The U.S. housing market health spells bad news for sellers. Buyers have gotten cautious and are in no rush to make their purchase. This means properties might sit longer on the market. Also, slow buying activities mean sellers can’t price too high. Otherwise, they’ll be turning away home shoppers.
The slow real estate market means there’s a high chance your property listing may expire. Before relisting your house, rethink your strategy first. Is the market to blame for your non-sale or is your property not as attractive as you want it?
Consider these three things that may help you sell your home faster.
Consider the condition of your home
Your house may be in need of several repairs. This may be off-putting for potential buyers, especially if your selling price doesn’t reflect those necessary restorations. People won’t pay top dollar for a house that isn’t in top condition. Look at other properties on the market to see if your home is at par with those that are receiving plenty of interest.
Also, your roof and plumbing, electrical, and cooling systems must at least be functional. Insurance companies inspect these aspects to determine if the house is insurable. And home shoppers would want a property that can easily pass the homeowners insurance inspection.
Be upfront with the repairs and renovations the buyers may have to do if you’re pressed for time and money. Make sure you adjust your price to these deficiencies to stay attractive. You can market your property as a low-price home that lends itself well to customization, as opposed to an expensive, fully furnished house that may not suit the buyer’s taste.
You can also consider cash buyers that purchase homes as-is if you don’t want to spend on home repairs. This option is ideal if you want to sell your house fast and can’t afford the waiting game typical of property listings.
Review your marketing strategy
No matter how attractive or high-tech your property is, it’s not going to sell itself. Perhaps your marketing plan isn’t effective, so you want to go over your strategy again. First, make sure your property is on the Multiple Listing Service (MLS), an online real estate platform that provides comprehensive home information. Though other real estate sites may feature the same listings, MLS offers more accurate and thorough data.
Second, make sure the photos you use highlight the strong points of your house. Most people do their home search online, so they can only base their judgments on the photos you provide.
For the exterior shots, take advantage of the natural lighting to make your property look fresh and vibrant. Remove vehicles on the driveway and any obstructions on the path to the door. Remember to get a photo of the front and other exterior areas of the house, such as the pool, yard, and others. For the interiors, make sure to photograph each room.
Consider staging your house because it makes your property look more appealing and homey through interior design. According to the 2019 Profile of Home Staging of the National Association of Realtors (NAR), 83 percent of agents said this strategy makes it easier for buyers to imagine the property as their future home.
Consider buyer feedback
Lastly, consider feedback from people who have gone to your open house. Your agent should have a copy ready when your property went on the market the first time. This will give you an idea of where you can improve or which features you can highlight. For example, several shoppers have complained about your carpeting. You can remove the carpet entirely or offer a decorating allowance in your marketing materials.
Talk with your agent about what he or she thinks went wrong in the entire selling process. This will let you know whether you need to lower your price, do repairs on the property, change your marketing strategy, or simply be more patient and wait for the ideal buyer to come.