There can be many reasons why a property fails to sell, but the most common reason is usually due to pricing. If a property is priced too high, it will likely sit on the market for a long time without any offers.
On the other hand, if a property is priced too low, it may sell quickly but for far less than what the owner was hoping to get. The key is to find that perfect balance between pricing and demand in order to ensure a quick and profitable sale.
While pricing might be the most common reason a property fails to sell, it certainly isn’t the only one. Let’s explore some of these reasons and talk about how you can avoid potential pitfalls along the way.
Unreasonable Asking Price
It’s no secret that setting the right asking price is crucial to selling your home. If you price your home too high, it’s unlikely that you’ll get many offers. And if you price it too low, you may end up leaving money on the table. So how can you determine the right asking price?
The best way to find out what your home is worth is to compare it to similar homes that have recently sold in your area. You can search for recent sales online or ask a real estate agent for help. Once you’ve determined what similar homes are selling for, you can set a realistic asking price for your own property.
If your property has been on the market for a while without any offers, it’s probably because you’re asking more than what it’s worth. In this case, you’ll need to lower your price in order to attract buyers.
While pricing is important, it’s not the only factor that can affect whether your home sells. If you’re having trouble getting offers, it could be due to any number of other issues, such as poor marketing, an unappealing property, or a challenging location.
However, if you’re confident that you’ve price your home correctly and there are no other obvious problems, then the most likely reason it’s not selling is simply that buyers aren’t interested in the asking price.
Overcoming This Challenge
The best thing to do is lower the price to a more reasonable level. This will make your property more attractive to buyers and increase the likelihood of getting an offer.
If you’re not sure how much to lower your price, start with a small reduction and see if it helps generate interest from buyers. If not, you can always lower the price again. The important thing is to be flexible and willing to negotiate in order to get your home sold.
Major Structural Issues
One of the most common reasons why a property fails to sell—aside from pricing—is due to major structural issues. If there are cracks in the foundation, the roof is caving in, or there are other serious problems with the property, potential buyers will likely be deterred. It may even be impossible to sell the property until these issues are resolved.
If you’re selling a property that has any kind of major structural issue that isn’t readily apparent, it’s important to be upfront about it. Potential buyers need to know what they’re getting into and if they’ll need to make any repairs before moving in. Otherwise, you could end up facing legal trouble further down the road.
Overcoming This Challenge
If you’re selling a property with major structural issues, the best thing you can do is be upfront about it. Be sure to disclose any and all information about the issue to potential buyers. If possible, you should also provide quotes from contractors for the necessary repairs.
In some cases, you may be able to negotiate with the buyer to include the cost of repairs in the purchase price. However, this will likely only be possible if the property is priced significantly below market value.
It’s also worth noting that some buyers may be willing to purchase a property “as is” if they’re planning to renovate or tear it down. If you think this may be the case, be sure to market the property accordingly.
Bad Location
Another common reason why a property doesn’t sell is because of its location. If the property is located in an area that is known for crime, or if it’s in an undesirable neighborhood, it can be difficult to find buyers.
But even then, it can be tough to find buyers willing to take a chance on a property in a less-than-ideal location. If you’re having trouble selling your property, it might be worth considering whether the location is really the issue or if there are other factors at play.
Overcoming This Challenge
If you’re having trouble selling a property due to its location, you’re not without options. First, you can try to offset the bad location by pricing the property lower than similar homes in better areas.
You can also try to improve the property’s curb appeal. An improved curb appeal won’t make the property’s location any better, but it can help it to stand out from other homes in the area.
Finally, you can try to market the property to buyers who are looking for a fixer-upper. These buyers may be willing to overlook the property’s location if they think they can get a good deal.
Bad Photos and Poor Marketing
If your photos of the property are poor quality or your marketing is unprofessional, buyers won’t want to spend much time on your listing. They’ll likely assume that the inside is just as bad as the outside and move on to another property that has a more professional listing.
It’s understandable if you don’t have experience with photography or marketing. In such instances, it’s best to hire a professional. If you don’t have the budget for a professional photographer, you can often get great results by using natural light.
The same applies to marketing. If you don’t have any experience, consider hiring a marketing company to handle the heavy lifting for you. While it’ll cost you a few hundred dollars, it’ll be worth it if it results in a quicker sale.
Overcoming This Challenge
If you’re selling your property yourself, make sure to spend some time on taking good quality photos and writing an enticing description. If you do have the budget, hire a professional photographer anyway and let them take photos of the property.
But if you are working with a real estate agent, make sure to ask about their marketing strategy and how they plan to market your property. A good agent will have a solid marketing plan that will help get your property in front of as many potential buyers as possible.
Communication Issues
Even if you’ve done everything right up to this point, you’ll still likely have a few prospective buyers with concerns about the property. The quicker and more transparently you address those issues, the more likely it is that the buyer will make an offer on the property.
If you’ve received a few offers, but none of them have been acceptable, it could be due to poor communication. If you’re dealing with an overzealous agent or multiple prospective buyers at once, it can be easy to let communication fall by the wayside.
Overcoming This Challenge
The best way to overcome this challenge is to be as responsive as possible. If you’re working with a real estate agent, make sure that they are responsive to your questions and concerns. If you’re selling the property yourself, make sure to respond to all inquiries in a timely manner.
You can also use tools like a CRM system to help you keep track of all communication. This will go a long way in helping you avoid any communication issues that could arise.
Conclusion
The most common reason a property doesn’t sell is poor pricing. Many homeowners believe their home is worth more than it actually is, which leads them to price their home too high. This will prevent buyers from even considering the property, as they will feel that it is out of their budget.
In order to ensure your property sells, it is important to work with a real estate agent who can provide you with a comparative market analysis. This will help you to understand what similar properties in your area are selling for and price your home accordingly.
Understandably, you might prefer to bypass all of this and simply try to sell your home on your own, especially if you’re in a hurry to sell. That’s where Bigger Equity comes in.
We are a direct home buyer that can make you a real cash offer for your property, as-is. This means that you don’t have to worry about making any repairs or renovations, as we will take care of all of that for you.
If you’re interested in learning more about how we can help you sell your home fast, give us a call today. We would love to answer any questions you have and give you a no-obligation quote, absolutely free.