YOU HAVE A DILEMMA! You've either put your house up for sale as a For Sale By Owner (FSBO) or listed it with a brokerage, but it isn't selling... in fact, you're not even getting any showings. You put it on the market at a very competitive $350,000 in October, and now its January and still nothing! You had a couple open houses, lowered the price by $7,000, but still no offers. So what's happening?? You don't want to lower the price further, but the listing is stagnant. Why aren't you getting any traffic? More importantly, why are there no offers? Let me offer 5 reasons why your house may not be selling, and some potential solutions to fix the problem.
1. NEEDING REPAIRS -
Today's buyers, some whom the real estate industry has dubbed "HGTV Buyers," want homes like the see on the cable shows. They "must have" updated bathrooms and upgraded kitchens, stainless steel packages, high tech laundry appliances, and of course they want it at a steal of a price! They certainly don't want to buy a house with a long list of needed repairs. The stark reality is that if the house does indeed require updating, or the HVAC system isn't working properly, and so on, the house WILL NOT SELL, even if the price seems attractive.
Now what!? Well, if you really want or need to sell, you will need to address the big and expensive repairs like HVAC, aged roof, etc. Then brag on those upgrades or repairs at an open house or marketing material so that potential buyers know they won't need to worry about those things. Obviously, the more updates or repairs you do prior to selling, the fewer items the buyer will need to tackle, thus making the property more move-in-ready, and thus easier to sell.
2. LACKING CURB APPEAL –
Curb appeal is huge!! Sometimes pictures can hide imperfections, but when that buyer pulls up to the house and sees dead plants, chipped paint, or broken porch railing, you've just created an apprehensive buyer. In fact, I've had buyers simply tell me, "Let's move on to the next one" without ever stepping out of the car; its that important. The home you're trying to sell may not be that bad, but sprucing up the front of the home will certainly make a big difference.
What’s the fix? Well, try sharpening up the landscape with an aggressive clean up or adding needed shrubs, flowers, or trees. If the paint needs some added life, try either a new color, or a fresh coat of the same, or at the very least a power wash. Consider power-washing the driveway too. The changes you need to make really depend on how it currently looks, and what prospective buyers are seeing. These sometimes minimal and often inexpensive changes will really help attract more buyers, and help you get the offer.
3. TOO PERSONALIZED –
I hate telling sellers this but... your child's noodle art on the fridge, and the family photos on absolutely every wall aren't helping, they're hurting your sale. You may love the camouflage-painted walls in the family room, but prospective buyers likely won’t. Buyers need to picture themselves living in your home with their family, and you need to help make that happen.
What should you do first? Choose neutral paint schemes in an effort to make the interior appealing to the broadest group of buyers. This may sound harsh, but you will also need to detach yourself from the property. Place all the family portraits, college degrees, military commendations, and little Johnnie's art work, in storage. Make it so the buyer can imagine their own stuff on the walls and fridge and want to move in ASAP.
4. YOU'RE NOT NEGOTIABLE -
Naturally, you feel your home is worth more than $350,000. After all, its a great neighborhood, terrific school district, and your house is slightly larger than others. While this may all be true, it doesn't necessarily mean you will get the full value. It is widely know in real estate, a house is worth what someone is willing to pay for it; that means both lower or higher than the perceived worth.
You MUST be willing to work with potential buyers, especially if their offer is close to the asking price. If you don't, you WON'T SELL YOUR HOME. I'm not suggesting you get sucker-punched... I'm simply saying you want to be willing to give a little. Remember, your house is likely not their only option.
5. YOU AREN'T WORKING WITH A REALTOR -
If you're a FSBO, you don't want to pay the 6% commission on the sale of the home, or you think you can use a Zestimate and list yourself. Sure I get it, you want to save a few bucks. Did you know that 89% of sales in 2015 were listed with a Realtor? No matter how knowledgeable you are, or how much research you do, chances are you likely won’t have the experience and resources needed for a successful transaction. Oh, and if you did list it with another real estate agent, why hasn't it sold already?
As a seasoned real estate professional with 10 years experience, I put my expertise to work for you! I can help you with every aspect of your listing; staging, marketing, compliance, disclosures, professional networks (attorneys, inspectors, contractors, etc.), all to help you GET YOUR HOME SOLD!
The fix is simple. Hire me, Ruben Vera, as your Realtor. That 6% commission will be cheaper than not hiring a professional, or the wrong one. Plus, I do all the hard work for you, meaning fewer headaches when selling your home. Sometimes the simplest solutions are the right ones. These simple changes will not only get the home sold faster, but also help you receive the highest offer price as well.
Whether you're selling, buying, or need property management for an investment home, I certainly recommend utilizing the expertise of a seasoned real estate professional. Call/text me at 757-581-9058 or visit me at RubenVeraHomes.com.