Why is my house not selling?
Are you beginning to wonder ‘why is my house not selling?’ If the market is a buyer’s market, you may be instantly on the back foot. With this in mind, here are few key considerations to help you make your home stand out amongst the competition.
Your home is overpriced
Overpricing is the most common mistake and reason why homes do not sell particularly in a flat market. If your home is overpriced, even by the smallest amount, it will be noticed by buyers and it may turn buyers away. Overpricing will also immediately put your home in competition with properties that offer better value for money. To ensure a successful sale, your goal is to compete with the houses similar to yours in the market.
Overpricing may also result in your home remaining on the market for too long. This can damage your chances of a sale as the buyers will begin to question and wonder if there are more serious reasons why it isn’t selling.
It is a buyer’s market
A buyer’s market occurs when the number of homes available for sale exceeds the number of buyers who are looking to buy. In a buyer’s market, buyers have the power in the negotiation process therefore being inflexible on terms like settlement may also be impacting your ability to sell. It is therefore vital to consider where you would be willing to be more flexible to secure a sale.
Your house lacks appeal
In a sluggish market, there are fewer buyers and excess stock. If your home lacks appeal it could hamper your ability to sell as those that are the most appealing are the ones attracting interest. Therefore you need to work on your home’s appeal. Investing a little bit of time and energy into ensuring your property is presented in the best light can go a long way in attracting a qualified buyer. If your home is not showing well, you will fail at attracting buyer interest.