Last updated on October 1st, 2023 at 06:15 am
The Ultimate Guide to Selling a Stubborn House
Selling a home can be quite challenging, especially when it doesn’t sell as quickly as you had hoped.
It can be frustrating and leave you feeling hopeless when you don’t have any offers, but there are several things that you can do to give yourself the best chance of selling your house.
We will guide you through the entire process of selling a stubborn house.
We’ll discuss how to assess typical days on the market, evaluate your listing agent’s performance, revisit your house price, improve your home’s appearance for showing and invest more in staging to sell your house.
We’ll also cover some alternative strategies like lowering the price to under market value or offering incentives to cash home buyers.
These are strategies you might use in a buyers market or in an economy like today with high interest rates.
Additionally, we’ll tackle some unique scenarios like selling a difficult house as a landlord and what to do if you can’t afford payments anymore.
With these tips, you’ll have all the tools necessary to sell that stubborn house with ease!
What to do when a house won’t sell
Selling a property can be daunting, especially if you’ve hit a roadblock. If you’re wondering what to do when a house won’t sell, here are some tips that might help you get it off the market.
Start by trying to figure out why your home isn’t selling.
Is it overpriced or in poor condition?
Once you’ve identified the issues, make necessary repairs, upgrades, and hire a professional photographer for new photos.
Next, lower your asking price based on recommended advice from a licensed real estate agent familiar with your local housing market.
Finally, consider investing in staging and promoting your listing on social media to attract possible house buyers.
Assess typical days on market
One of the most critical steps in selling a house is assessing its typical days on market.
Research the average days on market in the local MLS for similar homes in your area so that you can get an idea of how long it may take to sell your property.
Take note of any factors that could contribute to a longer timeframe, such as the home’s condition or location..
According to FRED, the average number of days on market in May of 2023, is 43 days.
This is an increase of 43% compared to May of 2022.
If you are a realtor, your will clients start to lose money when the listing becomes stale.
Additionally, price your home competitively based on current market conditions and comparable sales in the area.
They also can handle the negotiation which is one for the most important processes on the home sale.
Evaluate your listing agent’s performance
Evaluate the listing agent’s performance is the next step for homeowners. It involves taking a step back and assessing various factors that impact the property sale.
- Firstly, consider how long the property has been on the market and if the listing agent has made all efforts to sell it.
- Secondly, review their marketing efforts and determine if they are reaching the right audience through methods like social media or email campaigns.
- Thirdly, evaluate the price of your house based on comparative market analysis to ensure you’re asking for the right price in line with real estate market trends.
- Lastly, assess communication with your agent. They should provide regular updates regarding potential buyers’ feedback and interest. If they don’t answer the phone, that may give you another indication of why the house isn’t selling.
Apply agent’s advice to sell your house
Following the guidance of your real estate professional is recommended.
Pricing the home competitively based on current market conditions and comparable sales in the area is just one aspect of it.
Making necessary repairs and improvements while staging the property will improve its appeal to prospective buyers.
Negotiating with potential buyers and offering incentives such as closing cost assistance or a home warranty can help seal the deal.
Remember, patience and persistence are mandatory in this process.
Revisit your house price
Revisit your house price. Take into account similar homes in the area, recent sales data, and current trends in the housing market to arrive at the right price point.
Setting the price is one of the most important parts of any house selling process. Many sellers get this wrong and end of shooting themselves in the foot.
Remember, pricing is everything in a buyer’s market; adjusting it could get you closer to closing the deal.
Improve your home’s appearance for showing
Improving your home’s appearance for showing can make all the difference.
Start by organizing and removing excess clutter to make your space more visually appealing to potential buyers.
Next, enhance curb appeal by landscaping the yard and cleaning up the exterior.
In today’s hot market with high competition from prospective buyers staging can be helpful before inviting potential buyers for showings.
A coming soon listing might be recommended.
Invest more in staging to sell house
Investing more in staging.
Highlighting unique selling points like location or architectural details can increase its appeal to prospective buyers while decluttering, depersonalizing, and using neutral colors with simple décor creates a welcoming atmosphere.
Small updates like fresh paint or new lighting fixtures also help.
Lowering the price to under market value in a seller’s market could also help attract potential buyers who want a good deal.
Amp up your promotion to sell your home
You might need to take extra steps. Use social media platforms such as Facebook, Twitter, and Instagram, to promote your listing to a wider audience.
Use professional photography and virtual tours of the house for prospective buyers’ convenience. You can post these online.
Host an open house or virtual tour event for potential buyers so they can see the house’s features in person or remotely from their home.
Go pro for your listing photos
Invest in high-quality listing photos taken by a licensed real estate agent or professional photographer.
Good news is that professional photography increases the appeal of homes as first impressions are everything!
The right images attract more prospective buyers and leads to less time on the market without any price reduction.
Remember that clear and bright pictures with updated appliances and amenities highlight unique features that set it apart from similar homes.
Write a compelling listing description to sell your property
Capture potential buyers’ attention by writing an alluring listing description for your property.
Highlight any recent upgrades or renovations and be truthful about any flaws or areas that may need improvement.
Lower the Price to Under Market Value
Lowering the price below market value can prove to be useful.
Research the fair market value of your home before listing it for sale.
Offering it for less than its true worth could attract more prospective buyers and ultimately lead to a quicker sale.
Offer incentives to sell your home
Consider using a variety of tactics to get a contract.
- Lower the Price: One of the most direct ways to incentivize buyers is to offer the house at a competitive price.
- Home Repairs or Upgrades: Offering to carry out necessary repairs or providing upgrades such as a new roof, renovated kitchen or updated appliances can be attractive to buyers.
- Closing Cost Assistance: Sellers can offer to pay all or part of the buyer’s closing costs.
- Home Warranty: A home warranty can offer peace of mind to a buyer. It is insurance that covers the cost of repairs or replacement of home appliances and systems during a certain period after the home is purchased.
- Pre-inspection: By getting a pre-inspection, sellers can reassure buyers about the quality of the home and potentially speed up the closing process.
Get buyer feedback for your house
Gather buyer feedback. To do so effectively, host open houses and ask potential buyers for honest opinions.
- Offer Open Houses: This informal environment can yield a lot of feedback as potential buyers are more likely to express their thoughts freely.
- Use a Real Estate Agent: Professional real estate agents are great buffers for feedback. After showings, they reach out to the buyers’ agents to get comments and relay them back to you.
- Direct Communication: If you’ve had private viewings or an open day, you may feel comfortable enough to ask visitors for their opinion. Keep the questions open-ended, general, and non-defensive.
- Survey Forms: You can create a simple survey form that potential buyers can fill out after viewing your home. Have a box or envelope in the home where buyers or their agents can drop the forms off.
- Use Technology: You can use online platforms that host listings to get buyer feedback.
Can’t sell house for what I owe and can’t afford the payments
If you’re unable to sell your home due to unaffordable payments, don’t worry.
You have several options that may help you get out from under this burden.
- Consider selling your property to a real estate investor or company that has a vested interest in buying homes quickly.
- Alternatively, explore the possibility of a short sale in which you negotiate with your lender for an amount less than what’s outstanding on the mortgage.
- Finally, if needed, renting out your home could be a viable solution too.
- By taking these steps and considering every available option, you can free yourself from this predicament and get back on track in no time.
How to sell a house as a landlord
Begin by identifying why the house is not selling: is it due to location, condition, or price?
Once you have determined the problem areas, it’s time to make any necessary repairs and updates to improve its appeal to potential buyers.
Offering incentives like a home warranty or closing cost assistance can also entice buyers.
Selling a stubborn house can be frustrating, but there are various strategies you can use to make it more appealing to potential buyers.
Start by assessing the typical days on market and evaluating your listing agent’s performance.
Apply their advice to improve your home’s appearance for showing, invest more in staging, and revisit your house price.
If all else fails, offer incentives or consider lowering the price to under market value.
Price the home competitively but not too high above market value or too low under asking price; so that you get the right buyer at the right time.
Don’t forget to get buyer feedback and ramp up your marketing and curb appeal.
If you’re a landlord selling a difficult house, explore lease option or rent-to-own options with caution.