Top 3 Reasons why your home isn’t selling
Most real estate agents have probably been asked the question “why isn’t my home selling?” The answer in some circumstances may not be abundantly clear. In other cases, there is no doubt why the house isn’t selling.
As a home seller, the thing you dread most is being unable to sell your home. What if you put it up on the market, do all that hard work, and no one is interested? Dwelling on such thoughts can be upsetting, to say the least.
But fortunately, your worries are probably somewhat unfounded. Most homes do sell; it just takes time in some cases. There may be some changes, however, you can make to improve your odds of selling more quickly and for a better price.
Below you will find the most common reasons why your house isn’t selling. Head the advice and make some changes! By doing so, you’ll dramatically increase the odds of sitting at a closing table shortly.
1. Your Photos Don’t Do Your Home Justice
Beautiful photos will allow you to put your best foot forward in the first interaction buyers have with your home, which is online.
Most buyers will pass on your home and not read a single word of the listing description if the photography is poorly done. There are a few things that many real estate agents do that are huge home selling mistakes when it comes to photography.
Here are some of the more common ones:
- Not having enough photos – most multiple listing services in South Africa along with the popular real estate websites like Property24, Private Property and My Roof allow you to have a lot of photos!
- Not having quality photography – it goes without saying your photography should be clear and vivid.
- Not shooting specific rooms in the home – the whole point of showing off a home online is to make clear to a buyer exactly what you are selling.
- Not showing off the highlights enough – for example, the kitchen in many homes is the most important room. So many agents don’t give buyers enough shots.
- Taking pictures of furniture and not rooms – many agents don’t have the skill to take exceptional photos.
- Taking pictures that make the home look better than it is. On the opposite end of the spectrum is taking pictures with a wide angle lens that makes the rooms look double their size. This sets the buyers looking in person up for disappointment!
The thing is many home sellers sign the listing mandate with their estate agent then never check up on them to see what exactly they are doing. This is a huge mistake! Working as a real estate agent for the last 10 years, some of the marketing I see is absolutely atrocious. Apparently many sellers do not check up on their agent, or they would be fired!
Photography is one of the most important aspects of real estate marketing. If your agent missed the boat here, you are suffering from it. – Morne Prinsloo (RE/MAX MASTERS)
2. Your Price is Too High
Pricing a house too high is the #1 reason why most homes don’t sell. So when sellers ask “why isn’t my house selling?” this is almost always at the route of the cause. A price that is too high is guaranteed to push away buyers.
Pricing a home is an art and a science, and the ability to price a home well from the start is a valued skill among Real Estate Agents in South Africa. One of the main reasons you hire a respected agent is because he or she can price your home right at the beginning, avoiding the stress and frustration that comes from pricing too high and having your home sit on the market for months.
Your home is only worth as much as someone will pay for it. It doesn’t matter how much you purchased it for, how much you spent on renovations or how much you love it. If people are not offering to buy it, then you probably priced it too high. There are many myths about pricing a house that should be avoided at all costs. Many of these myths cause homes not to sell.
Luckily, getting new interest in your home usually only takes a noticeable price reduction. If you are brave enough to cut the price by 5% or more, you will probably draw in new buyers. And you may not have to sell for that reduced price, either. You can always negotiate, and maybe even be fortunate enough to attract a few buyers at the same time. Having multiple buyers at the same time could start a bidding war.
3. You Hired a Weak Real Estate Agent
I am not saying your agent should be off lifting weights in their spare time – in fact far from it. What so many consumers do not realize is just like every other industry there are those who excel at their craft and others that do not.
Hiring the wrong real estate agent is a common reason why homes fail to sell.
Unfortunately, it is very easy to break into the South African real estate industry. Real Estate agents are a dime a dozen. In fact, most people know multiple agents. How many doctors do you know? Probably not nearly as many unless you are riddled with health problems.
The point is it takes a lot of hard work to be at the top of your game. If you hire just anybody to sell your home, you’re more than likely going to get mediocre results.
Here is a fact that will come as a major shock point – 94% of all real estate transactions are done by 6% of all licensed agents. There are a lot of real estate agents out there running around with next to NO business.
There is no 80/20 rule in real estate. It is no wonder why so many sellers make bad agent choices! If more sellers paid attention to who they were hiring they would be far less home sale failure.
If you don’t want to be asking yourself why your house hasn’t sold then understand how to pick a Realtor to sell your home. You will get great advice from the start.
The reason your house has not sold is probably easy to fix if you are willing to listen to all of these home selling tips. Take the advice to heart and you’ll likely find a big smile on your face. Selling a home doesn’t have to be difficult when you follow some sensible advice.
Thinking of buying or selling a home? I have a passion for Real Estate and love to share my expertise!