Steps to Take if Your Home Is Not Selling
If you’re home is priced just right and the market is doing well, then you should have no problem selling your house. But what happens when the stars don’t line up and your home is not selling?
The fewer days your home is on the market, the better. Here is our quick guide on steps to take if your home is not selling.
Price, Location and Condition Matter
A home’s price, location and condition can make a big impact on the sale of the home. If all three don’t line up perfectly, then buyers won’t be interested in your home.
The price of your home is dependent on a number of factors. Size and the number of bed and bathrooms are only part of the equation. There’s all the impact of the size of the lot, upgrades in the kitchen and other places around the house and age of the house itself.
You cannot change your home’s location, but you can price your home to fit it. For example, if your home is near public transportation or a shopping district, then you may be able to ask for more. If not, then don’t price your home like it is.
The condition of your home is probably the most important. If your home isn’t in good condition, then it won’t sell very well (unless you price it low enough). Depending on your budget, you can do some renovations to help the price.
If your house is a bit dated, you might redo the electrical writing or update your kitchen and bathrooms. If you have any major repairs to be done, see that they are promptly fixed.
Understand Your Pricing Strategy
Did you set your listing price high with the hopes of negotiating down to a more reasonable sale’s price? This pricing strategy can backfire for a number of reasons.
First, if the home is priced too high, you will miss out on search traffic from homebuyers looking for a home up to a certain price. If you plan to sell your home for $225,000 after a negotiation, but have it listed for for $240,000, then you are missing out on all of those potential buyers who are capping their search at $225,000.
Make sure that your pricing strategies and selling goals are actually realistic and make sense.
Go Back to the Comps
The comps in your area can tell you a lot about the market right now. If nothing else is selling, then maybe it’s not that your home is priced too high. The market is just not moving right now. That doesn’t mean you shouldn’t consider lowering your price, but it should make you stop and think.
Don’t forget to look over recent comps as well. Look for major differences between your home and what is out there. Did this other home sell because its yard looked to be in better condition? Does it have a finished basement or open-concept layout? Look for these differences to see whether or not you priced your home too high.
Even after your home has been on the market, you should always be reviewing the most recent comps.