What to do When your House Won’t Sell

Selling a home can be quite challenging, especially when it doesn’t sell as quickly as you had hoped. 

It’s a situation many homeowners face, a bittersweet blend of excitement (new beginnings!) and mounting concern.

But here’s the key: dwelling on disappointment won’t change a thing.

Taking proactive steps is the only way to break free from this real estate purgatory and claim the future you deserve.

The good news is, you’re not alone.

Countless resources and experts are poised to help you navigate this tricky landscape.

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. 

Assess the overall situation

Analyzing the Market:

• Market Trends: Is the local market currently in a buyer’s or seller’s market? A buyer’s market might mean more competition for your listing, requiring strategic adjustments to grab attention.
• Recent Sales: Look at comparable properties in your area. How long are they taking to sell? Are their asking prices similar to yours? Identifying the competition’s strategies can be instructive.
• Economic Factors: Interest rates, job market stability, and broader economic confidence can significantly impact buyer behavior. Understanding these external forces can help you determine if you need to adjust your expectations or approach.

Location Matters:

• Neighborhood Appeal: Is your property located in a desirable area with good amenities and infrastructure? If not, highlighting potential upgrades or nearby attractions could be necessary.
• Accessibility and Visibility: Is your house easily accessible and well-presented? Curb appeal and ease of showing are crucial factors in attracting buyers.

Internal Factors:

• Price Point: Has your asking price been realistically set based on market trends and comparable properties? Overpricing can deter buyers, while underpricing might leave money on the table.
• Property Condition: Does your house require any repairs or updates? Addressing essential maintenance and modernizing outdated features can significantly improve buyer interest.
• Marketing Strategy: Is your listing getting enough exposure? Are you utilizing various channels and platforms to reach potential buyers effectively?

Analyzing the Price

The Power of the Right Price:

Setting the right price isn’t simply about picking a number.

It’s a delicate dance between maximizing your potential profit and attracting genuine buyers in a competitive market. A price that’s too high might scare away potential buyers, while one that’s too low could leave you feeling shortchanged.

Market Intelligence Through CMA:

To strike the perfect balance, a Comparative Market Analysis (CMA) is your best friend.

This detailed analysis involves examining recent sales of similar properties in your area, considering factors like size, condition, amenities, and location. 

CMA Insights, Price Adjustments:

Using the CMA data, you can adjust your asking price accordingly:

• If your house stands out with unique features or desirable upgrades, you might have room to justify a slightly higher price compared to other comps.
• On the other hand, if your house needs repairs or lacks amenities common in your area, it might be wise to adjust your price downwards to remain competitive.
• Remember, market trends also play a role. In a buyer’s market, offering competitive pricing with flexibility is crucial. Conversely, a seller’s market might allow for slightly higher initial asking prices.

Beyond Numbers, Buyer Psychology:

Pricing isn’t just about crunching numbers. It’s also about understanding buyer psychology. Research shows that strategically setting your price just below a “round number” (e.g., $499,999 instead of $500,000) can make your house appear more affordable and attract more viewers.

Openness to Adjustments:

Remember, pricing is not always set in stone. Be open to adjusting your price based on market feedback and buyer interest. If your house isn’t generating enough foot traffic after a reasonable amount of time, consider reevaluating your pricing strategy in consultation with your real estate agent.

Enhance Curb Appeal

Landscaping Magic:

• Tame the wild: Trim unruly hedges, mow the lawn, and remove dead leaves and debris. A clean and manicured landscape instantly screams “cared for.”
• Plant power: Add pops of color with seasonal flowers, vibrant shrubs, or low-maintenance greenery.Frame the entrance with welcoming planters or a lush flower bed.
• Path to paradise: Define a clear and inviting pathway to the front door with stepping stones, mulch, or decorative gravel.

Fresh Facade:

• Give it a wash: Power wash the exterior walls, driveway, and walkways to remove dirt, grime, and cobwebs. A clean canvas is key for showcasing your house’s true beauty.
• Color magic: Consider a fresh coat of paint in a welcoming and neutral shade. Don’t underestimate the power of a new façade to brighten the whole look!
• Attention to detail: Fix chipped paint, replace worn-out light fixtures, and polish doorknobs. These small touches show you care about the details and create a lasting positive impression.

Inviting Entrance:

• Dress up the door: Give your front door a makeover with a bright welcome mat, a stylish wreath, or even a statement knocker. This is your chance to add a touch of personality and warmth.
• Light it up: Ensure good lighting around the entrance with decorative sconces or solar lamps. This adds safety and makes your house feel more inviting, especially in the evenings.
• Accessorize for charm: Place elegant planters flanking the door, add a cozy outdoor bench, or hang a wind chime for a touch of whimsy.

Stage the interior

The Magic of Staging:

The goal of staging is to create a neutral, inviting, and spacious environment that resonates with a wide range of buyers.

Declutter and Depersonalize:

The first step is to declutter, eliminating anything that adds visual clutter or feels too personal.

Pack away family photos, souvenirs, and excess furniture. Less is definitely more in the world of staging!

Furniture Arrangement for Flow:

Next, rearrange furniture to create a sense of flow and functionality.

Define different living areas like living rooms, dining areas, and bedrooms with strategic furniture placement. Don’t block windows or natural light flow.

Neutral Accents and Focal Points:

Opt for neutral color palettes for walls and furniture, allowing buyers to envision their own décor choices.

Add subtle pops of color and texture with throw pillows, rugs, and artwork.

Create focal points in each room, like a cozy reading nook or a statement fireplace mantel.

Sensory Appeal:

Don’t underestimate the power of scent and sound!

Light a calming candle, or diffuse a light, pleasant fragrance.

Play some soft, upbeat music in the background to create a welcoming atmosphere.

Effective Marketing Matters

The Power of a Strategic Plan:

This plan should consider your target audience, your budget, and the unique selling points of your property.

It’s not just about throwing online listings at the wall and hoping something sticks; it’s about crafting a tailored approach that grabs attention and resonates with the right buyers.

Digital Savvy for Maximum Reach:

In today’s market, your online presence is everything.

Make sure your house shines on popular real estate platforms like Zillow, Trulia, and Realtor.com.

Optimize your listings with high-quality photos, detailed descriptions, and virtual tours (more on that later!).

Leverage Social Media:

Don’t underestimate the power of social media! Share captivating photos and videos of your house on Facebook, Instagram, and even TikTok.

Partner with local real estate agents who have strong social media followings to spread the word even further.

Professional Photography Matters:

Forget blurry phone pictures! Invest in professional photography that showcases your house’s beauty in its best light.

High-quality photos can make a world of difference, capturing the details and ambiance that amateur shots simply can’t.

The Magic of Virtual Tours:

Allow potential buyers to explore your house from the comfort of their own couch with a virtual tour.

This immersive experience can pique their interest and get them excited about seeing the property in person.

Open Houses, But Strategically:

Open houses can be a great way to generate buzz and attract potential buyers.

However, don’t just throw one open house after another.

Plan them strategically based on market trends and buyer behavior.

Consider hosting virtual open houses for added reach.

Collaborate with a realtor

Why Partner with a Pro?

Here are just a few of the countless benefits of working with a skilled agent:

• Market Expertise: They have their finger on the pulse of your local market, understanding trends, pricing strategies, and buyer demographics. This invaluable knowledge ensures your sale is navigated with expert insight, not lucky guesses.
• Negotiation Savvy: Negotiating the best price and terms can be tricky. A skilled agent knows the ins and outs of the process, ensuring you get the deal you deserve while protecting your interests.
• Marketing Powerhouse: They have access to powerful marketing tools and networks to showcase your property to the right buyers, maximizing your exposure and attracting serious offers.
• Paperwork Wizard: From navigating complex legal documents to keeping track of deadlines, a good agent handles the nitty-gritty paperwork, freeing you to focus on the bigger picture.
• Emotional Support: Selling a house can be emotionally draining. Your agent is there to provide guidance,support, and encouragement throughout the process, ensuring you stay focused and navigate any bumps in the road.

But I already have an agent

Evaluate the listing agent’s performance is the next step for homeowners.

• Consider how long the property has been on the market and if the listing agent has made all efforts to sell it.

• Review their marketing efforts and determine if they are reaching the right audience through methods like social media or email campaigns.

• 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.

• Assess communication with your agent.  They should provide regular updates regarding potential buyers’ feedback and interest.

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.

Final Take-aways

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.

Don’t forget to get buyer feedback and ramp up your marketing and curb appeal.