Obviously, it is very discouraging when your house has been on the market for quite some time, and still isn’t selling. Usually, though, there are reasons. It is rare that a gorgeous, huge, perfect house sits on the market for months for no reason. Below are some of the reasons your home might not be selling, that you hadn’t thought of.
The first reason should be obvious, and that reason is that you’ve got it priced all wrong. If the house is priced too high, its not going to sell. Of course, it depends on what type of seller you are. If you priced it a little above what you’d really take, then that’s normal. Read: My House Has Been on the Market for 6 Months. However, if you have it priced way too high, and actually believe that you’re going to get that amount, and are declining any and all offers below that number, you’re doing it all wrong and likely are never going to get rid of the house.
You need to compare your house to the others that are in your area. Unfortunately, sometimes a house just isn’t worth what a seller paid for it years ago anymore. It can be hard to accept this, but numbers and data don’t lie. You could always wait to see if the market changes, but it could go either way. If you wait, its possible the market may decline even further than it is at the time. It’s a gamble, either way. It’s up to you as to how much you have to risk. Realize that many different things make up the list price of the house, and it doesn’t just have to do with how “nice” the home is. See: 5 Steps to Sell a House That Won’t Sell.
The next reason is that your realtor isn’t a very good one. This one might hurt, because perhaps you have a close relationship with the person. If that is the case, you’ve already made the cardinal mistake of hiring someone you know. You need to find a realtor that you don’t have any ties to prior to meeting them. Also ask them how many listings they’re currently juggling. This will give you an idea of how much time they have to dedicate to you. On the other hand, be wary of a realtor who doesn’t currently have any clients. Unless they’re recently back from a vacation, or back from having a child, or something of the sort, it may mean that they are inexperienced and/or don’t have a great track record.
Another reason is that your re seriously overestimating how much your house is worth, as you are basing the price on your sentiments. Don’t bring your emotions into the sale of your house, you’ll lose every time. Also, don’t ever lie about your house. Anything you lie about is going to come out in the end, and will cost you the sale. Buyers don’t take very kindly to being lied to. Even if you think its a minor detail, a lie is a lie and they won’t trust you. The same goes for exaggerating anything in your listing. Just don’t. There are, of course, many other reasons that your home might not be selling. For further reading, check out this article on: My House Hasn’t Sold Yet, Should I Be Worried?