Why Isn't Your House Selling?

You've decided to sell your house. Maybe you're downsizing, buying a bigger house, or moving to another area. Regardless of why you're selling your home, most sellers want to sell quickly, at the highest price, with the least hassle.

Many variables can affect how quickly your home sells, but as of March 2023, it took an average of 54 days to sell a home, according to Rocket Mortgage. Many factors – the state of the housing market, the home's age, and condition, the neighborhood, etc. – can affect how much your home will sell for, but in the second quarter of 2023, the median house price in the U.S. was $416,100, according to Rocket Homes.

But what if your house has been on the market for a while and isn't selling? As mortgage rates continue to rise and experts predict we may be moving toward a buyers' market, you may be tempted to assume the state of the housing market is the primary reason your home isn't selling.

However, you may be surprised to know that "the typical home spent 50 days on the market this October, which is one day shorter than the same time last year and more than two weeks (16 days) less on the market this past month than they did in the average October from 2017 to 2019," according to the National Association of REALTORS® (NAR).

The bottom line is that the state of the housing market (which you have no control over) can affect how quickly your house sells, but there are other reasons it may not be selling that you can control.

3 Likely Reasons Your Home Isn't Selling

1. The home is priced too high.
   Pricing your home is one of the most crucial factors when selling a home, which is where an experienced real estate professional can make all the difference. Every seller wants to get as much as possible for their home, but If you price your home too high, potential buyers may completely overlook your home.
   
   Also, remember the appraisal value directly affects the amount of the mortgage a buyer will be able to procure. If your home is appraised below the asking price, they may not be able to get the mortgage they need to buy the house.
   
   Realtors remove the emotional element of selling a home. They will look at how much comparable properties have recently been sold for, what local buyers are looking for in a home, the condition of your home and any updates, and the current housing market, and help you determine an appropriate price point.
   
   
2. There is limited access to your home.
   You can post the best photos and descriptions in your online listing, but most people want to see a house in person before buying it. They want to see for themselves if the kitchen is as functional as the description says it is or if the house is as well-maintained as it looks in the photos. If you limit access to your home, you will eliminate many potential buyers. Potential buyers from out of town are often the most motivated but have limited time to look at houses. Therefore, you need to make your home accessible to potential buyers as much as possible.
   
   
3. You didn't prepare your home before putting it on the market.
   If you want your home to sell quickly and for the highest price, you must prepare (often called staging) your house for sale. Cleaning, decluttering, de-personalizing, and neutralizing the space can make your home more appealing and allow buyers to see themselves living in it. You may also want to consider a few minor upgrades or repairs.

According to NAR, "…staging helps sell homes three to 30 times faster than the nonstaged competition. Further, staging can help increase the sale price by up to 20% on average." If your home isn't selling, take a look around. Are you helping your home put its best foot forward to potential buyers?

We'll Help Sell Your Home Faster!

If you want to sell your home faster and for more, put a top real estate agent on your side! With 35+ years of experience and 200+ 5-star ratings, you can't do better than Pete Heim! Call him today at 610-745-3378 or 610-898-1441, or connect with him online.