Sellers: Make your home as marketable as possible
Selling your home can be overwhelming, 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 reevaluate. Knowing what problems exist and how to fix them may entice buyers and increase the opportunity for a sale.
In the current market, which is beginning to stabilize, you would have to seriously overprice your home for it not to sell in a timely manner. 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.
This does not 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, 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. More importantly, you will likely sell your home quicker and at a better 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 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’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.
It’s also worth noting that 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.
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, ask your Realtor to take new pictures for advertising materials as well as in the Multiple Listing Service (MLS). You might also entice buyers with a cosmetic allowance. A cosmetic allowance is money allocated by the seller to the buyer to offset the costs of repairs. If you already offer a cosmetic allowance but buyers still aren’t biting, you may want to consider fixing major problems and removing the 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. It’s important to open the lines of communication and look for a win-win solution. The sooner you do this, the better your chance of success. Voice your concerns to the property owner and see if you can resolve the problem. If the condition of the neighbor’s property is affecting the entire neighborhood, get everyone to work together to find a solution.
You can also review local laws. If you think some deed restrictions have been violated, contact your Homeowners Association (HOA) for assistance. They are charged with the enforcement of violations.
For more on selling your home, always visit HAR.com.
Jennifer Wauhob, with Better Homes and Gardens Real Estate Gary Greene — Katy, is 2022 chair of the Houston Association of Realtors/HAR.com.
If you do make repairs, ask your Realtor to take new pictures for advertising materials as well as in the Multiple Listing Service (MLS).