What should I do If my house hasn't sold on the market? (video)
Your home has been rotting on the market for months, or even years now, and nobody seems to have any interest on it. You may be asking yourself: What’s going on? What can I change so that I have a better chance at selling my home on the market? How can I sell my house without having to put too much money into it?
If your home has been on the market for some time now (If you are in the booming Raleigh Real Estate Market right now, something definitely has to change! ) , and it doesn't seem to be moving any time soon, this post may come as a life saver for you!
Here’s a few changes you can make to get that so desired SOLD sign in your front lawn!
LOWER YOUR ASKING PRICE
You will regret it in the long run if you become attached to your asking price!
The most crucial factors in selling a house fast are location, price, and presentation (Pictures/staging/Curb appeal).
A good starting price range has a positive psychological effect on a prospect buyer. 1% to 3% of the value in the right direction will spark great interest and will make a buyer feel an urgency and need for the purchase. 1% to 3% in the wrong direction could potentially be a deal breaker!
In a slow or depreciating market, price is amazingly sensitive, and it may prevent a potential buyer from even clicking on your property listing.
If your home has been listed for a while, chances are, that the real estate market has shifted around it. Your asking price may have started in a decent ballpark range, but now it could be way over priced. Research and adjust your asking price based on the comparable properties in todays market, then re-launch the property to the market at a price that buyers will positively respond to.
Now, allow yourself to be put in the buyers position and be honest about a reasonable value for your home. Discuss all factors with your Realtor and lower the asking price as much as you need to.
There’s nothing good that comes from emotionally attaching to that high asking price if your property will have to sit on the market at least a year. If you need, or at least want to sell your home, then price to sell in todays market! It's not about what you bought it for, it's not about what you want to sell for, it's not about how much money you put into it it's about what a buyer is willing to pay in todays real estate market!
REVAMP YoUR ADVERTISING
These days, buyers are more likely to be searching for properties well in advance of the purchase. Heck, I've had clients who have been researching for years! If your property listing and any promotional details about it remain unchanged throughout the time the property has been sitting on the market, your prospect buyers will notice, and not notice your property as a result of it!
Mix things up with your advertising if it’s not working for currently!
Pictures are the most important way a buyer connects with your property, and develops interest in your house. switch them around and provide a different photo for buyers to come across by first.
Location will get them looking, price will get them interested, great pictures will get them to a showing!
If you currently have a photo of the inside as your MLS picture, try a picture of the front side street view of the property. Change them several times as the listing ages and test for impact on different people, specially those you trust to give you an honest opinion!
I highly recommend for you to take new shots if your current ones aren’t working for you. If you had an evening photo of the home, try a day time photo. A professional real estate photographer who knows how to accentuate the positive features of your home could be your greatest asset!
Update the description of the property regularly and try new ways to sell your house faster on the market. Work with your realtor and be creative in the content and approach you guys will go for.
It is very important to know who your target market is! (if you don’t who they are, that’s a good start for your search.) Bait the hook that suits the fish! Are your main pool of buyers first time homeowners? retirees? High income? This is crucial to know when adjusting advertising!
You could even ask your Realtor to upgrade your home to a premiere, or featured listing. featured properties get 20 times more exposure and 10 times more inquiries than a standard listing.
Also, virtual tours have become very popular these days, and buyers greatly benefit from them! Ask your photographer to make one for you, some even have the ability to update you on the views the virtual tour gets!
Play around and test your new tactics, when you see results, capitalize.
Find yourself a new Realtor
I will be the first person to say that 99% of the time, your realtor is NOT the problem.
When your home is in a good location, well presented, and well priced, it should sell on its own in no time.
Listing a home is pretty simple, there is no science to it. The problem comes when the Realtor is the one telling you to over price your property, taking terrible pictures instead of contacting a professional, or being unresponsive when buyer agents call!
STEP OUT FROM THE MARKET
A series of things will happen if your property stays on the market for a long uninterrupted time.
Possible buyers will have a negative mental note about your home, fearing something must be wrong since the property has been sitting for so long.
Buyers will often use the time your property has been on the market as a negotiating tool against you, they will feel as if you should be lucky that they are putting an offer on your property.
Buyers will also completely block out your property entirely, skimming past it while they search because they’ve seen it so often, it becomes invisible!
Usually, Three months is the breaking point when buyers will start to develop the habits described above, so keep that in mind.
Giving your home a rest from the market for a few months means you’ll have a whole new pool of possible buyers looking for a home like yours. Since they have never came across yours yet, you’re in with a fresh start.
Get feedback from every buyer that has seen your place. Ask them about the things that turned them off and ask them to be super honest. Determine what things buyers are craving that you are lacking.
You will get an idea of what to focus on and know what improvements you will need to make. It could be paint, it could be improving curb appeal or maybe your garden feel very high maintenance. It could be that your place is messy and cluttered, or that it needs to be updated to be on par with the rest of the homes in the local market!
If you have not yet tried professional staging, it is now the time. The experienced eye of a home stager can dramatically improve the way buyers feel about your home. This doesn't have to be too expensive, don't be afraid.
Focus on affordable, cosmetic fixes, like fresh paint, cleaning and de-cluttering, or some new pretty flowers in your back yard.
In some cases, you may be in need of more dramatic renovations, but if this increases your chances of getting your home sold, quickly, and for a good price, it is worth the investment.
Analyse your market and determine what kind of improvements your home needs to compete in your current market, be sure not to over spend during this process!
CONTACT YOUR TRUSTED LOCAL REAL ESTATE INVESTOR
Contacting a Real Estate Investor could be very beneficial in your position.
As a real estate investor in the Raleigh/Durham area, we go into your home without a negative opinion about the shape of the property, or with high standards the property should me.
As investors, we buy houses in "As-Is" condition, that means you will not have to spend your time or money in repairs and upgrades.
98% of the time, a real estate investor is going to make you an all cash offer for your home, without contingencies and with a quick closing. If you've been trying to sell your house for a long time now, you will find a lot of value in this!
Contact various real estate investors in your area and get a quote from them, you will come across the occasional low ball offer, but most likely you will find someone to make you an offer that works for you!
Open up to feedback
If your home has been on the market for a while, it is time for you to ask those who know best about solutions for your problem.
Your real estate agent and/or relatives will be able to tell you something from a different point of view. Their feedback could be the difference between action and inaction for you!
I know... it is tough to listen when someone is telling you something you don't want to hear. But, at the end of the day, you will benefit if you listing and make the changes according to the feedback you get.
Don't point any fingers
It’s easy to put all the blame on things that not necessarily are causing your property not to sell. Selling a house can be a very stressful process, specially if you are in some type of financial/personal stress (maybe you’ve already purchased a new home, or are going through divorce).
Like any other problem, a problem only becomes a problem when you LET IT become a problem.
Even if you feel the need to hire a new Realtor, you shouldn't leave your current realtor with a grudge. If you do, you won't be 100% focuses on the new chances to sell your home. A seller an agent relationship is a two way street, and you may have not been able to work as a partnership.
Taking your home off the market temporarily can help alleviate the tension.
Take a deep breath, and analyse the different methods discussed in this post. Focus on these new strategies, apply them, and get back out there! There's a big possibility that you only have to make some minimal adjustments to your home be able to sell it this time around. Keep your head up!
What kind of changes do you think are called for when a home won't sell on the market? Specially if it is a hot market?