It’s a common experience: you list your home but get no purchase offers or house showings. This situation can feel like an impossible puzzle. The best thing to do is to try and isolate the reasons why your home isn’t selling.
Is it your listing? Your home? Your Realtor?
Today, we discuss five common reasons why your home hasn’t sold, plus ways to increase your chance of making a sale.
1. Time Your Sale
Selling your home is a waiting game. Unfortunately, the real estate market is cyclical, and its fluctuations can prolong your timeline to sale. Waiting for the market to shift can improve the likelihood of selling your home. A proven tactic is listing your home during an ideal selling season.
According to the Canadian Real Estate Association (CREA), the highest number of homes are sold in Spring. Winter and late Summer see a slump in housing sales. Perhaps it’s the spring thaw, but people emerge from winter ready to buy. Houses show better in springtime, and buyers express fresh enthusiasm for open houses.
Taking a seasonal approach to listing your home will boost your exposure with buyers, increase the number of offers you receive, and drive competition to get you a better price on your home.
2. Refresh Your Property Listing
The saleability of your home hinges on your property listing.
People shop with their eyes and their emotions, so a great first impression is key to making a sale. Sprucing up your marketing materials is a surefire way to increase the interest in your listing.
Marketing your property is a core responsibility of your Realtor, so reach out to them about tweaking the listing. Here are a few features that every successful listing should have:
- A powerful property description that speaks to people’s emotions
- A captivating headline that snaps shoppers to attention
- High-quality photos that illustrate the best features of your home
To gather feedback about your home listing, ask interested buyers who didn’t purchase why they chose not to buy. This will help you refine your marketing messaging, images, and speak to what buyers really want.
3. Change Your Real Estate Agent
Sometimes the difficulty of selling your home isn’t about your home.
Like in any industry, some real estate agents are more effective than others. If your home has been stagnating on the market, consider hiring a more experienced Realtor with a better track record.
Switching real estate agents is common. Your chosen listing agent may be a bad fit for you, inexperienced with your property, or failing to market your home properly.
There is a wide range of skills to an effective listing agent. If you feel like your Realtor isn’t working hard enough or is deficient, don’t be afraid to find someone better.
4. Make Improvements to the Property
Homes that fail to sell usually don’t stack up well against the competition. Think about it this way: if 80% of the homes on the market aren’t selling, your home needs to be in the top 20% to receive a purchase offer.
Making improvements to your home is a way to increase its appeal with buyers. To determine which upgrades will have the greatest impact, compare your home to listings for similar homes sold in your neighbourhood.
Where does your property come up short?
If your home’s carpeting is faded while others have fresh carpet or wood floors, you can bet that a flooring upgrade will help you get more offers. Assess your property with an honest eye for features, then make updates that will boost the curb appeal with buyers.
5. Try the Smarter Way to Buy and Sell
With Properly, you can buy when you find the home you love, then settle into your new home while our experts get you the best price on the market for your old one. Here’s how it works:
Buy using your current home’s equity
Properly’s Sale Assurance allows you to access your equity and secure financing when you need it, so you never miss a chance at the right home.
Move on your terms
With our Sale Assurance commitment, you can buy and sell on your timeline – there’s no financial pressure to line up dates.
Sell from the comfort of your new home
While you settle into your new place, Properly will prep, list, and show your old home to get you the best price on the market. Visit properly.ca to learn more, and enjoy a risk-free – and stress-free – next move.