Top 5 Likely Reasons Your Home Isn't Selling

1. It’s Priced Too High

No one wants to hear that they’re asking too much. Yet, 9 times out of 10 price is the culprit. Pricing your home effectively is a delicate balancing act. While the goal is to maximize your return, it’s also very important to remain competitive in the marketplace. After all, it all comes down to basic supply and demand principles. If you’re priced well-above where recent comparables suggest market equilibrium is, your likelihood of selling just decreased substantially. If the value isn’t there on some level, you’re unlikely to find a Buyer - it’s that simple. Remember: It’s not about how much you need or want out of the sale. It’s about how much someone else is willing to pay for the home.

2. It Doesn’t Show Well

Make sure your home is presentable. Nothing will send Buyer’s running like a poorly-maintained home with a foul smell. Spend the extra time decluttering (no more than 3 items per surface is a rule we like to follow). Better yet, clean until it sparkles - you’ll thank yourself for it. Homes that show well are a much easier sell.

3. It’s Difficult To Show

If Buyers can’t see the property, it’s unlikely they’re going to bring forward an offer. Plain and simple. Try to allow as many showings as possible (especially during your first few weeks on market). Real estate can be a numbers game. The more Buyers you can get through the doors, the greater your odds of finding the right one.

4. It’s Not Listed On Your Local Real Estate Board

Consider this. The majority of Buyer’s looking for a home are already working with a Buyer’s agent. To kick off the process, most agents will set their clients up on what’s called an automated search. Any new listings that come to market within their clients criteria are then automatically emailed to them. Now, to simplify things, it’s important to note that the backend systems that agents are using are localized in nature. ONLY homes that have been listed on their board will be sent out to their client. So why does this present a problem for YOU as a Seller? Well… let’s say I’m looking to buy a property in Barrie, ON. My agent is local and a member of the Barrie Real Estate Board. They have me set up on an automated search as I am looking for a 3 bedroom, detached home for under $500,000. Your property is an exact match to my criteria, however, you have it listed with an agent based out of Toronto. Your agent is a member of the Toronto real estate board and, as such, the property is listed on the Toronto Real Estate Board. Since my automated search is coming through from the Barrie board and your home is listed on the Toronto board, it will NOT appear on my automated search. I will have no idea that your home exists. We see this happen all the time. Sellers unknowingly list their home with an agent exclusively on the Toronto Real Estate Board. Several times, the listing has produced little to no traction and they decide to list with us. As members of both boards, the property then appears on both the Barrie and Toronto real estate boards. If they agree to pricing appropriately, they generally see an influx of new Buyers. We had this exact scenario play out recently and the property sold in a day. ONE DAY. After being listed on the Toronto real estate board for 59 days. Moral of the story: ALWAYS ask your real estate agent what board(s) they’re a member of and where you can expect your home to be listed.

5. It Isn’t Being Marketed Properly

In this day and age, online marketing is everything. You need to get in front of your audience and you need to have professional photos - there’s no two ways about it. If Buyer’s can’t find your home online, they likely won’t know it’s for sale. If they’re unimpressed with the photos, they certainly won’t be book a showing which means they definitely won’t be buying your home. Set yourself up for success with a solid online marketing strategy. Incorporating professional photography and exposure on MLS is in your best interest.