The real estate market has shifted in the past few months and it might be leading to your listing sitting on the market longer than you would like. Gone are the days when listings sold super-fast. Today’s market isn’t favoring the seller as much, which is leading to homes staying on the market longer.
If you have a listing that isn’t selling, it could be for many different reasons. Let’s look at a few of the top reasons your real estate listing might not be selling.
Top 6 Reasons Why Your Real Estate Listing Isn’t Selling
1. Priced Too High
A very common reason why many home listings are staying on the market longer today is the high price. Coming off a real estate market that was supporting higher prices is making it harder for sellers to realize they cannot list their home for sale at the same price they could have last year.
Multiple offer situations and bidding wars are not as common as they were in 2021. This has led to many sellers having to discount their prices or list their homes for a lower price than they might have a year ago. If your real estate listing isn’t selling, the price might be too high.
2. Repairs Have Not Been Addressed
Buyers are not rushing to listings the way they were a year ago. Demand has fallen with the rising interest rates causing more potential buyers to pause their plans. This has also caused the buyers that are looking to be a bit pickier.
Instead of accepting that they might have to handle a repair after buying the home, they are expecting a move-in ready home. If you have a real estate listing that has a few repairs that need to be addressed, this could be why it’s not selling. Getting these things taken care of might make it easier to sell the home.
3. No Staging
Sure, there was a time when you could list a home for sale with clutter throughout and no staging done and it would sell. However, with many potential buyers taking a pause or deciding not to buy at all, you have to present your home in the best light possible.
Staging can help your home look amazing when you list it for sale. If you elected to stage the home, it could help make it a more attractive listing for buyers.
4. Poor Marketing
Any property that is listed for sale needs to be marketed properly. As a real estate agent, this is a big part of what you offer, and marketing a real estate listing can make it sell faster. Without good marketing, however, it might not sell as fast as you would like.
Maybe your marketing plan isn’t as good as you thought or you aren’t working with a broker that has a proven marketing plan. The right broker can help, but you should also know how to market any home listing you take on.
Marketing methods that work during a hot market might not work the same when the market changes. Make sure you have tried and true methods of marketing and a good real estate broker that can support your marketing efforts.
5. Not Available for Showings
Sometimes, you have plenty of interest in a property, but if you’re not available to show it or provide info to the buyers’ agent, it won’t sell. Real estate agents have to make sure they are very flexible when showing a home for sale. This can make or break the deal, as many buyers still want to see the property in person before putting in an offer, especially since the market has cooled off. Even if buyers have their own agent to show them the property, they will still have questions that need to be answered in a timely manner before making an offer.
6. Poor Listing Pictures
So many potential buyers find your listing online before they see it in person. With bad listing pictures, you might not attract much attention. It can help to have a professional take the pictures or make sure you know how to take amazing listing photos.
There are many reasons why a real estate listing might not be selling. As a real estate agent, your job is to figure out why and remedy the issue. Whether the price is too high, the curb appeal isn’t great, the listing pictures aren’t the best, or there is another reason, it’s time to think about what you can do to make that listing sell faster.