Every year, roughly 5.6 million existing homes and 820,000 new construction homes are sold in the United States. That means hundreds of thousands of homeowners are actively trying to sell their home every single month and while many will sell fast, others will remain on the market.
In February of 2022, homes spent an average of 18 days on the market and 48 days to close – meaning it took 66 days on average to sell a house. Not only that, but homes are receiving four offers on average and roughly one in four buyers waived inspection and appraisal contingencies.
Whether it takes days, weeks, months, or years to sell a house, it’ll feel like an eternity and will test the seller’s patience from day one. The process almost never goes quick enough and there almost always seems to be several obstacles or challenges along the way – it’s inevitable.
Why Won’t My House Sell?
One of the most common obstacles sellers face is watching their home sit on the market for too long. While most people receive an offer after about three weeks and sell the home after two months, many sellers are faced with a much different outcome – one that could last a long time.
This can create a great amount of panic in any homeowner trying to sell their home, but that doesn’t mean it’s permanent and there are a variety of things you can do to help fix the problem. Of course, that might mean making some sacrifices along the way, but that should be expected.
If you’re in a position where your house has been on the market for more than three months, then you likely have one question on your mind – why won’t my house sell and what can I do about it? Don’t worry, we’ll detail the 10 most common reasons why homes aren’t selling below.
1. Doesn’t Compare to Comps
When most buyers search for a new home, they compare the home they’re interested in to similar houses listed in the area. If your home doesn’t match up to the ‘comparable homes’ in your area or the market value, then it’s going to have a hard time selling because there will always be something better for the buyer.
2. Insufficient Curb Appeal
One of the things that attract buyers is a home’s curb appeal – those that have good curb appeal receive a lot of offers, while those with a grim curb appeal receive little. Consider investing a little more money or putting a little work into the exterior of your home or landscaping.
3. Renovations and Repairs
If you’re not living up to what the comps have to offer in your area, you might want to consider making renovations and doing some repairs to make the house more appealing. Just be careful because renovations can hurt a home’s value and attraction just as much as they can help it.
4. Bad Listing Photos
Another common reason why homes don’t sell is because the listing photos they posted are either low-quality or don’t give the buyer a good enough look at what the home has to offer. Many buyers use these photos in the house-finding process. Consider updating the photos and try uploading a virtual, 360-degree tour of the home.
5. Not Enough Marketing
Whether you’re selling the home yourself or going through a real estate agent, there’s going to need to be some level of marketing involved in the process. You have to let potential buyers know the home is available and if you don’t, they won’t come. If that’s the case, improve your strategy.
6. Could Use Better Staging
The staging of a home can either make or break the potential for receiving offers. In some cases, it might be better to go all-out with the staging and hire a staging company. In other cases, it might be wiser to go with no furniture and keep it rather bare with neutral paint.
7. Wrong Listing or Asking Price
The price plays a major role in a buyer’s overall interest in a home – obviously. The lower the price (compared to comps), the better chance you have of receiving an offer. The higher the price, the smaller the target audience. Sometimes in order to sell, you have to price the home to sell with a price reduction.
8. Unattractive Location or Community
Another major factor in the home-buying process is picking a location and community that suits the homebuyers needs. If your home is in an undesirable location (busy street, crime, etc.), you can’t expect to receive a lot of offers, unless it’s priced accordingly. Either way, you might have to make some sacrifices.
9. Not Enough Demand
We also can’t forget about the real estate market and how much it impacts a home’s chances of selling fast. If there’s a lot of supply, then you might have a hard time selling fast. Likewise, if there’s low demand, then the offers won’t be coming in at lightning speed. Supply and demand.
10. Incompetent Real Estate Agent
If you’re working with a real estate agent and you’re having a hard time selling a home that should’ve sold already, then you might have to consider looking at new real estate agents. Likewise, if you’re selling the home all by yourself, then you might want to consider hiring a quality agent.
Do You Need to Sell Your House Fast?
Has your home been sitting on the market for far too long? Are you getting worried that you won’t ever sell your home? Do you feel rushed or pressured to sell your home fast, whether for personal or financial reasons? Are you tired of the house-selling process? If you answered yes to any of those questions, we want to help.
At Sell Your House Fast Mississippi, we take pride in helping homeowners sell their home fast for the most money – regardless of their situation or the home’s condition. We’re ready to give you a real, honest, and fair cash offer in a matter of days – and we’re available year-round.
If you’d like to learn more about how we calculate your fair and honest cash offer or would like to request a cash offer for your home, contact Sell Your House Fast Mississippi today. One of our representatives will work with you to learn more about your home – we can’t wait to buy it!
