5 Seller Strategies for When Your House Isn't Selling
Getting your home sold is a function of pricing it for what it's worth on the market. That worth is referred to as "market value". Buyers set the market value by what they will pay for a home. Your REALTOR will look at the prices of recently sold homes that are most like yours and present you with a suggested list price to attract buyers.
Sometimes, a seller has a particular number in their head or a certain amount they feel they need to recoup from the sale of their home. However, if those numbers do not represent market value, the house will not sell.
Here are 5 Strategies for When Your House Isn't Selling. You may have to consider one or more of these strategies. Talk with your REALTOR who is best able to advise you.
1. Lower the Price: This is the strategy that will be fastest and most effective way to get an offer. Lower the list price to the right place in the market value range. Your REALTOR will help you see whether your house is in the high end or the low end of the market value range...or somewhere in between. If you are going to lower the price, make sure it is a significant enough of a decrease to get buyers' attention. Sellers who only agree to reduce the list price $1,000 at a time are guaranteeing that their homes will just sit on the market.
2. Make Repairs: Remember, market value is based on what your home offers buyers. Buyers will not pay for your deferred maintenance. If anything is broken or severely worn out, replace it or fix it. That means window panes, steps, fences, garage doors, appliances, etc. If you cannot make repairs, then you may have to go back to the first strategy and Lower the Price.
3. Updates Key Features: If you have very old wallpaper, you may want to consider stripping it and painting the rooms. A fresh coat of paint in a neutral color will breathe life into your house. If you have old kitchen cabinets, painting or refacing them can make a huge difference. A relatively inexpensive update can happen with new hardware including knobs, drawer pulls and even hinges. New linoleum tiles can be an affordable way to update a room that has old linoleum flooring. If the budget isn't there for a new toilet or vanity in the bathroom, maybe add a new light fixture, shower curtain or toilet seat!
4. Clean and Declutter: Make sure your home looks as good as it can. Clean out the gutters and get branches, pine needles or moss off the roof of your house and garage. Hire someone to powerwash the exterior and the porch. Include the windows and the screens covered with spider webs. You know that broken pile of "stuff" tucked behind the garage? Get rid of it! Make sure your lights have working bulbs. Throw out and give away as much as you can. If it's not moving with you, get it out of your house. You want your house to look as undecorated as possible. Yes, undecorated! We want the buyers to see the rooms and the space, not your personal decorating taste.
5. Include Items That a Buyer May Want: A buyer will be very happy if you include a refrigerator, washing machine and dryer in the sale of the home...if they are relatively new and in good condition. Do you have a wall-mounted, big screen TV? A nice swingset or hot tub? Window air conditioners? Even a pest maintenance contract? These are items that will save a buyer a lot of money and may increase the desirability...and therefore, the value...of your home.
A successful transaction means being receptive to reaching a deal that works for both the sellers and the buyers. One or more of these 5 strategies for when your house isn't selling may be key. Your REALTOR has the knowledge and expertise to guide you and help you get your home sold!
If you, a family member or a friend are thinking about selling a home, please call Nina Rogoff, RE/MAX Executive Realty, 781-883-3764 and let her put her expertise to work for you!