When you sell your home, you probably imagine getting lots of offers within days and closing on the sale in a few weeks. But that doesn’t always happen. If your house has been on the market for a while, you may be wondering why your home isn’t selling.
In this Redfin article, we’ll cover 11 common reasons a home might not sell – and the steps you can take to fix them. If you’re having trouble selling your house in Tampa, FL, or your condo in Chicago, IL, here’s how to turn things around.
1. The list price is too high
Your home has the most interest when it first comes on the market. So it’s important to price your home correctly from the moment it’s listed. You may love your home and think that the list price matches the value, but if no one is interested, it’s likely you listed it too high. If you overprice your house, buyers may move on to the next listing without touring your home.
Your agent should prepare a thorough comparative market analysis (CMA) to determine the best asking price for your home, before you list it. A CMA compares the price of your home to other, similar homes in the area to determine the right price. It can be easy to think your home is worth more, but try not to let sentimental value influence your judgment.
How to fix it
It’s best to price your home correctly from the beginning. Pricing your home a little lower may increase interest and may increase your final sale price. However, if your home is already listed, you may need to lower your list price. If your home is already listed, speak with your real estate agent to determine a strategic price drop to spark renewed interest.
2. It’s a buyer’s market
Real estate markets typically swing between seller’s markets and buyer’s markets. The type of market depends on factors like the economy and local real estate conditions. A buyer’s market may not always be the best time to sell a house, since buyers tend to have more negotiation power during these…