You’ve listed your home for sale, but nothing is happening: no showings, no offers, nothing. Your old home won’t go away, and now you’re trapped trying to sell it. You were ready to move swiftly and close on a new house.
I know that’s hard to deal with, but it might simply signify that you need to change your approach. Identifying the root cause of your home’s stalling sales efforts might be as simple as figuring out what’s going wrong with the price, promotion, or even the individuals who are assisting you.
- It’s possible that your house doesn’t have the same curb appeal as the similar houses in your neighborhood.
- It is possible that you may not have enough or high-quality images of your house to entice potential buyers.
- It’s possible that you (or your real estate agent) aren’t doing enough or at the incorrect times to sell your house.
- In order to attract buyers, you don’t want to undervalue your house, but at the same time, you don’t want to charge too much.
There is a problem with the state of your residence
Take a glance at the housing market in your neighborhood. You need to be in the top 10% of your market if 90% of the properties are not selling. Specifically, look at the pending sales statistics for the properties that have already been put on the market. The current market movement may be two to three months behind information on homes that have previously closed (the kind of comparisons your realtor used to calculate the asking price). Pending sales data is a good indicator of what’s going on right now.
Think about how your property looks from the outside in and inside out once you’ve armed yourself with this information. While it’s true that you prepped your house for sale before putting it on the market, you may want to take a second look at it now that the competition is fiercer than ever. It is less probable that your house will sell if, as an example, the top 10 percent of the market sellers have new carpeting while yours is old and outdated. It’s possible that you might think about making upgrades or repairs. Ask your agent to recommend the best ways to get the most out of your time and money.
There Aren’t Any Pictures
In the world of real estate, “a picture is worth a thousand words.” When it comes to the multiple listing service (MLS), residences with just one picture are often overlooked. Real estate listings featuring a large number of photos tend to garner the most attention.
Professional-quality images should be taken; neither the camera nor the flash should be evident in any of them. Showcase your home’s greatest qualities by photographing it from a wide perspective with lots of light. The following are some further hints:
- Don’t limit yourself to only the main bedroom. Buyers will count the number of bedrooms in the picture lineup, so make sure you get them all. The absence of a single number might lead others to mistakenly believe that your stated number is inaccurate.
- Make the most of what your house has to offer. Don’t snap a photo of a tight corridor. As an alternative, take a close-up photo of your fireplace or other eye-catching element.
- Many pictures of the kitchen are needed. Buyers expect to see kitchens since they are the heart and soul of a house.
- Before photographing the dining room, set the table. Buyers will be able to see how they will use the room.
- Rearrange a few pieces of furniture to make room for this. Photos of living rooms should convey a sense of openness.
- Don’t forget about the backyard and the gardens while planning your party. They’re interested in getting a sense of the overall layout of the property.
- Add a caption to each image. This should generate a feeling or explain some of the characteristics (e.g., “perpetually sunny” or “perfect for barbecues”).
The quality of your listing’s photographs cannot be overstated. Hire a professional photographer if you’re a novice shutterbug.
You need to do more marketing.
Marketing a house isn’t a one-trick pony; it’s a team effort. Don’t freak out if your property is mistakenly listed in the incorrect area of an internet media source. Buyers who were looking in the wrong spot ended up purchasing properties. As a result, you may want to think about running an ad in many categories.
- Postcards printed in four-colors should be sent to all the residences in the area, as well as the neighboring ones.
- Distribute four-color leaflets with many images to potential buyers and those who view your house.
- Make use of a virtual tour firm for video production and distribution.
- Even if it’s just you talking about what you appreciate about living there, consider making a video and sharing it on YouTube.
- Every weekend, run a heavy advertising campaign.
- On Sundays, try to time your open houses so that they don’t conflict with any other local events. For twilight excursions, Thursday nights may also bring in purchasers.
- Make changes to your property based on what purchasers loved and disliked about it, so you can sell it more quickly.
There is a Mismatch in Your Listing Agent Selection Process
Even though your agent seems to have the necessary qualifications, expertise, and integrity, not every agent is a good fit for every property or client. Look for someone who specializes in fast sales and high volume if you want the house to sell soon. An agent who sells 12 houses a year and an agent who sells 100 homes a year are poles apart. If, on the other hand, you’re looking to make a lot of money, you may want to work with an agent who’s adept at the long game, which means finding buyers with large pockets and collecting fewer, but better bids.
For those who prefer to leave things to the experts, a full-service brokerage is the way to go. Even if they are paid a salary rather than a commission, some bargain agents don’t spend a lot of time and effort selling. The discounters have their advantages, but you’ll have to be prepared to put in more effort.
Is there anything you’d want to add? Did you choose your real estate agent purely on the basis of the listing price for your house? A lower but more reasonable price is often offered by the best listing agent. Inquire of the agent about this: “How many of your homes have sold at their initial asking price?”
How well do you and your agent communicate? Does the agent keep you up to date on everything that’s going on? The agent should help you if you need it. They should leave you alone if you don’t respond to their questions or concerns. You should never be forced to engage in a relationship that is outside of your comfort zone.
Last but not least, how does your agent feel about this situation? Does the agent have any suggestions for changing the strategic marketing strategy that is already in place?
Your reputation may not be the source of the issue. However, if the agent doesn’t provide any suggestions on how to improve the problem or otherwise fails to meet your expectations, it may be time to find another representative.
To Sell Your House, You Haven’t Priced It Correctly
A common objection from home owners is that they don’t want to hand up their hard-earned equity. Not at all. However, in order to close a deal, the pricing must be correct. If you put your house on the market and ask for a high price, it will likely sit there for longer as the number of days on the market rises. Homes that have been on the market for an extended period of time are less likely to sell for the asking price.
To prevent overpricing your property, have a look at the prices of similar properties that have recently sold. Consider square footage before making adjustments. The price you’ll receive for your property will be lower than the price you’ll get for properties with better layouts and better locations (near a school, on or near a busy street, or adjoining a liquor store, for example).
As an example, let’s say that the past three houses sold for $400,000, but you don’t think they’re similar to yours since they don’t have any recent upgrades. But if they were on a quiet street and yours is loud, your property is probably worth the same. Updates might cost an additional $50,000, erasing the negative $50,000 for the busy roadway.
Price your house at least one percent below the most recent comparable sale in a buyer’s market. Avoid disappointment by not putting your property on the market if you can’t afford the asking price. Overpricing a house is a huge no-no for any seller.