5 reasons why your property is not selling

June 17, 2024 | 04:00 pm PT
5 reasons why your property is not selling
Your house may fail to sell due to these reasons. Illustration photo by Pexels
Disrepair, unreasonably high prices, and bad timing are among the reasons causing your property to lose its sheen in the eyes of potential buyers.

Selling a house, which seems straightforward, can turn into a headache if your property ends up sitting on the market for an extended period after listing.

According to real estate firm HomeLight, there are 5 common reasons behind such a predicament.

Setting exorbitant prices

Real estate expert Alex Adabashi warns that pricing a property too high can deter potential buyers, even in active markets.

"Sellers often like to list higher to leave room for negotiation, but this can also limit buyer interest," he said.

Owners should consult real estate agents or experts to price the house reasonably, which makes your property more accessible to buyers.

Deteriorating properties

A house with damage, outdated features, or lacking amenities can turn away buyers, regardless of the price.

First impressions are crucial, according to Adabashi. Enhancing the property’s appearance through strategic updates such as painting or renovations helps maintain its value and attract buyers.

Adding greenery, improving lighting, and rearranging the living room are also some quick and cost-effective solutions.

Unfavorable locations

Location plays a crucial role in determining the value and liquidity of a property.

Properties in remote areas with heavy traffic or lacking amenities are much harder to sell than well-located ones.

Even if your house is attractive, being too far from convenient transportation, schools, hospitals, or markets can be a major drawback.

Careful evaluation of a property's actual value based on location, size, and condition compared to nearby market prices is crucial.

Another way to increase the selling price is to invest in essential amenities to meet buyer needs.

Letting personal matters affect the sale

Selling a house involves emotional attachment, but personal memories and preferences can inadvertently hinder a sale.

To expedite the process, remove personal items such as souvenirs or family photos and create neutral spaces appealing to potential buyers.

Remember that your goal is to sell a home, so be prepared to compromise on your personal preferences to cater to customers.

Bad timing

Selling a house can be challenging in a sluggish or inactive market.

Choosing the right time to sell is essential for optimizing price and transaction time.

The ideal timing varies by property type; townhouses and apartments often sell best at year-end or before the back-to-school season when demand peaks, while spring and summer are favorable for land and villas.

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