First published: 12 September 2022 @ 6:00 pm
The housing market is on fire. For many people who are stuck in selling their house, the realization that there is no buyer for their house is heartbreaking.
And, as a realtor, I get it.
But if you really want to understand why your house is sitting on the market for so long, you need to know about probable reasons buyers aren’t buying your house.
These are the things that are causing the lack of buyer interest in your house and keeping you from getting more money for your home than you already have in your pocket:
1. It’s Overpriced
Housing affordability is the number one reason people aren’t buying houses. You simply price them out of the market.
If you price it out of the market, it is unlikely that anyone will buy your house.
If you can get a reasonable price for your house, it is still likely that someone will buy it if they see it in their neighborhood.
But the house will not sell if the buyer doesn’t have enough money to make an offer on your house.
2. The Exterior Looks Bad
It’s a conventional wisdom: if you want to sell something, make sure it looks good.
In reality, there are a lot of things that you can do to make your house look better.
However, if the condition of your house is not great and the curb appeal is lacking, then buyers are going to see that right away.
A curb appeal problem usually means that your home’s landscaping isn’t attractive or well-maintained. You could also have a garage door that looks dirty, or that is broken.
These things are a dead giveaway why someone wouldn’t want to buy your house.
If you have these things wrong with your home, then you need to address them before trying again.
3. You Need To Do A Better Job Marketing Your House
Craft a customer profile. What are your goals? Are you looking to sell your house in the next few months?
Next year? Or is it a long-term investment that you’re hoping to hold on to for years?
That will determine how much time and effort you put into marketing your house.
If you’re looking to sell in the next month, then you’ll probably be less involved in marketing than if you’re looking to sell for a year or more.
If it’s going to take a long time for your house to sell, then make sure that there are enough buyers who want it.
Make sure that the price competes with other houses in the housing market. Make sure that there are no problems with the house or neighborhood.
Then make sure that you get people in the door and get them interested enough in buying your house so they won’t move on to another one right away.
That will give them more time to decide if they want your house.
4. It’s Too Far From Any Home Amenities
Any financial planner will tell you this: if the location is not convenient, then you will have a harder time selling your house.
Location is a big deal in this housing market. And it’s a huge reason buyers aren’t buying your house.
Buyers want to get to the location quickly and easily.
And they want the home amenities they are used to, whether that is walking distance to a grocery store, or in proximity to work, or school, or shopping.
They don’t want to travel a long way, or drive for hours every day just so they can go buy groceries for their family at the local supermarket.
And the less time they take to get there, the more likely they are going to buy your house instead of going through all of that hassle themselves.
5. You Have Too Many Issues With Your House
We know maintenance cost is high, and you probably can’t afford to fix your house right now.
However, if you’ve got a lot of issues with your house, like mold, termites, etc., that will definitely keep buyers away.
So if you need to make repairs, put those listings on hold until you’re ready to sell.
And it’s not just because buyers will probably pass on your house because of the issue with the house. You’ll be able to sell it for more money when it’s in good condition.
You need to make your house as good as possible so you can make it through housing market.
6. It’s In A Bad Neighborhood
Even if you price your house below the average cost, if it’s in a poor neighborhood, buyers will pass it up.
Your house is sitting on the market because it’s in a terrible neighborhood.
If you are an experienced seller, you know that if your house is in a dangerous neighborhood, price your house as low as possible.
But even if you don’t know this information, your house is sitting on the market because of its location. And the buyer who will buy your house knows this.
Not all neighborhoods are equal in what type of buyer they attract.
And the buyers who live in friendly neighborhoods have better things to do than to buy a home in a poor neighborhood like yours.
7. You Don’t List It Right
If you sell a house online, you have a couple of options in listing your house.
Most people use an online portal to list their house, because that is the easiest way to sell a house quickly and with as little hassle as possible.
And if you are in the middle of selling your house, then listing on an online portal is a great option for you.
But when people list their houses on portals, they usually do so without having the proper training or experience to do so properly.
Choose the right portal for your house, the right property for your listing, and the right agent to list it with.
Getting Through the Housing Market is Difficult
We know that selling a house is difficult. And even though there are people who can help you do it, you will have to do the work on your own.
Therefore, it is very important that you will choose the right real estate agent and make sure that he or she is going to do a good job for you.
Don’t forget that there are different agents out there and some of them may not be as qualified as others.
Our blog, HandyWork, has a lot of articles that can help you learn how to get more money for your house than what you have already paid for it.
We have many articles that will help you make sure that your house gets the attention it needs so that it gets sold in the quickest time possible.