You had a vision of how the selling process for your home was going to go. You scoured blogs and websites on how to declutter and best stage your home. You invested time, finances, and effort into home-improvement projects, imagining the value it would add to your home in someone else's eyes. And then it sat and sat on the market, until you gave up and removed the listing. But all hope is not lost, here are some strategies to help increase your changes of sale the next go around.
Understand Why Your House Didn't Sell
There are probably a variety of reasons why your house did not move as quickly as you were envisioning:
- Overpricing: A common reason for a house not selling is that it's overpriced. You will want to work with an agent that can determine a realistic price based on competitive market analysis (CMA).
- Lack of Curb Appeal: First impressions really do matter. Have a friend or co-worker be fresh eyes to see how you can better your home's exterior with landscaping, fresh paint, and necessary repairs.
- Ineffective Marketing: You will want to be sure and have a strong marketing campaign. Analyze your previous listing's marketing materials and consider expanding your reach through different channels.
- Market Conditions: The conditions of the market are never stagnant. Economic factors, interest rates, and local market trends can influence home sales.
Reevaluate Your Pricing Strategy
- Price Reduction: Lowering the price is almost guaranteed to attract more potential buyers. You might also consider offering a price reduction along with incentives like seller-paid closing costs.
- Competitive Analysis: A fair market value can better be determined by looking at similar homes in your area that have recently sold. If you are significantly above those prices, buyers are probably aware they can get a better value elsewhere.
- Consult with Your Agent: Your agent should have a deep knowledge of the current market and the local area. They can provide insights into pricing and market conditions that are helpful in getting that home sold.
Enhance Your Home's Appeal
- Professional Staging: Many people might consider themselves an interior decorator, but hiring a professional stager who knows how to create a visually appealing and inviting space can be just the thing to make your home a bit more appealing to buyers.
- Declutter and Depersonalize: A potential buyer does not want to walk into your home and see pictures of your family gracing the walls. This makes it hard for them to picture themselves at home there. Go through and remove personal items and excess clutter. This will allow interested parties to envision themselves living in the home.
- Focus on Key Areas: Prioritize improvements in high-traffic areas like the kitchen and bathrooms. This is where true remodeling value shines.
- Address Maintenance Issues: Maintenance issues and broken items stick out like a sore thumb. Fix any visible repairs or maintenance needs to show that the home is well-maintained.
Improve Your Marketing Efforts
- Professional Photography: Nothing makes people bounce off of a real estate listing that poor quality photos. Your real estate agent should have a photographer that specializes in real estate photography who can capture high-quality photos that draw people into your home from first glance.
- Virtual Tours and Videos: Virtual tours and property videos act almost like a virtual open house and can reach a wider audience.
- Social Media Marketing: Social media platforms are an excellent way to show off your home with potential buyers.
- Target Your Audience: Be sure you are working with a real estate agent who is able focus their marketing efforts on demographics that are more likely to be interested in your property.
Consider Alternative Selling Options
- Seller Financing: There are plenty of buyers who might not qualify for a traditional mortgage. By offering financing options that can attract these buyers, you increase the number of potential purchasers.
- Lease-to-Own: This option can be beneficial for buyers who need time so they can improve their credit or save up for a down payment.
Reevaluate Your Agent
If you believe your agent hasn't been effectively marketing your home, consider switching to a new agent with a proven track record in your area. Tina Saporito with Ronald and Associates have worked with plenty of sellers who had a poor experience with other agents. Contact us today so that we can help you get your home sold successfully.