If you need assistance, please call 817-380-5610

What To Do When Your House Didn’t Sell

Friday, July 5, 2024   /   by Aaron Kinn

What To Do When Your House Didn’t Sell

If your listing expired and your house didn’t sell, it's normal to feel frustrated and disappointed. As you navigate these emotions, you might also be wondering what went wrong and what steps to take next.

If you still need to move and want to relist your home, consider the following points:

Was It Priced for Today’s Market?

Setting the right price from the start is crucial. While it might be tempting to aim high, overpricing can significantly slow down the selling process. If your house was priced higher than similar properties, it might have deterred buyers, which could be why it stayed on the market. As Rocket Mortgage explains:

“Buyer interest in your home is highest when it first comes on the market. That’s why it’s so important to start with the right price on day one. . . If you overprice your house, buyers may just raise an eyebrow and move on to the next listing without even coming for a showing. . . It can be easy to think your home is worth more but try not to let sentimental value color your judgment. Your home’s true value is whatever a buyer is willing to pay for it.”

Was It Easy for Buyers To Tour?

One of the biggest mistakes you can make is restricting the days and times when potential buyers can tour your house. Although it might be inconvenient to accommodate showings, flexibility is key. Limited access means limited exposure to buyers. ShowingTime advises:

“. . . do your best to be as flexible as possible when granting access to your house for showings.”

Was It Set Up To Make the Best Impression on Buyers?

If buyers weren't interested, take another look at your home from their perspective. Are there any outstanding repairs that might be distracting them? Even small issues can give the impression that maintenance is lacking.

You don’t always need major upgrades. Small repairs or touch-ups can make a big difference. Tidying up your landscaping, applying a fresh coat of paint, or decluttering can significantly improve your home's appeal. You might also consider staging the home.

Were You Willing To Negotiate?

If you received offers but weren't willing to negotiate, this could be another reason your house didn't sell. While aiming for top dollar is understandable, you need to be realistic about what your house can fetch in today’s market. The market still favors sellers, but with an increasing supply of homes and higher mortgage rates, flexibility is important. A skilled agent can help. As Ramsey Solutions explains:

“If you don’t have the money or time to fix home issues, consider offering some other form of incentive to buyers. . . An experienced real estate agent can help you arrange a deal where you and your buyer both come out on top.”

Did You Listen To Your Agent?

To understand why your house didn’t sell, rely on a trusted real estate agent. Whether it’s the agent you previously used or a new one, a great agent will discuss what worked, what didn’t, and your next steps.

They’ll offer their perspective, including tailored advice and effective strategies for relisting your house. As Better Homes & Gardens suggests, an agent should be your go-to resource in this situation:

“If you’re frustrated with the timeline of your sale, chat with your real estate agent. Agents want what is best for you and the sale of your home, and having open communication about any frustrations will be key.”

Bottom Line

It’s natural to feel disappointed when your listing expires and your house doesn’t sell. Connect with a reliable real estate agent to determine what went wrong and what changes to make to get your house back on the market.