When selling your home, you would think that having multiple showings would lead to several offers. However, this is not always the case. There are several reasons that you may not have received offers. Some of the most common reasons are as follows:
- Home does not show well
- Curb appeal
- Cleanliness and clutter
- Home in disrepair
- Home is overpriced
- Buyer`s market
- Wrong real estate agent
- Fail to disclose
- Home used for grow operation
1. Home Does Not Show Well
One of the biggest reasons a seller does not receive offers on their home after numerous showings if the simple fact that the home does not show well. The key to selling a home in a timely fashion is ensuring it shows well at curbside as well as the interior. Here are some tips to spruce up your home.
2. Curb Appeal
Sometimes less is more. Always ensure the exterior of your home is neat, tidy, and in good repair. First impressions can make all the difference for potential buyers. If your home does not appear to be taken care of from the outside, chances are it is the same on the inside.
3. Cleanliness and Clutter
The same rule applies to the interior of your home, less is more. Cleanliness is a huge factor when potential buyers are viewing your home. A clean home shows much better than a dirty home. If your home is overcrowded with chunky furniture and is full of nick nacks and personal items, potential buyers have a much more difficult time imagining their own furnishings in the home. Also, a cluttered home may appear to be smaller than it actually is.
4. Home is in Disrepair
Many first time home buyers are looking for a turn-key home. This is due to the fact they may not have the extra funds to put into large repairs. When potential buyers are viewing your home they are looking to see that all major elements of the home are in good order. Major repairs may include:
- Replacement of the roof
- Repairs to the foundation
- Replacement of heating or cooling system
- Replacement of hot water heater
- Replacement of Flooring
- Insufficient insulation
- Replacement of windows
- Removal of walls which are not up to code
- Replacement of wiring
- Replacement of appliances
- Replacement of plumbing
- Repair of leaking basement
These are repairs that can cost a significant amount of money to replace or repair.
Sometimes your realtor may show homes which are exactly what you are looking for in a home, but they are in the wrong neighbourhood. Location is a significant factor when you are looking to purchase a home. Several things are typically taken into consideration when deciding on a neighbourhood. Some of these are:
- Neighbourhood safety
- Rising Home Prices
- Owner-Occupied homes to rentals ratio
- Close proximity to shopping
- Close proximity to public transit
- Close proximity to schools
- Close proximity to buyers workplace
- Close proximity to other family members
- Growing household incomes
6. Home is Overpriced
This can be a huge factor as to why you may have several showings with no offers. If your home is overpriced, potential buyers may not consider putting in an offer. If there are other homes in the neighbourhood that are up for sale or have already sold for much lower prices, this is a definite deterrent. Here are some tips for pricing your home appropriately.
- Price your home to meet the competitive market – Stay within the price point of similar homes
- Use price points which are strategic – price your home for $499,000 as opposed to $500,000
- Use value range marketing – price your home between the value you would love to sell for and the lowest amount you would accept.
- Hire a reputable real estate agent – they can share their expertise with you.
- Up your inclusions – for example, include the hot tub, riding lawnmower, and other items.
- Provide pre-appraisals and pre-inspections as a bargaining tool.
7. It`s a Buyer`s Market
Sellers may have many showings resulting in no offers due to the high level of inventory in houses that are for sale. In a buyers market housing supply exceeds the demand. Buyers have a huge advantage in a buyers market. Buyers tend to look at more homes when there is a higher level of inventory, taking their time to decide on which one they would like to put an offer in on. Typically a buyers market drives down the prices of homes making purchasing negotiations to their advantage. Homes tend to sit for longer periods of time on the market and sell for less than an even market or a seller’s market.
8. You Hired the Wrong Real Estate Agent
Selecting a reputable, experienced realtor is the key to success. If you have had many showings and no offers, perhaps your agent is not doing their job. A good real estate agent will always follow up with the purchasing agent for potential offers and feedback. Perhaps your agent has not recommended staging your home to sell. This is a very popular means to prepare your home to sell. Sometimes the listing agent will even pay for this service for you. You know you hired the wrong agent if:
- They are inexperienced
- They don’t offer suggestions to help you sell your home quickly
- They don’t communicate with you effectively
- They don’t show your home to potential buyers
- They don’t return your phone calls
- They don’t run open houses
- Poor marketing
9. Failure to Disclose
Death in the Home
Depending on where your home is located you may be required to disclose the fact that someone passed away in your home. It is important to disclose the fact that there was a violent crime, suicide, or murder that took place in the home. This information may have been disclosed to potential buyers after they had viewed your home leading to no offers on the home.
If your home exhibits any sort of pest infestation and you have not disclosed it, this could be a very good reason why showings have not resulted in offers.
10. The Home Was Used as a Marijuana Grow Operation
If potential buyers discover the home was used as a marijuana grow operation, they are less likely to put in an offer to buy the home.
A seller must disclose the fact the home was used as a marijuana grow operation if:
- There is evidence that or the seller knows there is actual material latent defect
- The buyer asks specifically about the home being used as a marijuana grow operation
- This disclosure must be made due to a regulatory or statutory requirement
These ten reasons are the most common reasons why a home doesn`t sell.