A house is more than just a roof with four walls, especially for a homeowner who has been living in their home for a long time.
It’s a place where you once built your family, popped bottles of beer after a stressful day, and spent countless unforgettable moments with family and friends. And when you decide to list THAT home on the market, you hope to find a perfect buyer who will love it as much as you did. However, it’s inevitable to encounter a few ‘bumps in the road’ in a home sale, including not securing a single viable offer on your listing. In fact, watching the days tick by with your property lingering on the market can lead to stress, confusion, and even anxiety!
If you’re one of those home sellers, don’t lose hope! There are a few tips you can do to move your stagnating property and help renew buyers’ interest in it without having to do a dramatic price change!
Here are nine tips for your stagnating home listing–
Scope out your competition
Sure, you may have done your homework in selling your home, BUT doing some comparison shopping wouldn’t hurt, especially if you’ve got your property listed for quite a while.
Attend open houses and auctions, talk to other buyers, and observe how their homes are being presented. If you get a handle on how your place measures up against more similar properties, you can get in touch with the reality and situation of the real estate market in your area.
Refresh your advertising approach
Most buyers like to look at properties well in advance of purchase, and if your listing and promotional details remain unchanged for months on end, these serious buyers won’t notice you AT ALL!
Yes, sellers, it’s time to shake up your advertising with new property descriptions with a creative copy, fresh photos (we’ll talk about more of that later!), or ask your agent for a new marketing strategy. Who knows? It may be just what you need to sell your home!
Spring for some virtual staging
Staging is one of the best things you can do to help promote your home and generate interest. While it can be costly, you can look into virtual staging, which is a much more economical alternative and yields impressive results. Doing so will allow potential buyers to imagine what it’s like to live inside your home and make it their own– and be more motivated to make a solid offer.
Try taking a fresh set of pictures
Do you like the initial pictures you posted on your listing? How did they look? Were they crisp, clear, and focused? Do these photos have good lighting or were they too dark and exposed?
If your current listing photos don’t do your home justice, it may be the reason you’re not getting the offers you expect. Consider having a new set of professional pictures taken and allow your house to be seen looking its best. Clear out the clutter, tidy up, and start from scratch with the photos. It can make all the difference with potential buyers!
Show off your home’s unique qualities
Are you giving your buyers a chance to see EVERYTHING that your home has to offer? Are you listing them in detail on your advertisements and postings? Does it have amazing landscaping or a beautiful backyard? Is it within a short distance of public points of interest (such as libraries or historical landmarks)? If so, be sure to show off your high points! Invest in aerial shots or drone images, so your buyers can get a new perspective on your home and may ultimately decide to make that offer.
Consider a property makeover
Sit down with your agent and discuss why buyers decided to pass on your place. Ask him to be brutally honest as to what turned them off. It could be the color of the walls, the lack of decent appeal, or a small kitchen. Get some specifics and know where to focus your budget on improvements. You can also look into quick facelifts, like a new coat of paint, better clean up inside, or some attractive plants in the garden.
Change your price
If you know you’re stubbornly attached to an unrealistic price, it’s about time to start reconsidering a price change.
Price points are psychological triggers. One to five thousand cash in the right direction can spark interest and make a buyer feel a purchase is possible, or in some cases, impossible. It’s always best to work closely with your agent to adjust your price, make it realistic, and attract some serious buyers.
Take a break from the market
If you keep your home on the market for a long time without any break, buyers will make a mental note to avoid it, fear something’s wrong with the property, or use it as a negotiating tool to get your home at the lowest price possible. Avoid those three scenarios by giving your property a rest from listings for a few months. Doing so will mean getting a whole new crop of buyers ferreting out a new place– and keep you from lowering to an uncomfortable price. Three months is the usual turning point.
Look into renting out your home
If you’re forced to seek out other options aside from selling your home due to unforeseen circumstances, you may want to consider renting your home out instead. Even if you won’t receive enough rent to cover your mortgage payments, a small amount of negative cash flow every month might be easier on your wallet than forking over thousands of dollars for a vacant house (if you’ve already relocated). Some sellers make a killing through Airbnb or other short-term rental sites. If you can rent out the home for more, consider it.
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