Sharon Simmons' Blog
If you’re selling your home it can be frustrating when you aren’t receiving any offers. Perhaps you’ve heard that it’s a seller’s market and that the offers on your house would be flying in. However, it’s more complicated than that.
Whether or not your house receives offers is determined by a number of reasons--some that in your control, others that aren’t. But, that doesn’t mean you have to give up and sell your house at a low price.
In this article, we’ll discuss what to do if your house just isn’t selling. We’ll talk about some reasons why people may be hesitant to bid, to inquire about a showing, and to seal the deal and purchase your home.
Revisit the comparable properties
If your home has been on the market for a while, it’s a good idea to check out the other recent homes in your neighborhood to see how their prices compare to the listing price of your home. Since the market fluctuates, other sellers could be adjusting the cost to reflect the current rates, leaving yours higher than it should be.
When pricing your home, make sure you are comparing your house to those that have actually sold. Using houses that have been on the market for a while as a baseline might mean you’ve priced your home too high to sell just like theirs.
Also, make sure you are using houses that share many of the common features that yours does. This can include:
The year the house was built
Number of bedrooms and baths
The lot size
The condition of the home
Remember, it isn’t all just about location.
Getting more leads
If people aren’t making inquiries about your home, there are a few things you should check up on. First, make sure your listings are updated and accurate. The contact info should be easy to find, and you or your real estate agent should provide multiple means of contact (email, cell phone, text, etc.).
Next, ensure that you’ve given enough details about the house. If people are searching for a specific number of rooms but your listing doesn’t mention the number of rooms you have, you might be missing out on several inquiries.
Finally, make sure your photos are high resolution and well-lit. You want to make sure visitors to your listing can get a clear idea of what your home looks like. If your photos are small, dark, blurry, or if they make the house look cramped and cluttered, you should retake your photos or consider hiring a photographer.
Getting more offers
If you’ve had plenty of inquiries and showings but you aren’t getting any offers there may be a deeper, underlying issue that needs to be addressed. Usually, this means your home needs important repairs and upgrades that buyers simply don’t want to make.
If your house is priced to be move-in ready but it’s not, you’ll have to make some upgrades or lower the price.
Not working with an agent
Sellers can also have a difficult time getting offers if they attempt to sell the home themselves without using a real estate agent. If your home is FSBO (For Sale by Owner), you’re missing out on a number of listing services and connections that an agent can provide.
Sellers who are eager to attract serious buyers and maximize the value of their home often utilize home staging as a way to leave a good impression.
Homes that are skillfully staged look better in photos online, creating more leads, showings, and ultimately, offers. Furthermore, prospective buyers want to be able to envision themselves living in a home. Staging makes it easier for them to understand what it would look like and how spacious it will feel once it has been furnished.
Home staging by the numbers
You don’t, however, have to take my word for it. The National Association of Realtors (NAR) releases an annual report which collects and analyzes survey data from nearly 2,000 agents regarding their experience with home staging.
In their findings, they note that 62 percent of agents agree that staging a home lessens the time the property is for sale. Furthermore, 77 percent of agents said home staging makes it easier to visualize living in a home that would otherwise be empty.
Which rooms should be staged?
Staging an entire home takes an enormous amount of time and money. One way to simplify the process is to stage a select few rooms. In the NAR’s study, they asked agents which rooms they typically staged when selling a home. The results:
83% Living Room
69% Master Bedroom
66% Dining Room
31% Yard Space
25% Children’s Bedroom
21% Guest Bedroom
From these results, we can ascertain that it’s important to stage the main rooms of your home. Lesser used a multi-purpose rooms (like offices and guest rooms) aren’t as important to stage.
Can staging your home increase the sale price?
It’s difficult to say with certainty if, and by how much, home staging affects the sale price of a home. However, if staging your home is successful at getting the attention at a greater number of prospective buyers, there’s a good chance you’ll be able to go with the highest bidder.
When the NAR asked agents if staging increases the amount buyer’s offer on a home, their responses were somewhat mixed.
29% of respondents thought it increases the offer by one to five percent
21% of respondents say it increases the offer by six to ten percent
8% said it increases the offer from between eleven to twenty percent
14% said it had no impact on the dollar value of the home
27% were unsure if it had an impact on the dollar value
In general, it would seem that most agents feel that staging a home not only improves a buyer’s opinion of a home, but also increases its sale value. If you’re planning on selling in the near future, staging at least part of your home could be something to consider to give your property a competitive edge.
Promoting a house to potential buyers sometimes can be difficult. Fortunately, there are lots of things that you can do to stir up interest in your residence.
Now, let's take a look at three tips to help you promote your residence to buyers.
1. Upgrade Your Home's Curb Appeal
Amazing curb appeal is essential, particularly for a seller who wants to differentiate his or her house from other available residences. If your house boasts outstanding curb appeal, it is likely to make a positive first impression on buyers. And as a result, buyers may be more likely to request showings to view your home in comparison to other available houses in your city or town.
To upgrade your house's curb appeal, you should mow the lawn, trim the hedges and remove dirt and debris from exterior walkways. Also, devote time and resources to repair any damaged home siding.
If you require assistance with home exterior enhancements, you can reach out to local contractors as well. In fact, these professionals can help you transform your home's exterior from drab to fab in no time at all.
2. Create an Engaging Home Listing
An engaging home listing makes it easy for buyers to learn about your home. It is clear and concise, and as such, enables buyers to determine if your home matches their expectations.
To craft an engaging home listing, it often helps to make a list of your home's features. If you include relevant information about your house in your listing, you can teach buyers about your residence.
In addition, you may want to include high-resolution images of your home in your listing. With high-resolution images, you can show off the true beauty of your house to potential buyers.
3. Use Social Media to Your Advantage
If you create a home listing, you can share this listing on Facebook, Twitter and other social networks. By doing so, you can make it simple for buyers to learn about your residence.
Don't forget to share your home listing with family members and friends as well. If loved ones can access your home listing, they can share it with others and help you promote your residence to as many potential buyers as possible.
For a seller who is worried about generating interest in his or her home, you may want to hire a real estate agent. If you employ a real estate agent, you can receive expert assistance as you navigate the house selling cycle.
A real estate agent understands what it takes to promote a house to buyers in any housing market, at any time. He or she will develop an in-depth plan to showcase your residence to prospective buyers. Plus, a real estate agent will help you analyze any offers to purchase your home and ensure you can optimize your house sale earnings.
Use the aforementioned tips, and you can promote your residence to potential buyers and speed up the home selling journey.
Let's face it – in today's fierce real estate market, home sellers need any competitive advantage that they can get. Lucky for you, real estate agents are available to ensure that you can maximize the value of your residence.
After you hire a real estate agent, the home selling may move quickly. In fact, the most common steps associated with the home selling process include:
1. Prepping Your House
As a home seller, you'll want to do everything possible to ensure that your residence looks great both inside and out.
Your real estate agent can help you prep your house before it is listed on the housing market. He or she may offer tips about how you can transform your home's ordinary interior into an exceptional one. Plus, your real estate agent can put you in touch with home cleaning companies, landscapers, painters and other home improvement professionals who can help you take your home's appearance to the next level.
2. Hosting Open Houses and Home Showings
Open houses and home showings represent essential parts of the home selling and homebuying cycles. For home sellers, these events enable you to showcase your residence to a large group of homebuyers quickly. Meanwhile, open houses and home showings enable homebuyers to browse a wide range of properties without delay.
Your real estate agent will keep you up to date about open houses and home showings. This real estate professional will always provide you with sufficient notice any time a homebuyer wants to check out your home as well.
Hosting open houses and home showings can be stressful, particularly for home sellers who have already committed substantial time and resources to improve their properties. Fortunately, your real estate agent will set up plenty of open houses and home showings to generate substantial interest in your property. He or she also will share homebuyers' feedback with you, ensuring that you can complete myriad home maintenance and upgrade projects as needed.
3. Responding to Home Offers
After your home reaches the real estate market, it may be only a matter of days before you receive your first offer.
Your real estate agent will inform you about any offers on your residence, and you likely will have 24 to 48 hours to determine whether to accept, decline or counter a homebuyer's proposal.
Although you only have a short amount of time to assess a homebuyer's offer, your real estate agent is happy to help you determine how to proceed. This real estate professional will enable you to establish realistic expectations for your home before you list your property. That way, you'll be able to see how your home stacks up against the competition and price it properly.
Furthermore, your real estate agent will negotiate with a homebuyer on your behalf. And if you don't feel comfortable with an offer on your home, your real estate agent will respond to a homebuyer's proposal accordingly.
There is no need to stress when you sell your home. If you hire an experienced real estate agent, you should have no trouble accelerating the home selling process and optimizing the value of your residence.