Is your house on the market, but not selling? Here are five reasons why

It’s not an easy time to sell your house.

Just over a year ago, sellers had the upper hand when the housing market was red hot and there were many buyers vying for every available property – and driving up the price in the process.

But higher mortgage rates, falling house prices and economic uncertainty have shifted the balance of power.

Buyers take a wait-and-see approach and sellers have to work harder to get an offer at the price they want. In the meantime, it seems that viewing is on the rise.

How many? Agents say one of the top reasons homes don’t sell is because they are too expensive

Others find that their property remains on the market for a long time and are faced with either a price reduction or holding out and risking their listing hanging around even longer.

According to experts, some sellers may not be putting their best foot forward. They say there are common reasons why some properties don’t sell that can be resolved relatively easily.

We look at five things sellers may be doing wrong in today’s market – and what they can do about them.

1. You don’t have a good real estate agent

One of the most important factors in selling your home is having the right real estate agent in your corner.

The company you choose should work hard to get it seen by the right buyers. If not, you can always take your business elsewhere.

Colby Short, co-founder of estate agent comparison website GetAgent, says: ‘There are a whole host of reasons why you’re struggling to sell your house, but they often stem from one core factor and that’s your estate agent,’ he says.

“The best approach is to research the top-performing real estate agent in your area, based on metrics such as average time to sell, percentage of asking price consistently met, and their customer satisfaction score.”

Short cautions against choosing the agent who promises the highest price – or the lowest fee – as this could turn out to be a false savings.

Agent or chaos: Bad agents can set unrealistic expectations, which can lead to disappointment later if the asking price is not met

“These are two big red flags, as a good agent will rarely compromise on compensation and won’t oversell just to get your business,” he says.

He adds that fixed-fee agents who promise to sell a home for a flat fee, rather than a percentage of the sales price, are sometimes best avoided.

“The vast majority of these agents don’t actively work to facilitate your sale other than getting you to accept an offer, and this is actually the most essential part of the sales process,” he says.

‘Especially in the current market conditions where uncertainty has increased, you need a good agent who will work day in and day out to ensure your sale goes through to completion.’

Read our guide to the nine questions to ask an agent before hiring them.

2. Your asking price is too high

According to agents, this is the main reason why people have trouble selling their homes.

House prices have soared since the pandemic, with annual growth reaching 15 percent at times in 2021 and 2022.

That is no longer the case and the latest indexes show moderate growth or even price declines.

Experts say home sellers must adapt to this new reality if they want to sell.

Otherwise, they risk sitting on the market for a long time, making the property seem less attractive to buyers as they assume there is something wrong with it.

James Forrester, director of agent Barrows and Forrester, said: ‘There simply isn’t the same buyer frenzy as there was a year ago.

‘It is common for sellers to enter the market with an unrealistic price expectation to begin with, and this can lead to their property sitting on the market for weeks with little to no interest.

‘A property can have incredible sentimental value and it is therefore understandable that this can often cloud our judgement.

‘However, today’s market is very different to that of 12 months ago and pricing that reflects current market conditions is crucial if you want to secure a sale.’

Tim Dansie, director of Jackson-Stops estate agents in Ipswich, adds that even if a buyer agrees to your ambitious price, it could all fall apart later when he applies for a mortgage, potentially disrupting the whole chain.

“One of the realities of a more balanced market is the need for buyers and sellers to find a middle ground on prices,” he says.

‘When appraising, we are clear to buyers that asking prices that are too high can lead to disappointment in the long term.

‘Long chains are often dependent on the acceptance of a number of mortgages and their completion, and that is where overvalued prices are quickly unraveled by lenders using true market values, risking the whole chain collapsing.

‘Accepting price adjustments of approximately 5-10 percent from the outset can secure a buyer, speed up the sales process and avoid last-minute negotiations.’

Tidying up: The clutter that comes with pets and children can deter some potential buyers

3. You didn’t fix it up in advance

Because buyers can be picky, it’s more important than ever to present your home in the best possible light.

This not only means keeping the property clean and tidy, but also carrying out small DIY jobs that may leave it looking a bit shabby.

Seemingly trivial chores like touching up chipped paintwork, cleaning the windows, and weeding the driveway can all pay off.

“You’d be shocked to see how many sellers put an unsuitable property on the market and then scratch their heads when buyers aren’t so keen,” says Von Grundherr.

“You really need to showcase your home and all its features.

‘Clutter, clutter, children’s toys, pet hair, these are all things that can reflect negatively on your home and in today’s market you simply cannot afford to put buyers off.’

Pro tip: Agents say homes should be shown with professional photos

4. The photos are not good enough

Another problem may be that the photos of your home online are not completely up to date.

Most buyers’ first encounter with your home takes place on a crowded home listing website, and eye-catching images can make the difference between a buyer booking a showing or not.

Make sure they look professional and show off all areas of the house, inside and out.

‘Presentation is key and this starts with the photographs of your property.

“If you’re marketing with a few smartphone photos instead of professional photos, you’re already at a disadvantage,” says Von Grundherr.

If your home has been on the market for a while, it’s a good idea to get a fresh set of images that reflect the current season. You can ask your broker about this.

Looking at pictures of a house with the sun shining and a leafy tree in the yard when it’s snowing outside is a dead giveaway that’s been hanging around for a while.

Be nice! Agents say homeowners can be rude when buyers come to view the property

5. Potential buyers are turned off by YOU

Finally, anyone struggling to sell their home must face the uncomfortable possibility that it’s not the house that’s the problem, it’s the owner.

When you attend viewings, you want to appear friendly, positive and helpful.

Moving can be incredibly stressful, and you need to show potential buyers that you won’t be an eyesore.

Von Grundherr adds, “Often you may be the problem.

‘Most of the time there will be a salesperson present during the viewing process, and you’d be surprised how often they can be cold, unwelcoming, curt or even rude.

‘You really have to turn on the charm and if that doesn’t work, let your agent handle the viewing process completely.’