Have you tried to sell your house before and it just wouldn’t sell? Or maybe you are thinking of selling your home and this is your worst fear? Having a house that has seen minimal movement on the market is especially frustrating. If your home doesn’t sell it is time to take a step back, asses the situation and think about what the problem is. Ask yourself: why would a buyer choose your home over all the other homes for sale?
Here are 6 things you can do:
1. Understand the Market
It’s important to have a good understanding about the real estate market. Consult with an experienced real estate agent that knows your area to determine the sales price. Don’t rely on your emotions and sweet memories to come up with a price. Instead price by comparing your house with other homes that are selling, sold or just went under contract. A key factor to selling a house is to know if the current market favor buyers or sellers. Perhaps things just aren’t moving quickly in the current market. If the market is hot, your agent should discuss with you the next options.
2. Price Your Home to Sell
Beyond the temperature of the market and your marketing efforts, the most likely factor when it comes to a lack of offers on a home is price. Properties sell when they are priced correctly. If the price is too high, you won’t get any offers and your home will sit on the market. Obviously you don’t just want to give away your house, but the value of your home is determined by what a buyer is willing to pay for it.
3. Pump up the Marketing and Advertising
If you have had a lot of showings with no offers, it is most likely a pricing issue. However if you are having very little activity, it can be a pricing or marketing issue. Check if your house is being marketed on all the major websites and a combination of different marketing efforts are used. Four-color postcards to surrounding homes in the neighborhood, Open Houses on the weekends, virtual tours and and lots of photos are the bare minimum! You want to let everyone know that your house is on the market and what gem it is, so spread the message in person with your neighbors and online through websites and social media.
4. Take Many and Quality Photos
Speaking of marketing: a major factor in buyers’ decision to go look at a house is quality pictures. Too often there are photos out there with too much clutter, reflections of people in the mirror, open toilet lids and dark rooms. Unless you are a pro, don’t take pictures yourself. Hire a professional photographer instead who can shoot wide angles pictures with plenty of light showcasing your home’s best features.
5. Improve Your Home
It might not be what you want to hear, but maybe people aren’t buying because they don’t like what you are selling. It doesn’t have to be a total make-over and huge repairs, but often just a little touch up can improve the whole vibe of the house. Fresh paint (neutral colors) and a clean, decluttered home would be your best bet. If your house is vacant and you can afford staging, go for it!
6. Interview Other Real Estate Agents
If your agent isn’t responsive or doesn’t have a good explanation for why your property isn’t selling, then you might want to consider a new real estate agent. Search for experience in an agent not only by who has been in the business for many years, but also who has sold a lot of homes. Ask your family and friends with whom they have worked with and had good experience before and they might be able to give you referrals.
By: Patricia Madigan