The Peggy Patenaude Team's Blog
If you’re selling your home it can be frustrating when you aren’t receiving any offers. Perhaps you’ve heard that it’s a seller’s market and that the offers on your house would be flying in. However, it’s more complicated than that.
Whether or not your house receives offers is determined by a number of reasons--some that in your control, others that aren’t. But, that doesn’t mean you have to give up and sell your house at a low price.
In this article, we’ll discuss what to do if your house just isn’t selling. We’ll talk about some reasons why people may be hesitant to bid, to inquire about a showing, and to seal the deal and purchase your home.
Revisit the comparable properties
If your home has been on the market for a while, it’s a good idea to check out the other recent homes in your neighborhood to see how their prices compare to the listing price of your home. Since the market fluctuates, other sellers could be adjusting the cost to reflect the current rates, leaving yours higher than it should be.
When pricing your home, make sure you are comparing your house to those that have actually sold. Using houses that have been on the market for a while as a baseline might mean you’ve priced your home too high to sell just like theirs.
Also, make sure you are using houses that share many of the common features that yours does. This can include:
The year the house was built
Number of bedrooms and baths
The lot size
The condition of the home
Remember, it isn’t all just about location.
Getting more leads
If people aren’t making inquiries about your home, there are a few things you should check up on. First, make sure your listings are updated and accurate. The contact info should be easy to find, and you or your real estate agent should provide multiple means of contact (email, cell phone, text, etc.).
Next, ensure that you’ve given enough details about the house. If people are searching for a specific number of rooms but your listing doesn’t mention the number of rooms you have, you might be missing out on several inquiries.
Finally, make sure your photos are high resolution and well-lit. You want to make sure visitors to your listing can get a clear idea of what your home looks like. If your photos are small, dark, blurry, or if they make the house look cramped and cluttered, you should retake your photos or consider hiring a photographer.
Getting more offers
If you’ve had plenty of inquiries and showings but you aren’t getting any offers there may be a deeper, underlying issue that needs to be addressed. Usually, this means your home needs important repairs and upgrades that buyers simply don’t want to make.
If your house is priced to be move-in ready but it’s not, you’ll have to make some upgrades or lower the price.
Not working with an agent
Sellers can also have a difficult time getting offers if they attempt to sell the home themselves without using a real estate agent. If your home is FSBO (For Sale by Owner), you’re missing out on a number of listing services and connections that an agent can provide.
It generally is a good idea to bring your A-game to the home selling journey. Because if you fail to put your best foot forward, it may take many weeks or months to stir up interest in your residence.
Ultimately, there are lots of things that you can do to generate interest in your home, such as:
1. Bolster Your Home's Curb Appeal
Your home only gets one chance to make a positive first impression on buyers. If your residence boasts exceptional curb appeal, your house is sure to make a great first impression.
Typically, upgrading a house's curb appeal can be quick and simple. Performing lawn care tasks like trimming the hedges and removing debris from walkways is ideal. Also, you may want to fix any cracked or damaged home siding.
If you need help with home exterior enhancements, you can always reach out to local professionals for assistance as well. By hiring home improvement specialists, you can bolster your residence's curb appeal without delay.
2. Set an Aggressive Initial Asking Price
The initial asking price you set for your home can have far-flung effects on the house selling journey. If you establish an aggressive initial asking price for your house, you could accelerate the home selling cycle.
To determine the best price for your home, it may be beneficial to conduct an appraisal. Thanks to an appraisal, you can receive a property valuation that you can use to help you decide how to price your house.
In addition, you may want to perform an inspection before you list your residence. After an inspection, you'll receive a report that details any underlying problems with your house. You then can use this report to prioritize home repairs and complete property upgrades so you can get the best price for your residence.
3. Work with a Real Estate Agent
A real estate agent knows what it takes to sell a home as quickly as possible. At the same time, a real estate agent understands how to help a seller maximize his or her house sale earnings. Thus, a real estate agent can provide insights and recommendations that allow you to achieve your desired home selling results.
With support from a real estate agent, you can receive expert guidance as you navigate the home selling journey. A real estate agent will work with you throughout this journey and ensure you can get the help you need to succeed. Plus, a real estate agent will respond to any of your home selling questions and teach you everything you need to know about selling a residence.
When it comes to selling a home, it is important to work hard to accomplish your goals. If you take advantage of the aforementioned tips, you can bring your A-game to the home selling journey. As a result, you can boost the likelihood of enjoying a memorable house selling experience.
Adding your house to the real estate market today may prove to be a great decision. In fact, there are many terrific reasons to list your home today, including:
1. You may be able to generate a profit on your house.
If you maintained your home over the years, the residence may have increased in value. Thus, you may be better equipped than other home sellers to generate a profit on your residence.
Furthermore, if you're preparing to enter a seller's market, you may be able to earn a significant profit in no time at all.
A seller's market frequently includes an abundance of homebuyers and a shortage of home sellers. As such, if you add a high-quality house to a seller's market, it may be only a matter of time before you receive multiple offers at or above your initial asking price.
2. You can downsize your home or upgrade to a larger residence.
Although your current residence may have served you well for an extended period of time, now may prove to be a great time for a change. Fortunately, if you add your house to the real estate market, you can take the next step to downsize your residence or upgrade to a larger residence.
For those who want to downgrade, it may be simple to sell a house and get rid of excess items at the same time. Then, you can relocate to a smaller residence that better suits your budget and personal needs.
On the other hand, those who want to move into a bigger and better residence can explore a vast array of residences any time they choose. After a home seller finds a buyer for his or her residence, this individual will have plenty of funds to pursue a superior residence as well.
3. You can embark on a new adventure.
Selling a home opens new doors for any individual, at any time.
For example, you can use the funds from your home sale to go on a cross-country journey. Or, you may choose to move closer to family members and friends in another area of the country. Regardless of which option you choose, you won't have to worry about being saddled to a home mortgage after you sell your residence.
Consider the short- and long-term ramifications of selling your house, along with what you'll do immediately following a home sale. By doing so, you can map out the next stage of your life.
Of course, if you ever have concerns or questions about selling a house, it is always best to consult with a real estate agent. With a housing market professional at your side, you can receive expert insights throughout the home selling journey.
A real estate agent will keep you up to date about offers on your house and offer honest, unbiased home selling recommendations. In addition, he or she is ready to respond to your home selling queries at any time.
Get ready to sell your home – meet with a real estate agent, and you can take the next step to add your residence to the real estate market.
Once you put your home on the market for sale, you’ll have some decisions to make including the real estate agency that will list the home. One of the most important things about selling your home is finding the right price to sell the home at. You’d like to make a return on your investment. On the other hand, if time is a factor in your move, you may need to be even more strategic about pricing.
At some point, once the home has been on the market for a certain period of time, you’ll need to think of reducing the price of the home.
Work With Your Realtor
You may not know the perfect time to reduce the price of your home, but your realtor does. As a seller, you may not be too happy about lowering the price of the home at all. Depending on the state of the real estate market, your realtor will make the right suggestions to do what they can in order to sell your home. Sometimes this includes a price reduction to make both buyers and sellers happy.
Marketing Is Everything
Before the price is even reduced, you may need to take a look at how the home is being marketed. There’s so many pieces of the puzzle that come in when a home is being marketed.
The home is listed in the MLS by your realtor, but is it getting hits? Have open houses been held to further advertise the home? Are the pictures of the home representative of the property and good quality? Is adequate “for sale” signage present? Is your realtor available for showing the home privately?
These are all important things to think about when it comes to marketing the home. Your realtor is well-versed in all of these areas. The important thing for you as a seller is to be aware of just how many different avenues are available for you to get the word out about the home.
Can You Wait To Sell?
If you’re not moving due to a job change or a life transition that’s urgent, you may be better off waiting to sell the home. If the market is slow or happens to favor buyers heavily, you may want to wait and take your home off of the market for a bit. One of the most important things that you can do as a seller is to go with the flow of the market that you’re in.
Find The Right Number
When you price your home too high, you’ll need to keep lowering the price until you find the price that’s “just right.” When you use this approach, your house will sit on the market for a long time. This will be worse for you as a seller in the long run. Buyers will wonder why your home has been on the market for so long. Is there something wrong with the home? Will the price continue to drop? Really, interest will continue to wane from your home using this strategy. At this point you may just need to take the house off of the market.
In a perfect world, you only want to have to drop the price of your home once. Work with your realtor to find that sweet spot for pricing and you’ll be happy selling your home to satisfied buyers.
When it comes to selling a house, there is no reason to operate as a "basic" home seller. Instead, you can become a "responsive" home seller, i.e. someone who goes above and beyond the call of duty to get the best price for his or house.
Ultimately, becoming a responsive home seller may be easier than you think – here are three tips to ensure you can enter the real estate market as a responsive home seller.
1. Track Housing Market Patterns and Trends
As a responsive home seller, you'll want to monitor the real estate market closely. By doing so, you'll be better equipped than other property sellers to identify housing market trends and respond accordingly.
For example, if you notice a large collection of available houses and a shortage of property buyers, this likely indicates a buyer's market reigns supreme. In this market, you may face steep competition as you try to sell your house.
On the other hand, if you find that many high-quality residences are selling quickly, a seller's market may be in place. And in a seller's market, you may be better equipped than ever before to enjoy a fast, seamless home selling process.
A responsive home seller will be able to differentiate between a buyer's and seller's market. Then, this home seller can map out his or her home selling journey accordingly.
2. Remain Open to New Ideas
Selling a home often requires plenty of persistence and hard work. For responsive home sellers, it also requires flexibility and patience.
Typically, a responsive home seller will be happy to listen and respond to past home sellers' advice. This home seller will be open to learning from past home sellers' successes and failures and using their insights to make informed home selling decisions.
For those who want to become responsive home sellers, feel free to reach out to family members and friends who have sold houses in the past. This will enable you to gain deep insights into the home selling process that you might struggle to obtain elsewhere.
3. Collaborate with a Real Estate Agent
With a real estate agent at his or her side, an ordinary home seller can become a responsive property seller in no time at all.
A real estate agent will communicate with a home seller throughout each stage of the home selling cycle. Meanwhile, a responsive home seller will listen to this housing market professional and work with him or her to achieve the optimal results.
Furthermore, a real estate agent will be available to respond to a home seller's concerns and queries. At the same time, a responsive home seller will be ready to collaborate with a real estate agent via phone calls, emails and texts.
Use the aforementioned tips to become a responsive home seller – you'll be happy you did. Responsive home sellers may be more likely than other property sellers to seamlessly navigate the home selling cycle and maximize the value of their residences.