It can be stressful to see your home languish on the market while others in your neighborhood are moving quickly. A home that isn’t selling can cost you time and money, not to mention your sanity.
Here are five reasons your home may not be selling, and advice for addressing them.
Of course you want to sell your home for as much as possible. But an overpriced home can turn away even the most eager buyers. On the flipside, if you repeatedly reduce the price, buyers can see it as a sign of your desperation to sell – prompting them to submit even lower offers. Your listing agent can help you come up with a price comparable with other properties in your neighborhood. A professional home appraiser may also be able to help.
If possible, hold off on selling until the main buying seasons in the spring and summer. If you must sell during an off-peak time, you can still attract serious buyers – but you'll need patience and ways to sweeten the deal.
To offset bad timing, you might offer incentives such as paying some or all of the buyer's closing costs. To pique interest among real estate agents and brokers, consider offering a selling bonus above the standard commission. Just make sure you stipulate it’s available only if the agent brings a full-price offer to the table or closes the sale on your preferred date.
If a poor or unsafe location is preventing your home from selling, you may have better luck generating interest among buyers by adding new security measures. Consider installing an alarm system, outdoor lighting and gates or fences.
Additionally, promote any practical and safe features of the location such as the proximity of public services (fire and police stations). Also offer to introduce prospective buyers to neighbors you know. This can provide a sense of community and make them feel welcome.
Investors and buyers with home improvement skills look for bargains, so they will typically offer less for a home that needs a new roof, has faulty plumbing or electrical systems, structural problems or that needs a lot of cosmetic work. The more repairs you make before buyers view the home, the more likely you are to receive competitive offers. It’s usually cheaper to do the repairs yourself than to offer allowances in the closing contract.
Another idea is to purchase a home warranty that covers items that break down after the sale. This gesture gives prospective buyers additional peace of mind about the home's condition.
If everything else is lined up and your home still isn’t selling, it could be due to your marketing. Particularly in a crowded market, it’s import to make an extra effort to get your home noticed.
Buyers usually go online first to search for homes, so make sure your photos represent your house in all its glory. It’s often a good idea to hire a professional photographer. Also be sure the home description doesn’t skimp on listing all the features, amenities and upgrades. This is where a listing agent can come in handy. They’ll be able to use their professional experience to create a marketing plan that makes your home standout.
Remember, when you're ready to start the process of selling your home, help is just a phone call or email away. Your local RE/MAX agent is standing by.