There is no absolute truth: when it comes to the amount of time it takes to sell real estate, it varies from area to area and also according to the type of property.
But every estate agent already had a client asking “why is my house not selling?” or wondered about it themselves. So, in this article, let’s see what could be causing this delay in your sales.
The 5 main reasons for a house not selling
1. The property is overpriced
An underpriced property will always sell in no time, but when the place is overpriced, the situation is quite the opposite.
Establishing the proper asking price for a property is no easy task, but it’s an important one. Finding the right pricing strategy for a piece of real estate means attracting more potential buyers and selling faster because it agrees with the reality of the property market.
Meaning, there are many factors that should be considered, such as:
- where is it located,
- how many rooms it has,
- which is the state of conservation of the property.
And, besides factoring the characteristics of the one you have in your portfolio, you also need to think about the competition. You have to be able to answer which are the competitor properties, how many of them are there (the more competitors, the harder it is for you to sell faster) and for how much are they being sold.
Count on us to solve this kind of problem: CASAFARI’s Comparative Market Analysis is an online property valuation tool that goes beyond the basics and analyzes the competition as well, to make sure you have the most accurate suggested asking price. Our report will also give you further insights, such as the average time spent on the market and which is the market stock for a property such as yours.
2. Your listing lacks photos or basic information
No visual aids, missing what’s relevant or even showing wrong information: without the basics, no potential buyer will lose their time in booking a visit.
So, first things first: double check your listing on real estate portals to make sure it’s interesting and able to attract your target audience. They should be detailed and use the proper keywords.
Also, they absolutely need to talk about characteristics such as:
- the amount of rooms,
- the number of bathrooms,
- how many square meters the property has,
- which kitchen appliances are included in the deal,
- whether the property is furnished or not,
- the year of construction,
- your contact information,
- the asking price.
Here you can find the best practices for a real estate listing description. If possible, follow them all.
Now, talking about the visual side of your listing, it should have good quality photos, showing all the rooms in whichever way is more advantageous for the property. The rooms should look wide and well-lit, to invite people in and look like a cozy place to live. If you need help to take your listings to the next level, check our tips about real estate photography.
But pictures are not everything, right? Other visual aids are welcome as well, such as the floor plan, videos or virtual tours. In CASAFARI CRM, you can create interactive virtual tours to show your property for those that have not booked a visit yet. Take a look at how it works:
By updating your listing in order to increase its performance, you enhance the chances of the property in your portfolio selling in no time.
3. The property lacks kerb appeal
When trying to sell a property, you know that looks matter. So, both the property itself and its surroundings need to be at its best.
Let’s get back to the basics: if minor fixes and repairs must be done to make the property look great, then take care of it as soon as possible. Another point for you to prepare a house for sale is cleaning: the property must be spotless to receive potential buyers. And it includes the outside of the property, so remember to mow the grass and care for the facade! A house well-taken care of will not only look better on the pictures, but also make an impression on the visitors, so, if needed, take a new round of pictures.
Also, think about how the house is perceived. Don’t forget that it should look spacious, organized and lively, like a wonderful life is being lived there. At the same time, it should be depersonalised to allow potential buyers to visualize themselves living in that place. And, finally, it should draw attention to the house’s best features, while detracting from what you don’t want to highlight.
Check some tips for estate agents and clients to apply home staging techniques to a house for sale.
4. You’re taking too long to answer
Another possible answer to “why is my house not selling?” is about the speed you’re getting in touch with potential buyers. If the property in your portfolio is competing with many others, the estate agent that answers first, books a visit first as well – and maybe there won’t be a second visit.
But we know that estate agents have a busy day, with not much time left, right? This is where CASAFARI CRM can once again help you: you can create canned replies to automatize the first response to potential buyers.
This is a way to grant them a wait no longer than a few minutes before hearing from you and keep them interested in the property, while still gaining yourself some time to answer this person properly and book a visit.
5. The demand for this kind of property is low
Many external factors can impact the demand for a certain property. Unemployment rates, financial crisis, uncertainty when it comes to the future of the country, unstable environments, they all take a toll on the property market.
But maybe this is not the question, maybe there’s simply a low demand for this kind of property that you have in your portfolio because of how investors are behaving at the moment. For example, if families are having less kids these days, it’s only natural that they will look for apartments with fewer rooms instead of a four-bedroom property.
If you want to check if your property is going through a low demand, look for how big is the market stock for this asset class on CASAFARI Market Analytics, to understand the property market trends. Properties with lots of competition and that are taking long to get out of the market will probably take some time to sell.
Whether it’s for political, economical or personal issues, you will probably have to put on some extra effort to find a buyer still interested in this kind of property. So, it’s a good idea to broaden your horizons when it comes to prospecting.
In case you need some help, activate your CASAFARI Connect to partner with other agents and agencies in real estate deals. If another agent has the perfect client for your property, you may share commissions and seal the deal much faster, raising your revenues and leaving both clients satisfied.
Still thinking “why is my house not selling” or wondering what would be the ideal time frame for you to sell each property? To settle your expectations, you can always check our Market Analytics also to know the average time spent on the market by properties with the same characteristics as yours. Have a good day of sales!
