Why Is My Boise Home Not Selling?

The days seem to drag by when your house is sitting, languishing on the market. With few showings and no sign of an offer coming in, it’s understandable to feel frustrated and anxious. What causes a home to languish on the market while those around it sell quickly?

First, it may be the timing. Some periods of the year are just better for selling homes than others. Boise homes sell quicker in spring and summer than in winter, for instance. 

If none of this is consolation and you’re wondering what steps to take to get the home sold, take a few minutes to consider the following:

1.    The Economy

There’s an old saying among real estate folks: all real estate is local. What this means is that national statistics and market news have little bearing on what is happening in cities across the nation. While Las Vegas is still in the grips of plunging home values and huge numbers of foreclosures, we here in Boise are perched on the edge of a changing market.

So, the first thing to look at is the local economy. How are the employment figures? If layoffs are common, folks may be worried about paying for a house and this lack of confidence keeps them from entering the market. If, on the other hand, the local economy is strong and healthy, something else may be the cause of your home not selling.

2.    Overpricing

Overpricing is the most common reason that a house doesn’t sell. One thing many homeowners don’t understand is that the seller doesn’t determine what a house is worth, the buyer does. So, no matter how much added value you feel the installation of that swimming pool brings to the house, if the buyer doesn’t feel it adds value, then it doesn’t.

Re-evaluate your price. Have your agent check for recent sales in the area and adjust your price accordingly. If the home has been on the market a long time you may need to lower the price below market value in an effort to increase interest.

3.    Marketing

When there are lots of homes on the market and few buyers, marketing becomes most crucial. What is your agent doing to market your home?

A sign on the lawn and an occasional open house won’t get the home sold in a buyer’s market. Ask your agent to beef up his or her marketing efforts by throwing an additional broker’s open house or two and by adding some fresh new photos to the web listing.

4.    Condition

How does your home stack up to the competition? Have you even seen the competition? It’s a good idea, when a house is sitting on the market, to take a look at some of the other for-sale houses nearby. Evaluate how the homes are presented to buyers as well as their condition.

Use this information to make your home stand out from the others. You may need to paint or invest in new carpet. Sometimes small items, like new knobs on all the cabinetry, a coat of paint on the front door and de-cluttering the house is all it takes.

Have you considered staging the home? Studies show that a staged home spends 80 percent fewer days on the market than one that isn’t staged, and it brings in six to 10 percent more money at the close of escrow. 

If you simply don’t have the budget to upgrade the home’s condition or to hire a decorator, your best bet is to cut the price of the home. This should bring it attention from other agents and move it along in the sales process.