If you’re wondering why your house is getting showings but no offers, you aren’t alone. And, and you’re not necessarily doing anything wrong. This is one of the most frustrating situations a seller can face. Luckily, there’s usually a clear explanation and an experienced real estate agent can help you fix it fast. I recently gave advice to a reporter from https://listwithclever.com/ using my 37 years of experience. Mostly representing sellers has given me a lot of insight into what works and what does not. So, here’s what’s really happening when a home is getting lots of traffic but no bites.
Price Is the #1 Reason Homes Don’t Get Offers
“No matter the property, everything sells at the right price,” I explained. “Say a property is listed for $800,000 which seems to be the market value of that property. If you lowered the price to $400,000 there’d be a slew of offers within hours.” Of course, that isn’t an ideal strategy. It’s an obvious extreme to prove a point. If buyers are showing up, but not making offers, then there’s a mismatch between the price and value. The home has enough appeal to get buyers through the door, but not enough perceived value to prompt them to make an offer. Finding that “magic number” where buyers feel motivated is the key to getting an offer. So, how do you improve the perceived value so the magic number is closer to the asking price you want? Fix the red flags.What Red Flags Decrease Home Value when Selling?
Even if the price is close to market value, other factors can drive buyers away once they tour your home. A few common turn-offs include:- Condition of the home – Worn finishes, broken fixtures, cracks, water damage, and a lack of overall maintenance can raise red flags. Poor curb appeal or a neglected yard can also reduce the perceived value of a property.
- Undesirable location – A home might look great online, but if it’s on a busy road, next to commercial buildings, or near a neglected property, buyers may walk away. One tactic to consider is acknowledging the potential drawbacks upfront. You can explain how you’ve been able to handle the noise levels or potential concerns.
- Unpleasant sensory experiences – If you have lingering pet smells, dirty kitchens or bathrooms, and cluttered spaces, it can quickly sour a buyer’s impression. You’ll want to make sure all the dishes are done and you’ve handled any lingering smells.
- Seller presence during showings – Buyers need to feel at ease. When sellers stick around, it can make tours feel awkward and rushed.
How to Get Better Real Estate Showing Feedback
Want real answers about why your home isn’t selling? Your Realtor should be gathering and analyzing feedback after every showing. Honesty is essential. “Some agents are hesitant to give sellers the unvarnished truth because they’re afraid of hurting the relationship,” I explained. “But the right realtor will offer objective, data-driven feedback.” Hosting a realtor caravan or broker open house is another smart tactic. Invite local agents, serve lunch, and ask for anonymous written feedback. Patterns will emerge. “When five different agents say the same thing about the price or condition, it’s hard to ignore.”What’s a Realtor Caravan?
A realtor caravan (or broker open house) involves a group of realtors visiting multiple homes to give feedback. Usually lunch or snacks are served. The event is more focused on agents, but can be very valuable for sellers. It gives an educated perspective on the market value of the house (getting you closer to the “magic number”). In some cases, it can even accelerate a deal between a buyer’s real estate agent and a seller’s real estate agent.Adjusting Your Strategy
Some issues, like curb appeal or interior updates, can be solved with a relatively small investment. Even small updates can drastically improve how buyers perceive your home. Consider the following options:- Fresh paint (interior and exterior) – One of the highest return on investment improvements. Fresh paint always helps with curb appeal and improves the home’s condition.
- New carpet – Even if you plan to offer a flooring credit, don’t assume buyers will look past worn materials. “Buyers respond to the way they feel when they’re in a house, more so than calculating the cost to do improvements.”
- Professional cleaning – Kitchens and bathrooms should be absolutely spotless.
- Staging – While staging is often reserved for vacant homes, it can significantly improve a buyer’s perception of space and potential.