Has your residence been on the market for a while now? Are you starting to get anxious? Selling a house can at times be a frustrating and stressful experience.
Several factors may explain why a property has failed to sell. Here are the six most common.
Overpricing
One of the 6 reasons a house can't sell, is sometimes, homeowners have a bias view of their property’s value due to their personal attachment and the renovations they have carried out over the years. Conversely, prospective buyers and real estate brokers use market comparables to estimate a house’s fair value. Overpricing can discourage visits and prolong the time the property sits on the market.
Our tip: Call on the services of a real estate broker to get an objective home evaluation and adjust your residence’s price to the local market.
Poor Presentation
First impressions are critical when it comes to selling a house. A sloppy presentation or a lacklustre decor can deter prospective buyers. Examples include dreary photos, cluttered rooms, neglected landscaping, or obvious signs of damage.
Our tip: Make certain your residence is clean, tidy and attractive. You may want to do some home staging to create more pleasing interiors. High quality listing photos are equally important and must not, above all, make the rooms appear darker than they really are.
Inadequate Marketing
An effective marketing strategy is key to draw the interest of prospective buyers. If your home isn’t sufficiently visible on online platforms like Centris or on social media, it may not attract attention.
Our tip: Work with a real estate broker who specializes in real estate marketing, including a listing on Centris, virtual tours, and social media postings. This makes all the difference!
Local Market Conditions
The real estate market is constantly evolving and can vary significantly from one region to another. In some cases, local market conditions may adversely affect sales, with supply exceeding demand or a period of economic downturn. Even if the home in question is a real gem, such circumstances may make life difficult for the sellers!
High Interest Rates
As we’ve observed in the last few months, if not years, high interest rates hamper house buying. Interest rates have remained low in Quebec for a long time, and their sharp rise has come as a shock to many! Several people are currently waiting for rates to come down again before entering the market as rates strongly influence a purchased property’s actual cost.
Structural Issues or Needed Repairs
Structural problems and a list of necessary repairs usually scare off prospective buyers. Even minor defects (like small holes in walls, missing baseboards, etc.) may give the impression that the house requires a lot of work, driving buyers away. And yet, this situation is so easily rectified!
Our tip: Before putting your home up for sale, complete all simple repairs and consider a presale inspection to identify and resolve any potential concerns. Furthermore, if structural issues are uncovered, adjusting the residence’s price accordingly is essential.
One final bit of advice: don’t lose hope! You may have to be patient, but sooner or later you’ll end up selling your property.