Why Is No One Buying My Home!? The 4 Real Reasons Your Chicago Home is Not Selling

Chicago Home for Sale

You’ve put your home on the market… Now what? While selling a home will always take some patience, there are typically four main reasons that houses don’t sell as quickly as you’d like In 2020’s housing market, it’s important to understand each of these in depth, so you can take measures to sell your Chicago home during a time of high demand. 

Reason #1: You aren’t reaching the right audience. 

To sell anything, you need to get it in front of the right people. With real estate, it’s no different. If your Chicago home is not selling in 2020’s housing market, the first thing to consider is whether it’s reaching the right people.

This generally has to do with pricing– your home needs to be shown to the people who are able to purchase at or above your selling price. But how do you get your listing in front of those people? 

At a bare minimum, homes need to be listed on the local Multiple Listing Service (MLS) and promoted across real estate listing websites on the web. Simply posting your home on one website won’t reach enough people, which could slow down the sale of your home. 

More importantly, your home should be the nicest home available at its price point. “Nicest” may be a subjective evaluation, but if your competitors are notably larger, or substantially more updated, homebuyers will look at the competition - and not your home.

Serious home buyers are working with a real estate agent who is searching for homes (or has set up a search) on the MLS that meet their clients’ criteria. Eager home buyers are also searching themselves on third-party websites. Make sure your home is available on as many real estate listing sites as possible, including the common ones like Redfin, Zillow, and Trulia, For specialized or uncharacteristic properties, it may be worth discussing options for promoting your home with paid listings with your real estate agent to make sure it gets in front of the right buyers 

Reason #2: Your House Isn’t Showing Well and Needs a Mini-Makeover

If you’ve ever done a search for real estate online, you’ve seen this: a listing that has all the right “stats,” the perfect price, the ideal number of bedrooms - and yet it’s been on the market for a year. “How can this be?” you wonder. Then, you open up the photo slideshow and see empty rooms with white walls, or worse, blemished walls. Or, you may see cabinets from the 1970s, small, grainy photos that get blurry when you enlarge them, and awkward room layouts that you would never have chosen. 

To avoid prospective buyers bouncing out of your listing, your home must first be cleaned and staged properly to show the potential of the space. People have a hard time seeing into the future and placing their own furniture in your home, so you need to make it easy for them. A professional stager can help you find a few well-placed items to do this. Additionally, a quick spruce-up of paint or other small adjustments can make your home feel like a magical place with infinite possibilities for the buyer. 

But none of this matters if you don’t have good, professional photos of your home. We live in a world of social media-perfect photo-ops, and when it comes to the photos of your home, prospective buyers’ standards are higher than they’ve ever been.

If your home listing post has bad photos that are too small, poorly lit, or show strange angles, your ideal buyer might just skip over it entirely. Good photos entice buyers to come to see your property. They’ll see photos first and make a quick decision whether to schedule a showing. 

Reason #3: Your Home’s Listing Price Is Too High

We have a saying at Real Group: A home priced too high will sell the neighbors home. If you’re noticing many other homes selling in your neighborhood and yours just isn’t getting any bites, your home may be overpriced. Similarly, if your home is getting a lot of visitors and showings but no offers, you may have priced it too high. In the latter case, home buyers rarely provide the feedback that it is overpriced, they merely move on to a home that better meets their needs, and is still in their price range. 

It’s not easy to lower your listing price, but sometimes it’s necessary. An overpriced home will prevent the right buyers from purchasing. For one thing, the high price might be attracting the wrong audience. Buyers will always compare your home against others similarly priced in the market. Homebuyers already typically purchase at the top of their range. So, if you price too high, your home will end up competing with homes that are bigger, better located, or more updated– or all of the above.

A good rule of thumb is to work with your real estate agent or team to price your home correctly from the start, because the longer your home is on the market, ultimately, the more it’s going to cost you. Pricing correctly from the beginning saves you time and money.

Reason #4: There Are Just No Buyers Out There This Week!

This doesn’t happen very often, but occasionally, even when you’ve staged your home, had beautiful photos taken, priced it correctly, and have a perfect marketing plan– you still don’t hear anyone ringing the doorbell. So what gives? 

This occurs more often with a property that is incongruous with the neighborhood - which can happen in a place like Chicago where developers and families are building $2M homes on a street full of $600,000 homes. It may also be an odd time, like in the middle of a global pandemic or four weeks before a contentious election. 

Remember that a week with no showings or interest isn’t always necessarily a bad thing – it might just be the current state of the real estate market in your area. Consider having a conversation with your real estate agent to evaluate if “waiting it out” is a genuine strategy for your home. Very occasionally – if all of the above reasons have been covered – it is. 

How to Sell Your Chicago Home Fast

To sell your home in a unique market like Chicago, you want to get your listing right, right off the bat. One way to make sure of this is to bring on a real estate team that knows how to market to the right buyers, price your home correctly, and has the resources and tools to help your home look its best when the time is right.

A great real estate pro can help you understand your unique marketplace, and help you set the price that will be best for your buyers, and your budget.

Have any more questions about selling a home that people just aren’t buying? Ready to get started? Drop Real Group a line today! And for the latest on market conditions across Chicago, be sure to follow our team on Facebook and Twitter!

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Chicago, IL 60614

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