What to do if your home isn’t selling
What To Do If Your Home Isn’t Selling
Corey Burr Forbes Councils Member Sep 17, 2019
Selling your home can be a physically and emotionally taxing time. Getting it ready to go on the market can be time-consuming, and in some cases, expensive. By the time the home is listed, it’s natural to breathe a sigh of relief. That sense of relief can turn to disbelief and disappointment very quickly if the home doesn’t sell immediately.
If this happens, there is no need to panic. But it is time to step back, reassess and then take steps to generate buyer interest. Here are seven tips that can help you close the deal without breaking the bank.
- Listen to your broker. It is critically important that you consult your real estate agency when deciding on a new strategy. A top-flight agent who has sold homes in up and down markets can be a huge asset. An experienced broker will have intimate knowledge of the neighborhood, and of the comps on similar homes that have sold in the immediate area.
- Consider making improvements. Are there visible cosmetic repairs that need to be made? Are there small improvements that you considered, but decided against doing? The kitchen and bathrooms are good places to start. If you have old cabinets that are showing some wear, you might consider putting a coat of lacquer on them to give them a fresh sheen. If the bathroom fixtures are old, replace them with attractive contemporary fixtures. Wall-to-wall carpet that has seen better days can be a turn-off for prospective buyers. Most of the time, it doesn’t require a lot of time and money to make improvements that pay off in the end.
- Brighten things up. You want to give your home an inviting feel as prospective buyers walk into it. If the walls inside the home are a dark color, consider painting them white or gray. Keep it neutral. You don’t want to scare off a potential buyer who doesn’t like a particular color. Change the feel of the home by putting in high-watt lightbulbs. Remove blinds and old curtains to provide as much natural light as possible. A light and bright house shows better than one that’s dark inside.
- First impressions matter: Make the outside of your home stand out. It’s important that the property has been well-maintained. If the yard is an overgrown mess, prospective buyers might not even get out of the car to see the inside of house. Trim the bushes. Seed bare spots in the lawn. Clean the inside and outside of the gutters. Plant flowers, and buy some attractive plant holders for the front porch. You want to give your home a welcoming feel. You might even put a fresh coat of paint on the front door and shutters. If your home is full of furniture, it’s a good idea to remove some of it. Excessive clutter can turn off buyers. You want to do everything you can to accentuate the amount of open space in the home.
- Re-evaluate the price of the home. Selling a home can be an emotional experience, and owners sometimes have inflated expectations when it comes to the value of their property. If your home has been on the market for three to four weeks without an offer, it might be time to consider a price reduction. You won’t be alone: According to a recent study, nearly 25% of sellers would be willing to lower the price if their house hasn’t sold in a month. Bringing the price down can often generate buyer interest and activity.
- Offer incentives to buyers. In addition to the down payment, a buyer has to put a considerable amount of money into the transaction, like state/county transfer taxes and lender and settlement attorney fees. If you offer to pay some of those expenses, it might remove a potential stumbling block and ultimately be the deciding factor that helps close the deal.
- Reduce costs by renting your home. If you’ve already moved and are growing tired of paying two mortgages, renting out your home is an option. This enables you to buy some time and save money until you decide it’s time to put your home on the market again.
If you’re having a hard time selling your home, you must be flexible, motivated and creative. Listen to your agent, and be open to making changes that can help you close the deal. https://www.forbes.com/sites/forbesrealestatecouncil/2019/09/17/what-to-do-if-your-home-isnt-selling/#1d83ba9ac941