Top 3 Reasons Why Homes Don’t Sell

There is a notorious real estate term ascribed to some homes known as a “high DOM number.” This is real estate jargon for a home that has spent a high number of “days on market” – the number of days since a property was originally listed. The length of time you can expect your home to be on the market will vary depending on market conditions and time of year, so a high DOM number in a hot spring market might actually be considered low when the market is depressed.

Taking into consideration current market conditions, the longer your listing sits on the market, the more potential buyers may assume that there is either something seriously wrong with the property, or that it is way overpriced.  Neither of these need to be the case for this perception to affect your ability to sell your home without drastically reducing its price. You may have a perfectly appealing property that you are trying to sell, but one strategic misstep could send you into a dreaded high DOM tailspin that Realtors^® and home sellers want to avoid.

Here are the top three reasons why homes don’t sell quickly enough, and some tips on how to avoid them:

#1 The property is overpriced

This frequent and detrimental mistake is behind many high DOM or hard-to-sell listings. The list price should reflect the current local market, not last year’s or even last quarter’s market; not what you would like to get for your house, and not what people are getting in other areas.

A good Realtor^® will have this data available and will be completely honest with you, because, while a quick price correction soon after the home has listed can turn the tide, it’s best to get the price right the first time. A listing that starts out too high and sits on the market for a while only to be reduced much later is hard on the property owner, and while not a lost cause, can be tougher sell.

#2 The home is not being marketed properly

We’ve often listed homes that were previously listed with another team and there was nothing wrong with the price. The difference was that we implemented a solid, proven marketing strategy and got the home sold quickly and for top dollar. There are several marketing mistakes that can lead to your home being overlooked by potential buyers. Lackluster images or content, missed marketing opportunities, or errors can lead to your property landing on the high DOM list even if you have listed your property at the right price. This is where a good marketing strategy comes into play:

• You should be selecting a Realtor^® who offers free, professional, three-step home staging so that your photos and video are stellar. All the marketing in the world won’t help you if your home isn’t being showcased to the best of its potential. A potential buyer’s first contact with your home will be through photographs and video and those images will be making a critical first impression of your home.

• Photography and videography should be professionally handled and strategic. There should be an abundance of excellent images, highlighting the best qualities of your home. When interviewing a potential Realtor^®, ask if twilight and aerial photography is included in their offering and then ask to see samples to ensure it’s the highest quality possible.

• Your Realtor^® should be listing your home across multiple marketing platforms in order to reach out to the biggest pool of potential buyers. Simply listing on Realtor.ca is not enough. Today’s home buyer is tech and social media savvy, so your Realtor^® should be too.

Explore our Current Listings to see how The Faris Team Goes Full Out^® For Our Clients.

#3 The house upkeep has gone by the wayside

If you have listed your home showing beautiful interior and exterior photos of your property in pristine condition but then haven’t been able to maintain it at that level, buyers will feel like your home does not live up to the hype; they may feel that they have been let down, or worse, lied to. While it may be a challenge, do your best to maintain a picture-perfect home at all times. Keep the gardens weed-free, the lawn trim and tidy, and the house as clean and clutter-free as possible while it is listed. If this means storing some of your belongings or possibly hiring some help for the duration of the listing, it will be worth it in the long run, as it will help to sell your home faster and keep it off the dreaded high DOM list.

Whether your current listing has been sitting on the market for a while or yours is a new listing with challenges to overcome, work with a Realtor^® who has a strong, dedicated, professional team that can help you to find solutions to beat the high DOM stigma. Your Realtor^® should be proactive and work with you to identify opportunities to make your property stand out above the rest.

Interested in working with a team that Goes Full Out For You^®? Let’s Talk.

Mark FarisCEO & Broker