What To Do When Your Home Isn’t Selling

What to do when your home isn't selling

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There are several reasons that a house stays on the market for a longer period of time. For example, a prestigious residence could remain unsold simply because the number of buyers interested in this type of property is relatively low.

However, there are more conventional properties that just aren’t attracting interested homebuyers. Why? It is often a question of price or even appearance.

What can be done to reverse the trend and successfully attract a homebuyer once and for all? Here are some tips that should help you get closer to your goal when a house drags on the market.

Adjust the selling price when your home isn’t selling

A competitive selling price will allow you attract a buyer more quickly.

The selling price is a crucial factor in the successful sale of a property. An adjustment is often necessary if homebuyers are not showing up to open houses.

Take the following example: A property is listed for sale for six months. Its owners would get at least $235,000 so they list the house at $250,000 and say they have a trading margin of $15,000. Some visitors come, but no offers are made. What should they do?

They should establish what the fair market value of the property is.

The first step should be to ensure that the price reflects the fair market value of the property. This can  be done by asking a licensed appraiser to analyze the comparable price of such a property. Then it would be advantageous to reduce the bargaining power by setting the most competitive price possible.

Is it possible that nothing works when a house drags on the market? Yes. The real estate market is constantly changing – sometimes the economy is suffering, interest rates are on the rise, or there are already a number of properties that are similar to yours. If this is the case, it’s important to make changes according to this “new reality.”

Make it more attractive

The appearance of the property can also affect how quickly it sells. At the same price, many buyers will prefer a house with a modern look as opposed to a home with dated architecture or interior finishes.

Additionally, the majority of buyers prefer to acquire a turnkey property rather than a property where extensive work has to be done.

It may seem harsh, but this is the reality and it may explain why many homes drag on the market for an extended period of time.

What should a seller do in these circumstances?

As in the previous example, it’s necessary to ensure that the advertised price is competitive. Then we can estimate the cost of the work that is required to update the property, and this can be reflected in the asking price. Thus, if the owners believe that their home is worth $250,000 but it will cost about $20,000 to renovate the kitchen, they can subtract that amount from the asking price in order to attract a buyer quickly.

Look at the house value

Other means such as hiring a professional home staging consultant or undertaking renovations before selling the house may also help you to make your property more attractive.

Often it is not necessary to invest large amounts of money in order to restore the good looks of a home that’s for sale. Paint the front of the home and remove or replace the carpet with wood flooring – two improvements that could make a significant difference in the appearance of your property.

Need advice for selling your home quickly?

Visit DuProprio.com to see how our team can help you sell your house without an agent and without commission!

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