There is nothing more frustrating than putting your property on the market, then watching it sit there month after month without ever receiving an offer. If you have a property that isn’t garnering a ton of interest, it might be wise to pull it off the market and to regroup with a new strategy or with a new real estate agent.
Before you make any rash decisions, it’s good to review why your home might not be selling. Some small improvements to your property, listing or strategy could lead to the offer you’ve been hoping for.
Here are some reasons why your home might not be selling.
There are certain economic factors which could dictate the speed at which your home could sell. The housing market is the biggest and it’s out of your control, for the most part anyway. The health of the market should determine when your listing goes live.
Your real estate agent should understand what is happening in the national, local and neighbourhood markets. The best advice is the most obvious advice: take advantage of a hot sellers’ market, and try to hold out if the market cools.
Staging is the act of preparing a home for a sale. It can mean new furniture, painting the exterior and interior of the home and even some cosmetic renovations. Most people hire a stager or their agent works directly with one.
Staging is key to generating offers. A lack of offers means your stager and agent might have to hit the drawing board again to make the aesthetic of your home more attractive.
Your Real Estate Agent
It’s your real estate agent’s responsibility to drum up interest in your home. When deciding on a real estate agent, ensure they understand the market and have had some successful sales in your neighbourhood.
Don’t be scared to ask your agent to provide a new strategy if your home isn’t selling. A good agent will adjust as they go and find new ways to tap into the housing market. They should also evolve their strategy if the offers you’re receiving aren’t sufficient.
Don’t despair if your listing isn’t getting the quality or quantity of offers you want. You could always pull the listing and wait a bit, or you have the option to make small changes to the property or listing to see if that will make a difference. Remember, it only takes one offer to sell a home.