Why Is My House Not Selling In 2023?
March 11, 2021
In the span of one year, the housing market has undergone a dramatic shift. Where seller’s markets were once rampant, rising mortgage rates and inflation have caused these markets to cool off substantially. Sellers are losing leverage when it comes to negotiating real estate contracts and buyers aren’t as interested in purchasing property as they once were.
Home sellers may find that their properties aren’t selling as fast as they used to. Some may even find that their properties are sitting on the market for months at a time in 2023. In order to successfully navigate this new real estate market, sellers have to adjust their strategies. If your house isn’t selling in 2023, here are some possible reasons why.
7 Likely Reasons Your Home Isn’t Selling
1. Priced Too High or Too Low
Pricing your home correctly is a huge part of selling in any market. In a seller’s market, it may be easy to get away with overpricing your home due to demand but sometimes overpricing can be what stalls the sale. If your house is priced significantly higher than similar ones in the neighborhood, buyers are likely to avoid it in favor of others. This is why a listing agent will use real estate comparables as a way to find an appropriate asking price for houses being sold.
Conversely, if your house is priced too low, people might assume that there’s something wrong with it. Ultimately you want to make sure you are profiting from the sale of your home. Pricing a home is a balancing act and a lot of the time it takes real estate experts to find the right listing price for a house.
2. Poorly Taken Listing Photos
In 2021, The National Association of Realtors (NAR) reported that 95% of buyers use the internet in their search for a home and 41% of buyers used the internet to start their home search. The digital world has made photography a huge part of marketing real estate. It’s the first thing prospective buyers see when they search for houses and it is the main way buyers will decide if they want to see a property in person or not.
Poorly taken pictures of a property not only repel any prospective buyers, but they will also reflect badly on the homeowners. Getting professional photography or learning how to take high-quality photos yourself are great ways to make sure your house stands out online.
3. Needs Better Staging
During open houses or tours, buyers want to imagine themselves living in the space. They also are looking for any issues with the house that could cause them to reconsider their decision. If a house is cluttered, dirty, or otherwise unappealing it’s unlikely that people will stay long let alone buy it.
Properly staging a house showcases the best features of the house. A buyer that can easily envision themselves living in the house is much more likely to make an offer on it. A house that can easily become a dream home for potential buyers is more likely to get multiple offers
4. Bad Marketing
Improving the photos of the house is necessary, but it is only one part of real estate marketing. The listing description, social media posts, virtual tours, and posting on major real estate outlets are all common ways to get the word out about your house. In order to find the right buyer, you have to first reach them.
This is why it’s important to work with a real estate agent who has the experience and the resources to give the listings as much exposure as possible. Take the time to evaluate your current marketing strategies and ask yourself if you have done all that you can to sell your house.
5. House Needs To Be Repaired
The last thing any buyer wants is a house with problems. Many home buyers opt for inspections to check for any hidden issues in the house that could cause them financial hardship down the road. A house with visible problems or that looks problematic will turn many buyers away from making an offer.
If your home is not selling, it’s possible that repairs and upgrades will make it more attractive to buyers. However, paying for repairs can be expensive so it’s important to consult with an expert to ensure that the ROI of the repairs is worth it.
6. Makes a Bad First Impression
Humans make snap judgments within seconds and buyers will do the same when it comes to properties. If a house does not make a good first impression, buyers may immediately move on to the next one or they will come into the property biased with a negative opinion.
Having an inviting curb appeal or your home’s exterior is one of the ways your house can make a strong first impression. The exterior is the first thing a potential buyer sees in person. Along with curb appeal, your digital presence will be the first impression for buyers who are searching for a home online.
7. Need a Great Real Estate Agent
Becoming a real estate agent has a low bar for entry which means that many agents are not good at what they do. There are a lot of real estate agents that don’t care about their clients and don’t have a good strategy for selling a house. If you are having trouble selling your house, your agent could be the reason why.
The search for a great real estate agent can be overwhelming, but it’s worth the effort to ensure that your house is in good hands. Take the time to research agents and go with the one that best fits your needs.
If you want a streamlined way to find a great real estate agent, then work with a Negotiator. The Negotiators is a real estate agent organization that is comprised of some of the top real estate agents in the US.
These agents have all proven their ability to go above and beyond for their clients and have a wealth of experience in the housing market. Working with a Negotiator is one of the smartest decisions you can make and you can find one near you here!
Why is My House Not Selling in a Hot Market?
In a seller’s market, you should be able to sell your house without much effort. Unfortunately, even in a favorable environment for sellers, there can be high competition and it is not always easy for a property to shine amongst other desirable homes on the market.
If your home hasn’t sold yet despite the robust market conditions then it’s time to take another look at how you’re marketing and pricing it. There are ways to make your house stand out even in the most saturated of markets and focus on its best features to attract buyers. These seven tips should improve your chances of selling your house quickly and if you need more help, you can always consult with a real estate expert.