Homeowners can get jittery when that for sale sign starts becoming a permanent feature on their lawns. As potential buyers keep eyeing without buying, you might begin to wonder what exactly is wrong with your property. Why is it not selling? If your house is languishing on the market, it may be time to rethink your selling strategy. Even in a slow market, there are a few things that you can do to get buyers to commit to a purchase. So here’s 6 things you can do to help make sure your house sells.
1.Give it a makeover
Buyers may be skipping your property because they think it requires a makeover. They are more likely to buy a home that requires little or no work at all. You don’t have to splash money on an expensive renovation. Instead, find out from your realtor what it is that buyers didn’t like about the property. You can also ask buyers to give honest assessments of your property. Focus on simple and less costly fixes such as fresh paint or a thorough clean-up. The garden may need a little sprucing up as well. This will not cost you that much, but it may make the difference in a tight market.
2.Lower the price
You may reluctant to lower your selling price especially if you believe it’s a fair valuation. However there is no point in clinging to a dream price if your home has been listed for months on end. The property market is not stagnant. Prices move up and down depending on the economic outlook among other factors. Demand may soften in a depressed market and make buyers very price sensitive. A little cut in price may be enough to seal the deal. This is preferable than waiting for another year. Compare the offerings in the market to get an idea of a competitive price point. Your agent may also have a better idea on price movements in the market.
3.Take a break from the market
The longer your property remains listed, the more it loses its appeal. Buyers can spend a long time looking for that dream home. Once they notice that your property is not selling, they immediately assume there is something wrong with it. They may simply ignore the property after seeing it a number of times. Furthermore, some buyers will take advantage of the situation to negotiate for a much lower price, knowing that you are desperate to sell. Unless you absolutely cannot afford to, take the house off the market for a few months before listing it again. If the market is stagnant, consider renting it for a year or more before putting it back on the market.
4.Evaluate your relationship with your agent
A bad rapport between you and your realtor could be making the situation more difficult. You need to agree on the sales strategy and pricing, so as to prevent unnecessary conflicts with your agent. This can be achieved by having an honest conversation about what you expect from the deal, bearing in mind the prevailing market conditions. Listen to advice from the realtor, since they understand the market and are in touch with potential buyers. Both of you should be flexible enough to change strategy if the current approach is not working. If you feel that the agent doesn’t understand your needs, then you may consider working with a different one.
5.Change your advertising
Most buyers will know your property from listings on real estate websites. This is because most house searches today begin online. It may be helpful to change the photos you have on display and try different shots of other areas of the home. For example, add photos of the garden or a different angle of the kitchen. You may also use a professional photographer if the original photos were not done properly. Property descriptions and other promotional details should also be altered to give our listing a new feel. These small changes may spark interest from buyers and lead to a sale.
6.Comparison shop
Selling property can be tough in a stagnant or depressed market. Ensure you stay ahead of competitors by comparison shopping to see what is on offer. This will allow you to figure out what incentives buyers are looking for. This will allow you to make similar offers or alterations to your property. It will also guide you on the pricing. Since potential buyers are looking around, then so should you.
Finally, it is important to keep your mind open and listen to advice form professionals. Do not stick stubbornly to your own strategy if your house is staying too long on the market.
Alex Saenger and the Saenger Group are Top 1% Maryland Real Estate Agents serving the Washington DC Metro area. We are licensed Realtors based in Rockville, MD at Keller Williams Capital Properties.
