Why Didn't My House Sell?

The most common reason that I hear for the reason a customer's property didn't sell is PRICE. 

Many homeowners are reluctant to drop their home's listing price. But here is the truth: buyers will not seriously consider your home if they think it is overpriced.

Home buying and selling has changed since the Feds started hiking interest rates. Many of today's homebuyers are no longer willing or able to pay as high a price on a new home as they might have when borrowing costs were lower.  If your home's original asking price was set using sales comparisons from months ago, you may need to rethink your pricing strategy. Your Realtor should be regularly reviewing the prices of comparable homes in your area that have actually SOLD recently. 

Additionally, pricing a home can be tricky, regardless of the economy, because many factors can impact how much buyers are willing to pay. For example, unique, highly customized, and luxury properties are particularly difficult to price because there aren't a lot of comparable homes for them.

Regardless, if your home sat on the market for months without an offer, then chances are good your asking price needs to be adjusted.

What To Do

If you aren't in a hurry to sell, the market itself or revised marketing may bring in a new pool of potential buyers. And repairs, upgrades, and staging can increase the perceived value of your home, which may be enough to bring a buyer to the table at your original asking price.

However, if you need to sell quickly, or you've already tried that, a price reduction may be necessary to get your home the attention it needs to sell.

I recommend that you contact a local Real Estate Agent to help you determine the best list price for your property based on comparable home sales in recent weeks.

While most real estate agents have the best of intentions, not all of them have the skills, experience, instincts, or local market expertise to devise a winning sales strategy to sell your home. That's why I constantly say, "Who you hire matters!". But a Realtor is licensed and they do this for a living! Selling a home is considerably more difficult (and costly) for homeowners attempting to sell their home on their own.

Although selling your home independently can help cut some costs, it can also be extremely risky and may even lose you money in the long run. For example, research by the National Association of Realtors suggests that For Sale By Owner (or 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 an agent.

I know you love your fur baby! I love mine too! Some people are allergic to pets. Some people just down right don't like them.

And while our pet may be a constant companion and like children to us, they come with odor. Most of the time, we have become "nose blind" to these odors but newcomers showing up to your home have not.

One of the more common post-showing feedback complaints of homes is, "It smelled like a --dog-- / --cat--. 

If you're able to kennel your pet in the garage or take them with you when you leave the house, that's always a great idea! Ask a friend or family member to come visit and let you know if they smell signs of your pet in your home. 

Making that one little change can make all of the difference. Poor Fluffy!