Of course the goal of all homeowners who list their properties on the market is to get it sold and preferably get it sold fast and for the best price. Since the market conditions are always changing it is hard to pinpoint exactly how long it will take before the property gets sold. If your home has been on the market a few months without any offers or interest, there may be some underlying problems that need to be addressed before your home will successfully sell.
Let’s take a look at some of the reasons your home may not be selling and what you can do to help the process:
1. Lower the price
As a seller this may be the last thing you want to hear. No one wants to receive less than what they want for their home, but most homes that do not sell are priced too high. If your home has been on the market for a while and you are attached to the price, start with a small reduction in the price. See if that generates interest.
I’ve seen homes that were not selling make small reductions from one to four or five thousand dollars and generate a new interest. Buyers and their real estate agents are notified when the price of a listed property is changed, and if your property is on that list you will attract buyers. There’s no point in clinging to a dream price if your property sits on the market for another six months. If you want, or need to sell your house, then price to sell in the current market and not the market you originally purchased your home in.
2. Spruce Up Your Home
Another big reason homes do not sell is because they need some updating and minor cosmetic adjustments. If potential buyers have looked at your home and there is still no interest in purchasing it, find out what the general opinion is. If it is not the price, then more than likely it is the shape of the home or some minor improvements you need to make. Painting a few rooms, or even staging your home in a different way can generate interest and cause buyers to take a second look. Making the outside of your home look great is also a plus. Curb appeal will allow you to make a good first impression on buyers, who are looking at landscaping, looking for neat lawns and yards that are well maintained and clear of any debris.
Small changes my help, but be careful not to go overboard on improvements that may not yield the return you are looking for. You don’t want to put more money into the property if it won’t raise the value. Small updates can go a long way.
3. Market Effectively
If your home has been on the market for a while and you haven’t changed where or how you’re marketing, you may be losing out on buyers. If the listing and promotional details for your home are the same month after month, buyers will assume nothing has changed and simply skip over or ignore your property when it comes up on a search. The most effective advertising you can do before a buyer comes to look at your home is to include many pictures on the advertising website. If you have had the same photo up for a while, it may be time to change it to another perspective. Try to capture the best angles of each room in good lighting.
Along with the photos, make sure that you have a very descriptive and detailed property description that will allow buyers to imagine each room and its feature vividly. It may be best to put yourself in the buyer’s shoes and imagine what kind of description would draw you in and make you want to see the property.
If you have followed the above advice and your home is still on the market after several months, consider taking a break from the traditional market. While there are small changes you can make, you don’t want to continue being in a stressful situation that may cause you to make the wrong decision and spend more money than you need to.
One avenue I recommend while you are taking a break from the traditional market is to consider selling your home to a real estate investor. Companies like People’s Real Estate Consulting Corp. are a great option to consider when trying to sell a home. Our investors are always looking to buy homes in any condition and We are willing to buy fast. Some of the people we buy houses from receive the offer the same day. If you are tired of the waiting and the uncertainty involved with selling your home contact us today. You don’t have to sit on that property any longer.