You put your house on the market and it did not sell. You likely envisioned (and certainly hoped for) a quick sale for top dollar. Now, you are probably frustrated and desperate to understand what went wrong.
Don’t be discouraged because your home did not sell. The real estate market can be tricky. However, the situation is far from out of your hands. A number of factors contribute to a successful home sale. Which means the sale you want is still possible! Consider the informative industry insider’s report, “Your House Did Not Sell: What to Do Next”, found below. You will learn the answers to some of your most pressing questions in addition to four issues essential to a successful home sale: teamwork, price, the condition of your property, and marketing.
Read on to learn how to sell your home the second time around.
YOUR HOUSE DID NOT SELL: WHAT TO DO NEXT
Do not be discouraged if your home failed to sell. Despite the fact that it hasn’t sold, there may be nothing wrong with your home, or the market in which you tried to sell. In fact, your home may have been one of the best properties on the market! If you are willing to try to sell your home again, consider these issues before relisting. Understanding these important points will help sell your unsold property.
Where do I start?
First, make a commitment to sell your house by doing whatever it takes. The sale you desire is within your reach if you implement the right system!
Why did my home not sell?
Consider the selling plan you previously employed. You will likely determine that your listing expired because of one or more of the issues listed below:
- TeamworkRemember that your home is a major investment. Do not underestimate the importance of the relationship you have with your realtor, who will be responsible for selling this important financial investment. Don’t settle for a weak relationship. Make sure your realtor listens to your needs and desires. You should be kept up to date with feedback and the progress of the sale. Your agent should receive some of this feedback from agents who have showed your home. Once you receive this information, you should decide as a team what the next step will be. If your home did not sell with a particular realtor, consider how strong your teamwork was.
- PriceSetting the right price cannot be done without considering the competition, market, and condition of your property. Pricing your home too high or too low could negatively affect the sale of your home. Ideally, your home should compare well to other homes on the market. If your price is too high or too low, your home may not be given serious consideration.
To help set a price, ask your agent to create an up to date competitive market analysis to provide you with some important information. Specifically, you need to have:
- A review of homes in your neighbourhood that have sold or are for sale and can be compared to your property
- An understanding of how long comparable homes have been on the market to help you determine approximately how long it takes to sell a home in the current market
- A review of homes that also have not sold, to determine what reasons exist in those situations
Note: How much you paid for your home, or what kind of improvements you have made are not mentioned. As with other investments, the market value is dependent on what a person is willing to pay for your home, but it is also affected by the price you are willing to accept.
- Condition of Your PropertyEnsure that the quality of your home is showcased!
Help make sure that your home is someone else’s dream home. Ask yourself: does your home inspire potential buyers? Can people fall in love with your home? Keep in mind that the decision to purchase a home is not purely logical, the emotional pull felt towards a property is persuasive.
A house that is ready for a potential buyer to move immediately into is desirable. To meet the criteria of “move-in ready,” consider these points:
- Fix the little cracks and squeaks
- Your home should be clean and tidy during all showings
- Brighten up your home
- Concentrate on your home’s curb appeal
In addition: if you can, deal with major problems like having your home freshly painted. It is more desirable to have work like this done yourself, as opposed to giving a potential buyer an allowance. You don’t want a potential buyer to have to envision how your home will look freshly painted. The reduction in price, in their mind, will include not only the price to paint, but also a discount due to the imperfection itself.
Keep in Mind…
A home that is well presented and outshines the competition will sell for the best price! See if your real estate agent can set up a home inspection with no strings attached to determine if your home meets the points addressed above.
- MarketingAn important step you should take is to find the best possible agent for you. Be sure to interview potential agents and compare their knowledge. Ask each candidate to indicate how they will market your home effectively. Consider how much each is willing to spend on advertising, what media they will utilise and the effectiveness of the media they do use. It is important to keep in mind that a good real estate agent doesn’t just spend money, but spends it effectively.
Don’t list with an agent who doesn’t use new methods of advertising because they won’t reach potential buyers in today’s modern market. A competitive agent will use new and innovative marketing methods. These agents are likely getting homes sold for top dollar and within an appropriate time frame.
Get the Best Results:
Team up with your agent to create an amazing marketing plan that ensures as many people as possible see your listing.
The relationship between you and your agent can make or break a sale.
- Ensure your home is convenient to show by installing a lock box and not restricting potential buyers from viewing the property
- If permitted, use a “For Sale” sign
- Generate a good first impression by depersonalizing the decor of your home so that it does not look forlorn or empty, but is neutral enough to allow your potential buyer to envision themselves living in your space. Also focus on the curb appeal of your property and be sure to hide your pets.
Keep in mind – the next person who views your home could be your buyer! Make sure you are prepared for them.
- It is imperative that you and your agent have good communication
- Your home should be priced with competition, the market, and condition of your home in mind
- Keep your home in move-in condition
- Develop an innovative marketing plan and be sure it is implemented effectively
Please feel free to contact me about selling your formerly unsellable home. I will give you honesty, integrity and hard work.