What To Do When Your Home Doesn’t Sell
Not every home is going to sell the second it hits the market. Inevitably, some homes will languish unsold for months and even years before finding a buyer.
While it can be daunting to realise that your sales campaign is dead in the water, it’s not all over yet. Even if your home is stuck in a rut, it’s time to get proactive as there are still things you can do to get your property sold.
Here are the steps you should consider to achieve a successful sale in the least desirable of circumstances.
Find out why it’s not selling
The first critical step is to determine exactly why your home is not selling. Understanding what is impacting the sale will help you work through the steps to change your home’s fate.
The reason a sale hasn’t been achieved is usually due to either one, or a combination, of four factors:
- A stagnant real estate market
- Poor presentation of the home
- Lack lustre marketing campaign
- An asking price that’s too high
Be honest with yourself and your agent and work together to figure out which of these factors is affecting your home’s ability to find a willing buyer. While you cannot do much about the local market forces, every other reason why your home isn’t selling is in your control.
Your agent should be able to explain to you the forces in the local market, but this can also be determined by how long other local homes are taking to sell. If your home is spending longer on the market than other similar properties, then you know that the market isn’t the only force affecting your ability to sell.
Poorly presented homes are an obvious turn-off for most buyers. Objectively look at how well your home appears to prospective purchasers and consider what could be done to bring it up to scratch.
Ask your agent about your home’s marketing campaign, including where it has been listed and the different forms of advertising that have been purchased to ensure buyers know your home is for sale. Your marketing also includes the copy and photographs of your home, so take a good look at how well it compares to others on the market.
Finally, and often the most painful consideration, take a magnifying glass to your asking price. Are you asking more for your home than other properties on the market? If you are, and you cannot justify the price with local comparable sales, then you have quickly identified your problem.
Have a plan
Now you know the reasons your home is struggling to sell, it’s time to create a plan of action with your agent. Every approach to reinvigorating a stale listing is going to be different, however there are some regularly used tactics to give your property a second chance.
Consider each of the following steps to ensure your home is ready to attract a buyer. Not every step will suit every home, so consider what you have researched and take your agent’s advice on board.
Strategies to reinvigorate a stale listing:
- Adjust the asking price
Speak with your agent about whether you are expecting too much and what their feedback has been from the campaign so far. Look closely at other local recent sales to see whether your home is competitively priced. Other homes may have been discounting their asking price to achieve a sale. An adjustment to the asking price might be just what is needed to get people looking again.
- Take a hiatus from the market
Give yourself time to regroup before launching in with a new campaign.
- Renovate with small cosmetic improvements
Cheap updates for your home can help bring new interest, particularly from home buyers that don’t want to purchase a property in need of substantial work and attention.
- Have new photographs taken
Consider staging the home and ensure you use a professional to get the best images.
- Increase your advertising spend
Ensure your home is listed on the top online portals and consider local print marketing as well as brochures, signboards and other ways to reach your target market.
By following these steps you should soon find your home back on the radar of buyers, ready to take offers. A stale listing is not a death sentence for your home, as long as you consider the reasons for the lack of interest and take active steps to solve the problem.