You put your home up for sale, but it didn’t sell. There are a number of reasons this could have happened. Maybe you listed it for sale by owner, maybe your agent didn’t fully go over the home selling process, or maybe your home had contracts or offers that didn’t go through before closing. These issues could be attributed to problems found at inspection or a low appraisal. However, failing on the first attempt doesn’t mean you’ll never sell the home. If you address why your home didn’t sell, you can still have a timely home sale.
IDENTIFY THE REASONS FOR WHY YOUR HOME DIDN’T SELL
This is the first question to ask yourself or your agent when relisting a home. Why was the home removed from the market in the first place? If your home has been on the market for some time, it may acquire a reputation among potential home buyers. To avoid a bad rep, sellers and agents typically take some time to reassess the problems behind their listing and, eventually, relist. Having learned from the failure, you should come back much smarter, relist and sell the property in record time.
Every house can sell. If yours didn’t, there’s probably a reason for it. As already mentioned, there can be many reasons for a failed sale. The top three common issues we see are:
YOUR CURRENT REALTOR’S HOME SELLING STRATEGY
PROBLEM WITH THE PROPERTY
You can identify these issues based on the feedback from agents and buyers who saw your home. Ask your agent to ask every buyer’s agent about all the objections from their buyers. By taking constructive criticism, you can realize your mistakes and improve on your next attempt to relist.
CHANGE YOUR PRESENTATION
First impressions are the most important. If your home doesn’t catch buyers’ interest right off the bat, the listing is already at a disadvantage to competitors.
A well-presented house with high quality photos will get more viewers, while listings with poor photos will struggle. Photos taken in the winter used to market a property in spring gives buyers the wrong impression about the property. Changing the photos as the seasons change shows buyers the home is fresh and doesn’t set off red flags about that reputation.
The right staging in real estate marketing can also outweigh pricing. Replacing antique furniture with modern style furniture appeals to younger home buyers. Staging a vacant home also helps buyers visualize themselves in that space, while eliciting emotion to see how they can make it their own.
MAKE LOW-COST IMPROVEMENTS
Houses that move fast are those labeled as “move-in ready.” Fortunately, there are multiple low-cost improvements you can make to the home to increase its move-in ready appeal. Painting the interior or exterior can help your home’s sale. A deep clean can also give a better impression, as well as cleaning up the trim and landscaping by adding new affordable plants.
If there are minor repairs, take care of them in advance. If they’re more major, hire a professional. While at it, get a home pre-inspection to gives yourself an idea of what to improve before the home is under contract. This is also a reassuring and motivating sign to buyers when deciding to make an offer on a home. It’s common that expensive improvements rarely pay for themselves, so focus on those obvious little improvements that could win you more viewers and ultimately a great price.
REEVALUATE THE PRICE
One of the factors for an unsalable house is the price. It most situations, we suggest never putting a home back on the market at the same price or relisting a home at a higher price.
Don’t hesitate to have a frank discussion regarding the price with your agent. Taking emotion out of the conversation will allow you to see the buyers perspective: Just because it was your dream home, doesn’t mean everyone else sees it the same way. If your home has been on the market for some time, try considering the market conditions. If you’re in a higher market, sluggish sales may motivate you to lower the price.
Making price changes often triggers a new pool of buyers, especially in the digital age where email is the preferred method of communication. A small adjustment can trigger an email alert to buyers who have set up a home search based on their price range. For example, if your home is priced at $310,000, you’re not reaching buyers who’ve set their search for homes priced between $250,000 and $300,000. Reducing the price to $299,900 will draw new impressions to the property without a significant price cut.
SWITCH UP THE MARKETING
With most home buyers looking at homes online, it takes more than just a newspaper ad to sell a house. Experienced agents have networked with area agents so they can quickly alert other agents about the sale. In addition to that, realtors need to be aggressive in marketing their properties online. Simply putting your listing on Zillow isn’t enough anymore. Out-of-the-box strategies such as social media marketing, online pay per click advertisements, and search engine optimization will help you reach more people in less time.
HIRE THE RIGHT AGENT
Lastly, find the right agent for selling your home. You don’t have to fire your real estate agent after an unsuccessful home sale, but consider creating a fresh listing by letting a new agent relist the property. In a majority of cases where a house fails to sell, you’ll find that the agent was at fault to some degree.
The seller may have also not done their due diligence. Perhaps you didn’t interview multiple Realtors, or didn’t ask the right questions. It’s important to pick the realtor that will get the job done, and not someone you know because their your friend or family.