When it comes to selling your home, there is no shortage of information on how to maximize its value and minimize its time on the market. So let’s say you’ve done your homework, and listed it at a price that appropriately reflects its condition, location, and overall value. A price reduction or two later, it’s still not moving, and you’ve reached—or are close to—the point where you can’t go any lower.
You aren’t an absentee seller whose never set foot on the property. You don’t see any obvious issues as far as staging, cleanliness, or the overall state of your home (that aren’t already factored into the price). What are you missing?
The online listing is substandard
By now, most people are aware of the importance of online real estate listings—from eye-catching and aesthetically pleasing photos, to a clear and concise description of the property. But understanding that and following through on it are two different things.
According to Seamus Nally, CEO of TurboTenant, potential homebuyers typically look at the online photos of a home before scheduling a tour or attending an open house—eliminating houses from consideration solely on the basis of pictures (or the lack thereof) included in the listing. “A home’s digital presence is essentially its new curb appeal, so you have to prioritize it,” he says.
You’re working with the wrong agent
Even if a particular real estate agent comes highly recommended, that doesn’t necessarily mean they’re the best option for you and your home, says Stacy Brown, the director of training at Real Property Management. In addition to finding someone with “deep personal knowledge of your neighborhood and town,” Brown also recommends choosing an agent who can reach “the true demographic that would want to live in your neighborhood” when marketing your home.
Inconvenient conditions of sale
Conditions of sale—especially the sale being contingent on the seller finding adequate housing—can be a major turnoff for potential homebuyers, according to Martha Gaffney, a licensed real estate broker and strategic real estate advisor at Real Estate Bees. “Buyers may not want to risk the time waiting for a seller to find housing,” she says. To avoid the risk of losing a great offer, Gaffney recommends that sellers come up with alternative housing options well in advance of a potential sale.
Undesirable location
Even though there’s nothing you can realistically do to about the noisy train that barrels though your neighborhood twice a day, it’s still going to affect your home’s sale price, says Gaffney. In this instance, she recommends that sellers compensate for this with an immaculate interior and plenty of curb appeal. “Have your broker highlight some of the best features of the neighborhood.”
The reputation of your HOA or co-op board
If you live in a co-op building or a development with a homeowners association (HOA), there’s a good chance potential buyers are looking into their rules, regulations, and most importantly, their reputation, says Gaffney. Having an HOA known for being a nuisance could be making it harder for you to sell your home. Again, because this is something beyond your control, Gaffney says that you’ll have to find a way to compensate for that, either by ensuring your home looks amazing, reducing the price, or both.
Discriminatory practices
In some cases, a property may sit on the market for reasons unrelated to the listing or even the home itself, according to Lee Davenport, PhD, a strategic coaching advisor at Real Estate Bees. “The elephant in the room when it comes to being lowballed while selling a home [is] unfair housing practices,” she says.
Though fair housing laws have been on the books for decades, they didn’t magically bring about an end to discriminatory practices, Davenport points out. “Since the 1940s and 1950s, often the only way that unfair housing—and lending, including lowballed appraisals—can be determined is if testers, similar to secret shoppers, of a differing protected class step in and pretend to be the homeowner,” she says.
While there’s no quick fix this time, Davenport advises documenting and reporting any instances of housing discrimination you encounter. “Often, the reason unfair housing can continue unchecked is because it’s typically not reported,” she says.
