A home that sits on the market too long doesn’t hold much interest for potential buyers. Why would they be interested in something that it appears nobody else is interested in? People often assume that there is something wrong with a home that’s been sitting for a long time.
There are a variety of reasons why homes are on the market for a long time. If you find yourself in this undesirable situation, what can you do about it? Here are some ideas to help generate more interest in your home (and if you haven’t listed your home yet, here’s how to prevent this problem).
Advertising
Many potential buyers look for a home well in advance of an actual purchase. So they will definitely notice if the advertising for your home never changes. And then they’ll stop noticing your home at all. Here are some ways to shake things up:
- Change the listing’s featured photo
- If your photos aren’t up to par, hire a professional to take them
- Update your property details and work with your agent to make them creative and interesting
- Know what houses are your competition and write your listing accordingly
- Figure out who your target market is and cater to their interests
Price
The number one reason a house doesn’t sell is that it’s overpriced. Informed buyers know the comps in your neighborhood (and their agents most certainly do too), so overpricing your house won’t fool anybody.
Remember, pricing your home fairly from the beginning will likely result in a higher sale price than pricing it too high and having to reduce it multiple times. If your home’s already listed at an inflated price, do some research and list it with a more realistic price.
Repairs
A buyer doesn’t want to have to worry about repairs right after moving into a new home. If you have a leaky faucet or windows that don’t close properly, just fix them. Your home will sell faster if you don’t have negotiate with buyers over these little repairs. And you won’t have to give credits or entertain lower offers because of minor repairs.
If potential buyers see something like a water spot on the walls or ceiling, they might assume you have a leak, even if that problem was fixed long ago. Make sure anything that looks like a possible problem (even if it’s not) is taken care of.
Also, think about curb appeal, because it sets potential buyers’ first impressions of your home. Spruce up your door with a new coat of paint, add new numbers to the side of your home, or clean up the shrubs and trees in your yard. These little things can make a big difference to those seeing your home for the very first time.
Home Showings
Make sure you’re flexible about showing your home. You need to have your home ready to show to buyers within 24 hours. Making your home difficult to show is a big problem for buyers because they’ll think you’re not serious about selling. If you must, give your agent days and times that work in advance.
If none of these things help your home sell, be open to advice. Ask real estate agents, property experts, or other objective third parties for their thoughts on why your home isn’t selling. They just might hit on the key to finding the perfect buyer.
Photo by Stephen Harris
Nice newsletter. Good article. Good information. Thank you. Carol
For conventional financing, borrowers with scores at 740 or anywhere above generally receive the same loan pricing (rate and cost). That being said, the better your credit the higher your chances of receiving loan approval with high debt to income (up to 50%) or high loan to value (up to 95%) which can be a major benefit when applying for a new loan. For Jumbo financing, borrowers with credit scores above 800 are generally rewarded with both better pricing and easier guidelines. There are no situations where better credit is a negative when obtaining new financing so we should all continue to strive to reach and then stay in the 800’s.
What are the advantages of a score over 800
Thank you Mike for this information. As a residential realtor the information that you provide is crucial to a successful transaction for my clients. You are indeed a pleasure to recommend to all of my clients. You are so professional, thorough, conscientious and pleasant to work with. !!
Hi Dane! Wanted to make sure I'm clear on this. Am I right in saying that on whichever remodel is done you still take a loss rather than an increase in value - the ROI will never exceed 100% of cost?