What should you do to help sell your home?
Selling your home can be downright frightening, particularly if you are constrained by time or money. If your property has been on the market for a while, don’t lose hope. Maybe it’s time to re-evaluate. Knowing what problems exist and how to fix them may entice buyers and increase the opportunity for a sale.
If you have overpriced your home, you will likely find it difficult to sell. Overpriced properties are discouraging to potential buyers who may not even view the property if they think it’s worth much less than the asking price. Now this doesn’t mean that you should undercut the value of your home. But it does mean that you should put some thought into pricing your home to sell. If you suspect your house isn’t selling because you’ve asked too much, ask your Realtor to conduct a new market analysis and decide whether to lower the price or discuss other ideas. Also, remember that comparable sales reflect past sales. If the market trend is downward, even slightly, you should recognize this. Sometimes sellers continue to follow the market; you might consider making a price adjustment and thereby lead the market. More importantly, you will likely sell your home quicker and at a better price. We are even seeing some extremely well priced properties, getting multiple offers and selling for above asking price.
Properties priced too high tend to sit on the market, giving the message that the home may not be worth what you’re asking for it. Buyers may simply assume that because everyone else is passing it up, there’s something wrong with it. If your listing has become shopworn, look at reducing the price or offering incentives. These strategies may help pique buyer interest.
Maybe you’ve already lowered the price once, but it’s a bit too little, too late. If reducing the initial asking price was not enough to attract a buyer, you should research the current housing market, specifically in your area, and consider significantly lowering the price below the next price break.
If you think your home is appropriately priced and everything else seems to be in order, it could be that the market has changed since your initial listing. It’s important to understand the state of the current housing market and to stay on top of what’s happening in your neck of the woods, which is where a Realtor can be so effective.
Most sellers opt for a lockbox. Without one, you may be locking out potential buyers. The lockbox makes it easier for buyer’s agents to access your home. Without the lockbox, agents representing buyers are forced to work around your schedule, setting an appointment to gain access and view your home.
Additionally, imposing restrictions on the times the home is available for showings can dissuade traffic. Your house probably isn’t the only one a potential buyer is going to view. If your house can only be toured after 2 p.m. on Tuesdays and Thursdays, you’re reducing the number of potential buyers.
Fixer-uppers typically sell for substantially less than other properties. But let’s say you’ve set your price — accounting for the condition of your home — and it’s still not selling.
You may want to look at making major cosmetic repairs or review ways to improve serious maintenance problems. If you do make repairs, be sure to ask your Realtor to take new pictures for advertising materials that will be used both online and in print, as well as in the Multiple Listing Service (MLS). You might also entice buyers with a cosmetic allowance.
Nearby homes and neighborhoods can significantly affect the value of your property. If you believe the condition of your neighbor’s property is stifling your opportunity for a sale, it’s time to address the situation.
For more on selling a home, visit TexasRealEstate.com and HAR.com. Shannon Cobb Evans, with Better Homes and Gardens Real Estate Gary Greene, is 2019 chair of the Houston Association of Realtors/HAR.com.