doing all you can to get your home in front of the right eyes.
Placing a “For Sale” sign in front of your home will only get you so much exposure. Make sure your home is listed on local online listings and spread the word on social media.
Don’t forget physical ads, either — print out flyers and distribute them throughout your neighborhood.
[Related: The Complete Guide to Moving to Seattle]
3. Your House Needs Work
Even in the hottest markets, a home that obviously needs repair is going to have trouble selling.
Curb appeal is the term for how your home looks on the exterior, as seen from people on the outside. How’s your curb appeal? Do you see any peeling paint, old shutters, or a messy carport or garage? Is your yard overgrown and messy?
Clean up the exterior and do any repairs to upgrade your home’s curb appeal. Once your cosmetic appearance is upgraded, your home might attract more buyers, especially if they don’t anticipate having to do numerous repairs and fixes once they purchase it.
4. Ad Photos Are Subpar
Now that your home has great curb appeal and looks ready to sell, you should make sure your listing photos reflect that.
Place yourself in the shoes of the buyer — what types of photos would you be looking for when house-hunting? People are looking for attractive photos that realistically represent the space and show off all the rooms and amenities.
If you just can’t seem to get any great photos of your home, consider hiring a photographer.
[Related: Guide to Real Estate Contingencies]
5. The Property Is Too Unique
Sometimes a property won’t sell in a certain area because it’s too unique. If your home is extremely high-end or has any architectural quirks, a bright paint job, or other unusual add-ons, these characteristics could set it apart from the crowd and make it harder to sell.
Find a way to lean into these eccentricities and cast a positive light on these features, and do the work to put your home in front of the right eyes. This might mean advertising on specialty real estate sites or social media groups in addition to normal local listings.
[Related: How to Buy Off-Market Homes]
6. Staging Is Bad
During an open house or potential buyer appointments, or even in your ad photos on the property listing, you need to make sure your staging is attractive.
A survey by HomeLight shows that 67% of top agents agree that staged homes will sell for at least 1% to 5% more than vacant homes. Empty homes, although clean, can make it difficult for the potential buyer to truly envision the potential of the space, and cluttered and lived-in homes can do the same.
Get rid of the old appliances and tacky vintage furniture, and keep your home decluttered with minimal decor so that people can truly envision themselves in the space.
7. Your Agent Isn’t Doing Their Job
Sometimes the reason your home isn’t selling has nothing to do with you or even the house.
If you have a real estate agent that is committed to helping you sell, they should be making sure that your property is following all of these aforementioned guidelines. When this isn’t the case, you need to look into getting a different, more experienced agent.
A quality real estate agent should help you settle on an accurate listing price, increase your curb appeal, and take charge of print and digital marketing for your home.
Seattle Mortgage Planners Is Your #1 Resource
If you’re looking for more information on the home-buying and selling process, Seattle Mortgage Planners is your go-to resource. Our experienced team of real estate experts is ready to work with you on everything from loan options and refinancing to the best times to buy and sell your home, so schedule a consultation today and let’s get started!