My Home Didn’t Sell! Now What?

When it comes to selling a home, every homeowner envisions a profitable, swift, and hassle-free transaction.

However, the reality is often more complex, especially for those receiving misguided advice or attempting to sell on their own. In such cases, sellers may find themselves stuck with an unsold property. If you’re facing this situation, here are the top five reasons a home may not sell, along with practical steps to address each issue.

Top 5 Reasons a Home Might Not Sell

1. BAD TIMING

If your home didn’t sell after several months on the market, timing could be a factor. Markets are driven by the law of supply and demand, and real estate is no exception.

Supply vs. Demand

When there are more qualified buyers (demand) but a shortage of inventory (supply), it’s considered a seller’s market. During a seller’s market, listings tend to sell quickly - often with multiple offers.
In a buyer’s market, however, there are more homes for sale than active, qualified buyers. This can cause homes to sell for less and to sit on the market longer before receiving an offer.

What causes the shift between a seller’s market and a buyer’s market?

Economic factors like interest rates, affordability, domestic growth, and the unemployment rate can all impact buyer demand. Over the past year, for example, higher mortgage rates have made it more difficult for borrowers to qualify for a home loan. (1) So if a buyer was interested in your home, they may have passed due to an inability to qualify for a mortgage - at your asking price.

Seasonal factors, like weather, holidays, and school schedules, can also increase or dampen the activity of buyers.

Now What?

If timing was a factor, it may be advisable to delay relisting your property. Of course, that’s not always feasible (or desirable) for every seller.

In some cases, buyers can be motivated to act with a combination of improvements, incentives, and pricing. Where there’s a will to sell, there’s usually a way.

If you suspect timing did play a role in your inability to sell, consult with a knowledgeable local real estate agent. I’m in the field every day and have access to relevant market data. I can help you establish a competitive asking price, and a realistic timeline for receiving an offer.

2. INEFFECTIVE MARKETING

Did you have a steady stream of showings?
If not, you may need to try a new promotional strategy. Take a look at the listing description. Did it entice buyers to visit your property? A well-written description should be clear and compelling while highlighting your home’s most desirable features. Additionally, it should have utilized best practices for search engine optimization (SEO) to ensure that it was found by buyers who were looking for homes online.

How well did the listing photos showcase your property?
Many buyers use online photos to decide whether or not to visit it in-person. In fact, 85% of buyers who browse online find photos “very useful” in their home search. (2) Poor quality or a low number of listing photos could have kept potential buyers from stepping through your door.

Another factor to consider is whether your listing reached the right audience. This can be especially important if you have a unique or highly-customized home. The Multiple Listing Service is a great place to start, but some properties require a more robust marketing approach.

Now What?

If you suspect ineffective marketing, consider turning to a skilled local professional with a proven approach. I employ a strategic Property Marketing Plan that uses the latest technologies to seed the marketplace, optimize for search engine placement, and position your listing for the best possible impression.

For example, I know what buyers in the Dallas/Fort Worth and Denton County market want and I use that knowledge to craft a persuasive description to pique their interest. I also work with the top local photographers to ensure each photo is staged to your home’s advantage.

I also know how to get your listing in front of the right audience—one that will appreciate the unique features of your home. By utilizing online and social marketing platforms to connect with consumers and offline channels to connect with local real estate agents, your property will have maximum exposure.

Want to learn more about my multi-step marketing strategy?

Reach out for a copy of my complete Property Marketing Plan.

3. POOR IMPRESSION

If your property received steady traffic but no offers, you may need to examine the impression your home made on the buyers.

Start with your home’s structure and systems. Are there large cracks in the foundation? How about doors and windows that don’t properly close or make noise? Are there water stains on the walls or ceiling that could signal a leak? These are major “red flags” that scare away buyers.

Next, examine the curb appeal. Does the yard need mowing or do the hedges need trimming? Are there oil stains on the driveway? Any peeling paint or rotted siding? If your home’s exterior looks neglected, buyers may assume the entire house has been poorly maintained.

Now move to the interior of your home. Is it clean? Is there a noticeable odor? Have you taken the time to depersonalize and minimize decor in each room? Buyers need to be able to picture their items in your home, but that’s difficult to do among your family photos and personal collections. Additionally, over-sized furniture and packed closets can make a space seem small and cramped.

Now What?

When I take on a new listing, I will walk through with the homeowner and point out any repairs, updates, or minimizing that should be done to maximize potential. I also share tips on how to prep the property before each showing.

In some cases, I will recommend that you utilize professional home-staging. Home staging is one of the hottest trends in real estate—because it works! According to the Real Estate Staging Association, professionally-staged homes sell, on average, 9 days faster and for $40,000 over list price. (3) In addition, the National Association of Realtors® suggests that staging can help push up your final sale price by as much as 20%. (4)

Some sellers choose to hire a professional homestager, while others opt to do it themselves with guidance from their agent. I can help you determine the appropriate budget and effort required to get your home sold.

4. PRICED TOO HIGH

Many homeowners are reluctant to drop their listing price. But the reality is, buyers rarely give consideration to an overpriced property.

Attitudes have changed since the Federal Reserve started hiking interest rates. Most buyers today are no longer willing or able to pay the same highs price they might have when borrowing costs were lower. (5)

Pricing a home can be tricky due to the many factors that impact value and how much buyers are willing to pay. For example, unique homes, highly customized homes, and luxury homes are particularly difficult to price due to the availability of comparable properties.

Regardless, if your home sat on the market for months - without an offer - chances are the asking price was to high and should be re-evaluated with the assistance of a market professional.

Now What?

If you are in a position to postpone the selling process, adjustments to timing and marketing may bring in a new pool of potential buyers. Waiting will give you the opportunity to complete any necessary repairs, upgrades, and staging to increase the perceived value of your home - that may be enough to bring a buyer to the table at your original list price.

However, if you need to sell quickly, or those options have already exhausted, a price reduction may be necessary to get the attention your home needs to sell.

I’m a local market expert in the Dallas/Fort Worth area, I specialize in Argyle, Northlake, Justin, Roanoke, Southlake and surrounding areas in North Texas. I can help you determine a realistic asking price for your home given today’s market conditions.

Just reach out for a free home value assessment!

5. YOU HIRED THE WRONG AGENT (OR WORSE, NO AGENT AT ALL)

If you suspect that your previous real estate agent didn’t do enough—or used the wrong approach to sell your home, you’re not alone.
While most agents have the best intentions, not all of them have the skills, experience, instincts, or local market expertise to devise a winning strategy in this challenging market.

And, while selling your home independently may seem appealing it can be extremely risky - and in the end cost you more. For example, research suggests that For Sale By Owner (FSBO) homes tend to sell for less than homes represented by a professional. In 2021, for example, the average FSBO home sold for $105,000 less than the average home sold with the assistance of a local real estate professional. (6)

Now What?

If either of those scenarios sounds familiar, ask yourself: “Would I still be interested in selling my home for the right offer?”

If so, let’s talk. It’s time for a new agent, new marketing, new buyers, and most of all… new possibilities.
I can help you figure out why your home didn’t sell and how to revise your sales strategy to set you up for success.

The housing market has experienced a big shift. But there is still plenty of opportunity: You just need the right guide.

My multi-step Property Marketing Plan will achieve your goal of selling your home for the most money possible, and reconnect you with the excitement you originally felt about about making a move.

READY TO MAKE A MOVE?

Contact me today at 817-808-8582!

Sources:

1. New York Times
2. National Association of Realtors®
3. Real Estate Staging Association
4. National Association of Realtors®
5. Marketplace
6. National Association of Realtors®

This article is not intended as a solicitation for properties currently in an exclusive agreement with another Broker. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.