Make your home as marketable as possible
Selling your home can be overwhelming, even without the backdrop of a pandemic, particularly if you are constrained by time or money. If your property is taking longer to sell than you expected, don’t lose hope. It may be time to re-evaluate. Knowing what problems exist and how to fix them may entice buyers and increase the opportunity for a sale.
In the current market, which strongly favors the seller, you would have to seriously overprice your home for it not to sell quickly. 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.
Sit down with your Realtor to discuss a marketing plan and pricing strategy so you are both on the same page. If you suspect your house isn’t selling because you’ve asked too much, have your Realtor 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.
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 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.
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’s possible 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 local trends, which is where a Realtor can help.
Most sellers opt for a lockbox. Without one, you may be eliminating potential buyers. The lockbox makes it easier for buyers’ 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 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.
Fixer-uppers typically sell for substantially less. 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, ask your Realtor to take new pictures for ads and MLS use.
Whether selling, buying or renting a home, you can always turn to HAR.com.