Unsold home frustrating - should we give up?
Reader question: We interviewed multiple agents, and all agreed the house would sell fast because of price and the neighborhood. Several prospects have objections, including price. We cannot control the objections; the busy street and the bedrooms on different floors. The market has cooled off. Is it worth taking the house off the market and revisiting next year?
Monty’s answer: You interviewed multiple agents and none of them mentioned the objections? Either you were not asking the right questions, or you weren’t listening.
The prologue
Families with children will likely eliminate your home just learning the address. The buyer pool was partially drained the day you started.
Because the pool is smaller, it may take more time as new prospects are entering the pool regularly. You may miss the best buyer if the home is not on the market.
With conditions outside of your control, there are two basic options:
• Keep reducing the price until the house sells. As the price decreases, the objections vanish. Only do this with a powerful need and a healthy pocketbook.
• Be patient and wait for a buyer that likes the house. Some buyers may not object. For example, a single work-from-home entrepreneur may view the firstfloor bedroom as a perfect office space.
Five steps to take now
• Gather market data: Your agent should pick the best three or four comparable sales that includes cost adjustments for the differences between each similar property and your home, identify your direct competition, and calculate the sales rate.
• Think marketing: Build a buyer profile and advertise to appeal to them. Promote what initially attracted you to the home. Some buyers want a “different” floor plan or will choose a busy street. All your neighbors did.
• Take a hard look at your agent: It is odd that none of the agents mentioned the objections.
• Review your situation: On one hand, you want to sell quickly, and on the other, you consider exiting the market. Those thoughts are conflicting. You want your actions to match up with your goal.
• Develop a specific action plan. Data generated by the MLS drive these decisions. Reexamine the price and expect an extended market time.