Buzz
When you're selling your home, there's an abundance of advice on how to boost its value and reduce its time on the market. You've priced it fairly according to its condition, location, and market value. After adjusting the price a few times, it's still not attracting buyers, and you're nearing the point where further reductions are no longer an option.
You're not an absentee seller, and you've personally visited the property. There's no glaring issues with staging, cleanliness, or the home's general state (everything that was already considered in the pricing). So what's the missing piece?
The listing photos and details are lacking quality
By now, most are aware of the significance of online real estate listings—ranging from visually striking photos to a straightforward and clear description of the property. But while this knowledge is widespread, executing it effectively is another matter.
Seamus Nally, CEO of TurboTenant, points out that prospective homebuyers typically review a home's online photos before booking a showing or attending an open house. Many will even rule out a property based purely on the quality (or absence) of these images. "A home’s digital presence is its new curb appeal, so it must be a priority," he advises.
You're partnering with the wrong agent
Even if a particular agent comes highly recommended, it doesn’t automatically make them the right fit for you and your property, says Stacy Brown, the director of training at Real Property Management. In addition to selecting someone with extensive local knowledge, Brown suggests hiring an agent capable of connecting with the true demographic interested in your neighborhood.
Unfavorable terms of sale
Conditions of sale—particularly when the sale depends on the seller securing suitable housing—can be a significant deterrent for potential buyers, explains Martha Gaffney, a licensed real estate broker and strategic advisor at Real Estate Bees. "Buyers might hesitate to wait for the seller to find housing," she notes. To avoid the risk of losing a promising offer, Gaffney suggests that sellers secure alternative housing options well before listing their property for sale.
Unattractive location
While there's little you can do about a noisy train passing through your neighborhood twice a day, it will still impact the sale price of your home, says Gaffney. In such cases, she recommends that sellers offset this issue by maintaining an immaculate interior and emphasizing curb appeal. "Have your agent highlight the best aspects of the neighborhood," she advises.
The reputation of your HOA or co-op board
If you live in a co-op building or a neighborhood governed by a homeowners association (HOA), there’s a good chance that potential buyers will be researching their rules, regulations, and most importantly, their reputation, says Gaffney. If your HOA has a reputation for being difficult, it could make selling your home harder. Since this is out of your control, Gaffney suggests compensating by either improving your home’s appearance, reducing the price, or both.
Discriminatory practices
Sometimes, a property may remain unsold due to factors that aren't directly related to the listing or the property itself, says Lee Davenport, PhD, a strategic coach at Real Estate Bees. "A key issue when dealing with lowball offers during a home sale is often discriminatory housing practices," she explains.
Despite the existence of fair housing laws for many years, discriminatory practices haven't disappeared, Davenport points out. "Since the 1940s and 1950s, the only way to uncover unfair housing—and lending, including undervalued appraisals—is through testers, much like secret shoppers, from a different protected class who step in and act as the homeowner," she says.
While there's no simple fix, Davenport recommends documenting and reporting any incidents of housing discrimination you face. "Unfair housing often goes unchecked simply because it's rarely reported," she adds.
