Unsold Home? Don't Panic - Here's What To Do Next
Have you been trying to sell your home and yet it hasn't worked? You've utilized the services of a local real estate agent but your listing expired. You're not the only one!
A lot of homeowners find themselves in this position, scratching their heads as to why their house has failed to excite potential buyers. Whether there's a lack of interest or an unreasonably high price tag, many things could be causing the issue. If that's what you've been going through but no luck so far, here are some useful tips for getting yourself unstuck and sealing up a sale finally. It may range from cutting back on the asking price right down to consulting with another real estate expert - like me!
Understanding Why Your Home Didn't Sell
It can be really disheartening if your house has been on the market for a while and still no offers. It's important to take time out, analyze why it hasn't sold yet and work out what needs doing to get it off the shelves. What is most likely causing homes not to sell? Yep, you guessed right - overpricing! And what is meant by that is that it is overpriced for its current location and/or condition. You can't change the location, but you can alter the condition. And you can change the list price.
If potential buyers don't seem interested in coming out for a tour or making an offer, it may be because the price tag is too high compared to other properties nearby. It's essential that sellers have realistic expectations when pricing their home and understand how much similar homes recently sold for within their area so they can accurately gauge the market value of theirs. Otherwise, they risk setting themselves up with an overpriced listing that won't bring offers from buyers - leaving them questioning why no one has shown any interest at all!
Another reason why homes don't sell is because there are repairs or aesthetic improvements needed which may not be quite noticeable in the beginning, but can make potential buyers think twice once they go for a tour and inspection. If your roof requires replacing or floors need refinishing - this could cause customers to assume that other parts of the house also require some fixing up and thus lower their offers, or just cancel them altogether. And so now your property will stay on the market longer than expected with no offer coming through at all. That's really frustrating, isn't it?
Currently, we're still seeing low inventory. You might have heard of other listings receiving multiple offers while your home's listing expired. Why are other homes having bidding wars and yours isn't? Once again, it is usually priced too high for the area and the condition of the home. I will walk through your home and point out issues I can see. I know what buyers want and expect. I try to offer ideas that are low-cost to no-cost.
Role of the Real Estate Market in Unsold Homes
The real estate market can be a huge deal-breaker when it comes to selling your house. If there's an abundance of homes for sale and limited buyers, then you might find yourself in some trouble - no matter how good the condition the property is in. But if luck favors sellers and more people are buying than properties available, you could be looking at a quick sale! How great would that be?
Before putting your house up for sale, it's important to study the current real estate market in your neighborhood so that you can price it accurately and be ready for whatever offers could come up. It helps too if you know what kind of buyer is likely interested in buying a home like yours - this will put more emphasis on pricing and advertising tactics. For instance, young families searching for homes similar to yours might be willing to give higher bids than an investor who buys properties as investment opportunities.
Knowing what purchasers are yearning for will assist you with boosting the estimation of your property when it's an ideal opportunity to sell. Despite how great the market is at any given time, there could, in any case, be outer elements that can influence somebody purchasing or not buying your home - say area or size, so ensure you think about those too before putting up an "Available to be purchased" sign on the front yard!
Living in an area with high crime rates or loud traffic can definitely be a deterrent when it comes to selling your house. If you live on a street with loud traffic, read how that can affect the value of the home - Buying a Home on a Busy Street. Prospective buyers might not feel that they get enough living space from what they see, possibly leading them to decide against making an offer. This could seriously cost you if you're trying to sell your home quickly!
My husband and I viewed many nice homes before we finally made our offer. I'm sure some of the sellers we bypassed were questioning why we didn't make an offer on their homes. In most cases, it was the floor plan. We don't care for open floor plans. Some homes weren't completely open, but walls between rooms didn't go all the way up. So if someone was watching television or listening to music in one room, the noise would travel throughout the house. Price really wasn't the issue with those homes, and most of them showed nicely otherwise./p>
It's super important to always keep in mind that no two houses will ever be exactly the same when it comes to their value, even if they're built right next door. Some might have been recently remodeled while others haven't seen any renovations since they were first built - decades ago! Plus there could also be differences like one house having a beautiful lawn and another with an overgrown flower bed. All these things can really influence how much someone is willing to pay for your property once you list it for sale. So don't forget all of this stuff before you try selling because regardless of what shape the real estate landscape looks like at any time, these factors are ultimately going to determine whether or not people actually want (and then fork up) money for what you're asking them!
Importance of Price Reduction in Home Selling
Selling a home is all about pricing, as it's the key factor to success. Prices that are too high can turn off buyers and make it tough for you to generate interest in your property. That's why sellers need to think carefully about their price when listing their house – because if they don’t see enough action soon after listing, then reducing the amount could be essential. And this can actually be a great way of getting what you truly deserve from selling your home!
A price drop can be a great way to attract potential buyers who were previously hesitant due to the original asking price. Moreover, it also increases competition between prospective purchasers, which leads them to submit higher offers and drives up sales prices. You want to be offering the nicest, cleanest, best house in the area at the best price. You're better off matching the price of a similar home than pricing above it. That home can help sell your place! Your home might get multiple offers, pushing your price up above what you're asking.
Overpricing from day one can add weeks and months onto market time. Once you finally price your place properly, the buyers that first looked at it when it went on the market have most likely purchased something else already. Over the years, I've seen many sellers chasing down past buyers that looked at their home in the beginning, but those buyers were no longer looking - they already found a house.
Here is the time frame I suggest to sellers:
1. No showings since the house has been listed? A 3-5% decrease should be taken. The first two weeks are when a seller will see the most showing activity, especially in a low-inventory market like we're in today. No showings? It's priced too high!
2. Many showings - no offers. We suggest that if you have 10-12 showings without an offer, a price reduction should be considered. The photos in the MLS and online and the list price aren't scaring buyers away, but there is something about your house that is causing it to sit while other homes are selling. I can usually tell you what the issue is.
3. Bad feedback. If you're hearing the same thing over and over, such as people not liking your paint colors, then you should really consider changing the paint. Many sellers think buyers want to take this on themselves, but that's just not true. The last thing most buyers want to do is paint, put new flooring in, or make other repairs or updates immediately after moving in. Even if a buyer wouldn't necessarily paint their walls white if it has been suggested that you need to make things more neutral, a light color should be pleasing to most buyers. If anything, they'll be able to live with a neutral palette until they feel like personalizing the space in the future. In this case, you're not reducing the price, but you are paying to have work done. But this might be the one thing that cinches a sale for you!
4. Sitting too long on the market - probably needs a price reduction. If you haven't received specific feedback, or there is something like location or the floor plan that you really can't change, then you'll need to consider a price reduction if your home sits for 3-6 weeks without an offer. Not every buyer gives specific feedback - there was just something they didn't like, and sometimes they can't put their finger on it. Find out what the average market time is for your area and if you haven't received an accepted offer in that timeframe, you need to reduce the price or make some suggested updates.
5. Receiving similar offers lower than your list price and staying firm with both offers. I've seen exact same offers getting rejected by a seller. These offers were made at different times, it was not a multiple-offer situation. If you are turning away a second or third offer that is similar to the first, then you're not listening to how buyers are really feeling about your house. If I'm your listing agent, I will never tell a buyer's agent what another offer was. So if you get two similar or the same offers with me as your agent, this is two different buyers coming up with the same value for your house.
6. In a similar vein as above, if you're not being flexible with your price and you're receiving offers but you're either not negotiating at all or not by enough, then you could be heading towards an expired listing. I know it's difficult for some people not to get angry when they feel an offer is a lowball. You need to take a step back and be grateful that these buyers felt your house was worth an offer. I've seen sellers stuck on the list price and only after months have they finally come to the realization that if they want to sell they need to get realistic with their price and negotiations.
I would love to not have to ask any of my sellers to have to reduce their prices. Sometimes I'll take a listing where I feel the seller is too high, but the house is otherwise nice and I'm willing to work with the seller. But if the house isn't selling based on the above parameters, it is essential that sellers properly evaluate the cause of why their house isn't selling and then come up with a plan on whether it should involve discounting or improving certain features like staging, renovating some rooms, landscaping, or changing roof materials, etc. This way you can make an informed decision about what will bring in more profits from the sale: investing beforehand or making discounts available instead? Maybe both methods could lead to success.
Common Mistakes to Avoid When You Sell Home
Selling your home isn't the easiest process to navigate. It's essential that you price it accurately if you want to avoid making mistakes. Price too high and it could take longer, requiring multiple cuts before finding a buyer; underprice and you may not get the return on investment for improvements or renovations done prior to putting your property up on the market. Do some research into what similar homes in your area have sold for as this will give an indication of where yours should sit in terms of pricing - after all, why would anyone pay more than they need? Make sure any upgrades are taken into account when calculating fair value.
A frequent misstep when selling your home is not staging it properly or doing insufficient "curb appeal" work before listing it. Buyers will take into account things like an unkempt lawn, overgrown shrubs and trees, lack of landscaping/gardening effort, and cluttered living spaces inside the house - all elements that can push potential buyers away from your property even before they walk through the front door! Allocating some time here could make a major difference in how quickly (and for what price) you sell your residence.
Although landscaping has never been a huge deal to me, I've fallen in love with a few homes because of how nicely their places looked on the outside. I still remember a house with a beautiful backyard (I didn't like the floorplan of the inside of the house much), but that yard was very tempting. So we're serious when we talk about curb appeal. I've had buyers that refused to look at the inside of a house that we had an appointment for because they didn't like the outside. It was something they couldn't really tell when looking at online pictures. Sometimes, it's the neighbor's unkempt house that will turn buyers off. You can thank those neighbors for reducing the value of your home.
Remember not to overlook marketing campaigns while trying to sell a house - especially if yours has been staying on the market with no takers yet! Ensure that prospective customers know about every one of its traits by advertising via multiple platforms such as newspapers, online postings, or even social media sites like Facebook or Twitter. Investing some money into publicity materials including leaflets or pamphlets may also be useful in getting people curious to see exactly what makes your abode special so they'll want to come visit it! But you don't have to worry about marketing with me - I utilize an awesome marketing plan with a website just for your house, free staging advice, professional photos, actual advertising, and more.
Effective Strategies for Selling an Unsold Home
Selling a home can be really stressful and take up so much time, and even worse it could end in failure. If you're faced with this situation, there are certain tactics that you can implement to make the sale faster and get your desired price. First of all, ask yourself why hasn't it sold yet? Did you overestimate its value or does something like poor curb appeal need addressing - maybe upgrade the kitchen if necessary? It's absolutely essential to identify any problems with your house before trying to re-list it on the market. Identifying these issues beforehand not only saves time but also money, instead of pressing forward without understanding what might have kept potential buyers from making an offer on your property in the first place.
I have relisted many listings that expired with other agents. And I've been shocked by how many sellers told me their agents never suggested a price reduction. Those agents didn't provide feedback (not all buyers will offer feedback, but we usually get enough to at least give us an idea). In fact, some sellers didn't hear back from their listing agent until the listing was about to expire! I keep in contact with you every 7-10 days, sometimes sooner. You'll never be guessing at what is happening.
Many sellers may be enticed by market analysis reports displaying higher values, but these should only serve as a reference point when adjusting prices - they shouldn't totally dictate the value of your property. Chatting with real estate agents who specialize in selling homes can provide valuable insight into what strategies have been successful before and how best to move forward according to current local market conditions. After all, having an expert on hand that understands both the different types of buyers out there and also knows firsthand about any potential obstacles you might face will help give you peace of mind for making sure that this pivotal decision is made right! With 40 years of experience, I know what buyers expect.
It's also worth considering other strategies if no offers have come in after you've adjusted the price or done some repairs and updates to the house itself. Increasing visibility through staging can help draw attention - like putting furniture around strategically, updating landscaping etc. since it focuses on certain features of your home that'll stand out more during an open house viewing than others where people are likely to be seeing multiple houses quickly. Lastly, marketing is key for getting any unsold homes noticed; enlisting pro help with campaigns targeted at specific groups could bring potential buyers back and maybe even get them to buy at its asking price!
How to Boost Your Home's Appeal to Buyers
When your home is up for sale and it isn't selling, that can really hurt both emotionally and financially. But don't give up hope! There are plenty of things you can do to help make your house more attractive to potential buyers.
First off, freshen up the inside and outside of the building with a new coat of paint which will likely go a long way towards making any room look bigger, brighter, or just plain nicer overall. Have you ever noticed how drastically different everything looks after being freshly painted?
If painting isn't an option, think about rearranging the furniture or adding some eye-catching decorations that will give each room a fresh look. Furthermore, to make your house more attractive you should clean up every single space and take away any personal belongings which could prevent potential buyers from imagining themselves in the home. This includes pictures of family members as well as souvenir collections etcetera. Plus it can be very helpful for purchasers to feel what they are capable of doing when spicing things up on their own after relocating if you deodorize all rooms too! As I've mentioned, I'll help you with these decisions on what you should do.
If you have any furry friends living with you, it's important to make sure they aren't around when potential buyers come over. This way no one will be allergic or scared of them during showings and open houses. Additionally, if there are any small repairs that need to be done such as fixing a leaky faucet or patching up holes in the walls - getting these fixed before showings or an open house can help give potential buyers peace of mind knowing that their investment into this property is worth it! We're already talked about curb appeal; mowing your lawn isn’t enough here – pick plants for landscaping projects wisely so nothing looks too overpowering but still provides some visual interest from afar. Lastly, adding decorative pieces like hanging planters near doorways could draw attention away from flaws inside and outside at the same time making everything look homelike & inviting!
Reevaluating Your Real Estate Strategy After a Failed Sale
If you have just gone through the process of trying to sell your home without success, it can be really discouraging. Don't give up though! There could be many underlying causes that prevented buyers from showing interest in your house as much as desired and if you are able to distinguish these issues then maybe adjustments can help make a sale possible. After an unsuccessful attempt at selling, here some places for reflection: Start off by assessing the market conditions when listing was done?
Was there an issue of too many houses on the market? Did this go along with a lack of buyers in general or was it simply that there were just too many homes competing for similar features? Consulting or at least talking to one, if not two real estate agents who are knowledgeable about local trends and have experience selling comparable houses might help. They can provide meaningful ideas around what could've been done differently so you get better outcomes when trying again later down the road. I've been chosen by sellers after them interviewing multiple agents.
Hiring an independent appraiser to get a sense of how much your property is worth could be the way to go. This opinion takes into consideration features compared with other similar properties that are listed or have been sold near you recently. It can help inform whether adjusting price, marketing strategies, or making physical changes would be more beneficial prior to relisting it for sale again.
Timing also plays an important role in getting another successful purchase - something which varies depending on where you live and what season it’s likely going up for sale for! For instance, springtime usually sees higher sales since there will be families wanting their move done before the school year ends; whereas winter tends to bring less activity due to its colder weather conditions when people don't want extra outdoor tasks soon after moving house during those months. That usually isn't the issue with Scottsdale real estate. It's more the winter holidays that keep some sellers and buyers out of the winter market.
Wrapping up, it can be a real struggle when your house hasn't been sold yet. But there are still means available for you to explore. Taking the time to inspect what's happening in the market and adjusting your tag price suitably might help draw attention from potential buyers. Moreover, other strategies such as sprucing up or employing a different local estate broker could offer more chances of having good exposure on your property? If you do enough research and have patience then invariably someone will come along who wants to purchase what you're offering!
One last thing. I mentioned that I have taken listings where I don't agree with the seller's list price, but I feel the house has good potential so I tell the sellers that I will work with them but if my timing list above isn't working, then I let them know I will be suggesting a price reduction. I have had sellers stick with me even if a listing expired with me. They knew I was doing more than they ever expected (if they had listed the house prior to me, they couldn't believe how much more I did than any agent they had used prior to me). They appreciated my honesty, knowledge, hard work, and experience. They stuck it out until we had an accepted contract and successful closing. Sometimes you need to try something, or someone, different. Call me at 480-906-1500.Posted by Judy Orr on