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What Can You Do if Your Home Isn’t Selling?

A few homes still sell fast, but most take a bit of time. What can you do if your home isn't selling? Critically look at the price, marketing, and feedback.

Once you decide to put your home on the market it’s a whirlwind. Paperwork, cleaning, tag sales, window washing, the list is endless.  Then the For Sale sign goes up and the line forms out the door….. 

Well, not exactly.

So what do you do if the for sale sign goes up there is no activity?  Let’s assume the house has actually been on the market for a bit and that you’ve taken care of the basics: house is clean, clutter removed, and the outside is neat and cleaned up. There are a few things you can consider.

1. Your home may be overpriced.  How do you know? Look at recent sales in your town.  Where is most of the activity? Then look at sales of similar properties in your town (comparable locations, size, beds, and baths).   If you are on the higher end of the competition it may be time to consider a price adjustment.

2. Does the market know your home is for sale?  If you are working with an agent your home is on the MLS, and as a result will automatically show up on many of the real estate websites. Sometimes this just isn’t enough.  Consider advertising in the local papers, putting information out on your social media channels, and making sure your neighbors are aware your home is for sale.  You only need one person to be interested in buying your home, so selling real estate is a simple numbers game.  The more people that know your home is for the sale, the more likely it is to sell.

3. It may be time to allow your agent to host another Open House.  People buy homes during an Open House, trust me. Many buyers may not be working with an agent yet, so an Open House is the only opportunity they have to see your home.  Talk to your agent about the possibility of holding an open house on a weeknight. In some areas they do well, and in others they don’t. Your agent can advise you on what would work best for your home.

4. Maybe the house just needs a break.  Your agent can advise you if it makes sense to take your home off the market and relist it at a later date. If you’ve received less than positive feedback regarding the wallpaper in the bathroom, take this time to remove it and put up a fresh coat of paint. Then you can relist the home with new photos and a new price during the next selling season.

5. If you must leave your home, either for a job or other circumstances, it may be time to consider renting. You can keep you home on MLS under rentals and sales, or relist the home for sale when the market bounces back. If you aren’t interested in becoming a landlord, ask your agent for recommendations on reputable management companies.

Remember, every home sells!

If you have questions please email Paula at paula.ostop@raveis.com

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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