Homes that are priced right and show well sell quite quickly, often within the first 30 days. If your home didn’t sell after three to six months on the market, you’ve probably missed something. Examine the full picture of selling to understand what happened rather than jumping to a fast conclusion.
Is Your Home Priced Too High for the Market?
An overpriced home usually will not sell—even if it’s a pristine home. Buyers compare all types of homes that sell in their price range. If yours is way out of range, they might not make an appointment to see it. Or they’ll instantly recognize that there are other properties just as nice with prices of twenty percent less. If your Realtor® initially warned you that your price was too high, you now have evidence that he was right. If you need a certain amount of money to sell, then you should probably reconsider moving…or reevaluate how you can sell for a more realistic price.
Did You Put Your Home on the Market Before It Was Ready to Show?
Most buyers are searching for move-in ready homes. If you didn’t take the time to prepare your home for proper showings prior to putting it on the market, buyers noticed. Basic efforts to show a home include painting where necessary, cleaning carpets, and clearing away clutter from all rooms. Also, if there are some obvious things that need fixing in the home, take care of them. Signs of neglect bring down the perceived value of your home. However, if your home lacks some basic countertop and appliance updates in the kitchen or bathrooms, those are higher-priced fixes. If you don’t want to invest money into updates (or are unable to), price your home below similar style homes that are updated. If you expect the next owner to update the home on their tab, they’ll expect a lower price to reflect the need for improvements.
Does Your Home Lack Curb Appeal?
A home that lacks appeal on the outside can be a tough sell even with a move-in ready interior and a great Realtor®. Spend some time looking at the outside of the home—roof, painting, cracking—and do what’s necessary to spruce it up. Also, no matter what season, the yard should be free of weeds and mess. Garden and front door décor also help bring color and life to an otherwise lackluster exterior.
Was Your Home Properly Marketed?
Marketing a home successfully depends on quality photos, marketing copy that emphasize its desirable features, proper signage, listing on MLS (Multiple Listing Service), and getting the word out to as many Realtors® as possible. Compare online photos of your home to others. Do they look professional? Is the lighting to dark? Make sure that your agent did your home justice with photography. Also, did you do your part by removing clutter and background mess so that the rooms photographed better? Your agent should have used appropriate marketing language regarding energy-saving appliances, modern updates to specific rooms, charming architectural features, bonus spaces, outdoor living benefits, or anything else that is desirable or unique to your home. A good agent knows how to emphasize a home’s strengths.
If your agent said the price was too high, the updates were insufficient to live up to your price, or that you didn’t properly prepare your home for the market, then it might be time to heed the advice. In such a case, it’s reasonable to stick with the agent who tried to put you on the right track to sell. If your agent didn’t provide much advice and evidence of research on price or coach you on staging and preparation, then it may be prudent to find a new one.
Leaving a home on the market for too long usually hurts its price potential no matter what the reason for remaining unsold. Buyers naturally assume that the home is generally undesirable and they’ll expect some kind of “discount” for presenting an offer. It’s critical to course correct as soon as possible with a price that reflects the condition, size, location, or style of the home.