If your home has been sitting there languishing on the market for months and you haven’t had any bites, or even nibbles there are steps that can be taken to turn things around.
- If the property has not sold after being on the market for some time then something is amiss. First thing to do is to commit yourself to take some type of corrective action(s) to rectify the situation.
- Consider changing the price to reposition the property in the marketplace. Price points trigger people psychologically and even a slight adjustment can spark interest and reach new buyers. Be objective in evaluating the current asking price as it relates to the market. Reassess your current asking price based on comparable properties that have been introduced to the marketplace since yours and have sold. Try and put yourself in the buyer’s shoes and evaluate the appropriateness of your current asking price. If it is out of line then an adjustment is required. Frankly, the number one reason a property doesn’t sell is because of its price.
- Have your Realtor refresh your marketing. If the online details of your house are the same now as they were when your property first launched onto the marketplace then the marketing may have become stale. Instead of being at the top of buyers’ minds your home may be at the back of their minds.
- Marketing tactics may need to be shaken up. As a minimum, consider having your Realtor add more photographs into the mix or at least reposition and reorganize the original photographs on all of the online advertising.
- Maybe the online advertising needs to be refreshed by being introduced into premier online listing locations.
- Check out your competition. See what is out there. What is selling and what is not. See for yourself. Be evenhanded and realistic in your assessment as to how each property relates to your own.
- Take the property off the market. The problem with a property that hasn’t sold for some time is the buyer perception that something is wrong with the property itself. Buyers mentally wonder what is wrong with it and why has it been hanging around for so long. If they do want to go ahead and make a bid then most will try and leverage the length of time it has been on the market as a negotiating tool to justify a lower offering price. If you don’t need to sell within the near future then taking a break from the market is worthy of consideration particularly if your property has been on the market for several months. Taking a break from the market will allow you to get the property back on track. The market may even catch up to your asking price.
- Take corrective makeover steps. Has your Realtor indicated that buyers commented that the décor is dated, the fourth bedroom was converted to an office, the garage is in such a state of disrepair that they won’t park their new BMW in it, there was water damage and you had the pipes replaced but had not fixed the residual stains, or just that the curb appeal is lacking? Make your property better so that it can create a wonderful first impression on future prospects. Find out what turned off buyers and if you can rectify those issues then consider taking the property off the market while you make the improvements necessary to remove those negatives.
- Be open-minded and consider adjusting your expectations. If a property is not selling after several months then something is wrong. Your Realtor is your conduit to identifying that issue. Be open to listening to what they are telling you, even though it may be information you would rather not hear.
- Showing time inflexibility. Have you restricted the times for showings to such an extent that buyers aren’t able to see through? You should try and make your home as accessible and available to buyers and Realtors as you possibly can.
- The Realtor. Sometimes the Realtor has gone stale on a listing and he or she should be replaced too.
Summary
We have yet to encounter a property that will not sell. Everything will sell at the right price. Be honest with yourself as to the possible reasons it hasn’t sold, be ready to change with the times, do what is necessary and you should be staring at a sold sign on the front lawn in no time.
