So, it seems we have a dilemma; Your house isn’t selling quick enough. You listed your home for sale at $500,000 two months ago. The price was comparable to other properties in your area, yet after two open houses, no offers have come in. Your agent suggests lowering the price by $10,000, and more potential buyers come in, yet no offers come in. You don’t want to drop the price any further, but you aren’t gaining traction either. So, what reasons isn’t your house eliciting any real offers, and what can you do to fix the problem? Sure, when a house is fresh on the open market, every home owner is motivated to sell their property fast, but seldom does the sale take place that way. These are 5 reasons your house isn’t selling, and a few simple fixes to the problem.
1. The curb appeal –
Curb appeal makes all the difference in the world. Imagine you going to an open house, and finding dead plants in the yard, old chipped paint, and a broken porch swing. You wouldn’t make an offer either, right? The same goes with your home. It might not be that bad, but sprucing up the front of the home, will draw more attention and help get the offers.
What’s the fix? Well, you can add new landscape design, add a few trees and floral arrangements. If the paint needs some added flair, try a new color, or even a fresh coat goes a long way. Consider paving the driveway if it isn’t. The changes you need to make really depend on how it looks, and what prospective buyers are seeing. These minor changes (most which aren’t costly), will really help attract more buyers, and help you get the offer.
2. The repairs –
Today buyers want updated bathrooms and kitchens. They want all stainless steel appliances. They don’t want to buy a home with a laundry list of repairs that have to be made. If the kitchen needs work, bedrooms need to be updated, the HVAC system isn’t working, and so forth, you won’t sell the home, even if the asking price is inviting.
What should you do? Well, tackle the bigger, costlier repairs. When listing the home, and handing out brochures at an open house, make sure to inform buyers the refrigerator is brand new, or that you just installed a new HVAC system. The more updates you have made, the lower the number of repairs they have to make, and the more “move in ready” the home is, the easier it is to sell.
3. Its too personal –
Sure you love the macaroni art hanging on the fridge, and the family photos everywhere, but prospective buyers don’t. If the paint is something personalized to your taste, if the furniture is that old rocking chair you’ve had since college, and if everything is personalized to your taste, how can other buyers see themselves living in that home with their family?
What changes should you make? First off, go with neutral tones when it comes to paint and furniture. Make everything as “normal” as possible. You want every potential buyer who walks in to see their family living in that home. You must detach yourself from the property, choose furnishings and decor which are more universal, and find ways to present the home as one that any family can move into right away.
4. You aren’t working with a realtor –
Sure, you don’t want to pay the 6% commission on the sale of the home, or you think you can do the research and listing yourself. But, no matter how knowledgeable you are, or how much research you do, you don’t have the experience. Realtors not only have comparable software to help you properly list the home price, they also have resources. They can help you stage the home, create brochures, hold open houses, and more. They will help you solve your real estate problem!
The fix is a simple one. Hire a realtor. That 6% commission will seem a lot lower than continually having to bring down your asking price. Plus, they do the hard work for you, meaning fewer headaches when selling your home.
If you should decided to sell your home by owner (fisbo), then make sure that you fully understand the duties and the many different roles that a realtor performs, so that your home isn’t left at a huge disadvantage from other listings that are represented by a professional.
5. You won’t negotiate –
Of course, you feel your home is worth more than $500,000, the neighborhood is top-notch, the home is bigger than others in the area, and it’s in a great school district. This might be true, and it might be worth more than the asking price; this doesn’t mean you will get the full value.
If you aren’t willing to work with prospective buyers, especially those who come close to the asking price, you are not going to sell the home. You have to be willing to give a little, otherwise it won’t sell. There are comparable homes out there, so even if you love your home, you have to learn to negotiate.
Sometimes the simplest solutions are the right ones. These simple changes will not only get the home sold faster, but also help you receive the highest offer price as well.