Reasons Your Home Might Not Be Selling

Here are reasons why your home isn’t selling and what to do about it.

In today's market, many homeowners are puzzled about why their homes aren't selling, especially in what is considered a seller's market. That’s why today, I’m going over the three most common reasons why homes don’t sell and how you can address them:

1. Pricing. The top reason your home might not be selling is its price. High interest rates have made affordability a significant challenge for many buyers. Most buyers rely on loans, and their decision is heavily influenced by the monthly payment rather than the home's total price. For homes over $2 million, about 45% of buyers use cash, but for homes under $2 million, around 75-95% depend on loans. I recently helped a client whose previous monthly mortgage payment was $2,800, but the new buyer's payment was over $6,000. This drastic difference highlights the affordability issue. To address this, consider pricing strategies like setting your price just below a significant number or offering interest rate buydowns to attract more buyers.

2. Accessibility and condition. Another crucial factor is how accessible and presentable your home is. If your home isn't available for showings during key hours, or if its condition isn't appealing compared to other homes in the market, it can significantly affect its sale prospects. For example, I had clients who worked night shifts or from home, which restricted showing times. Ensuring your home is available for viewings during peak times and is in excellent condition can make a big difference.

                                    "Offering a competitive rate boosts your home's appeal."

3. Marketing Strategy. Simply listing your home on the market isn't enough. Your property needs to appeal on all major real estate platforms like MLS, Zillow, Redfin, and others. Check if your listings are being viewed and clicked on. If your home has unique features, tailor your marketing to target specific buyers. For example, I sold a home with a large detached garage that attracted car enthusiasts and welders. Highlighting such unique features can attract buyers willing to pay a premium. 

If you're curious about your home's value in today's market and want a complimentary analysis, please call or email us. We're here to help you make an informed decision about selling your home.