5 Options When Your Home Isn’t Selling
It’s hard to imagine a home not selling in today’s low inventory market place, but did you know that more than 1,000 homes do not sell every month?
If your home hasn’t sold or if you know someone that is having trouble selling their home, share with them this post.
Here are 8 options when your home isn’t selling:
Option no. 1: Be patient
Easier said than done. Selling is stressful and once the decision to move has been made, we all want it to happen immediately. During the past few years, home sellers have enjoyed multiple offers and quick sales, however as prices have increased, days on market is also increasing, especially for move up and luxury listings.
Historically a healthy and balanced market is one where homes take 3-6 months to sell. Selling your home at the right time of year can mean a higher sales price and a quicker sale. The higher the price, the more timing plays a role of when your home will sell. We have data for your neighbourhood and when the right time to sell – just email us at info@NextHomeExperts for this information.
Option no. 2: Fix It…Three Strikes and You’re Out!
People like to find a home that’s move-in ready and has few items on a to do list. When showing homes, buyers will always know that any house will need a few updates or changes to make it their own. However, if your house has too many items that need fixing (usually this number is between 3-5 items) – the rule goes…3 strikes and you’re out of the top 3 homes the buyer is considering.
You’re goal of a seller is to eliminate things, within reason, that would cause a buyer to hesitate. Don’t assume that you know what every buyer wants done to the property. Your real estate expert can give you unfiltered feedback during previous showings. This information will be valuable and don’t be offended if one or two people say they hate the wall color but if there are more than three people that say the same thing, then it’s time to consider fixing what is needed to be fixed or making an adjustment to the price.
Option no. 3: Reconsider your price
One person’s dream home may not be another’s dream home. We find this true the larger the sales price. One of the most difficult price ranges today is the resale mid-level luxury market which is between $750,000 and $1.2 Million. Often the current owner built the home with their likes and tastes and people in this price range have the ability and finances to either find it or build it.
Often times, if a property has a lot of traffic and no offers, it is probable that the price is good enough for showings but as buyers look at other’s, the value may not be there. A simple price adjustment of 2-3% is all it takes to get an offer.
On the other hand if a property is not seeing any showings, the price is most likely 10 percent overvalued and it may be wise to re-evaluate how the initial price was set.
Option no. 4: Offer your property for rent
There is a housing shortage and instead of waiting for buyers why not lease your property and have someone else pay the mortgage?
With recent tax law changes, owning a rental has its advantages. Talk to your accountant and a trusted real estate expert to determine if this makes sense for your situation. At NextHome Experts we have a dedicated Broker and team that are experts at helping owners find good tenants and that have leased hundreds of homes. Not every real estate agent or broker are qualified with the leasing of real estate. For a free, no obligation rental analysis simply email us at info@NextHomeExperts.com
Option no. 5: Find the right real estate broker
If you are not under contract or towards the end of a listing agreement, it may make sense to find another agent or broker. Finding someone who has the right experience, knowledge, and skills necessary for the job of selling your house can make all the difference in getting the home sold.
These are just some of the things you can do when your home isn’t selling. Its important you know the facts and to remember to have a trusted real estate expert to help you through the process.
NextHome Experts is a Utah Real Estate Company that provides buyers and sellers expert advice from our highly professional and trained agents and brokers. If you would like to know how we can get your home sold for less time and more money, talk to one of our experts or email us at info@NextHomeExperts.com for a FREE, no obligation consultation.