Handling a home that has been on the market for a while and hasn't sold can be challenging, but there are several strategies that can help increase the chances of a successful sale. We recommend consulting your licensed real estate agent to see if any of these strategies meet your needs.
1. Re-evaluate the pricing strategy:
It is wise to consult with your licensed agent and re-evaluate the pricing strategy for your home. By taking into account current market conditions and comparing it to similar properties in the area, you can determine if the initial asking price is appropriate. Gather information on recent home sales in the area to gain an understanding of average selling prices and how quickly properties are selling. Additionally, consider the condition of the property in relation to others in the neighborhood and the demand for homes in the area. This information can aid in adjusting the asking price to align with what buyers are willing to pay.
2. Make necessary repairs and improvements:
Making home repairs can increase curb appeal and value allowing for your home to stand out from the crowd. By addressing any issues with the home, you can ensure that it stands out from the competition. Additionally, making improvements to high-impact areas such as the kitchen and bathrooms can provide a significant boost in value for your home.
If cost is a concern, there are still affordable options for improving your home. Simple, low-cost improvements such as repainting walls, updating lighting fixtures, and landscaping can make a big difference in the overall appearance and appeal of your home. These small updates can make a big impact on the perceived value of your home without breaking the bank. Additionally, these improvements will help your home appeal to a larger pool of buyers.
3. Staging the home:
Staging a home is important when trying to sell it because it helps potential buyers envision themselves living in the space.
By staging a home, it can create a positive emotional connection with the buyer which can lead to a faster sale and at a better price. A well-staged home can also make the space look larger, more functional, and more inviting. Additionally, staging can help buyers understand the potential of the home, and how they could use the spaces, which can be especially important when the home is empty or has personal touches that could be confusing or turn off to potential buyers.
4. Increase marketing efforts:
An agent should market a property by utilizing a variety of methods such as online advertising on various platforms, professional photography and videography, hosting open houses, networking with their contacts (clients, brokers, agents), direct mail, and virtual tours, to reach a wide audience and increase the property's visibility. By casting a wide net, it's likely that the agent will reach potential buyers or individuals who know someone who is in the market to buy a house.
5. Consider alternative options:
If you are unable to sell your property, renting it out may be a viable alternative. This could be especially beneficial if you believe that the market conditions are not favorable for selling at the moment. By renting out your property, you will be able to generate income and keep the property in your possession until the market conditions improve. However, before making a decision, it would be wise to consult with your real estate agent to see if renting out your property is a viable option and understand the responsibilities that come with it.
6. Be open to negotiation:
Negotiating can help reduce the chance of a sale falling through. A good agent can help address and resolve any issues that may arise during the sale process, such as problems with their inspection or financing.
In conclusion, successfully selling a home that has been on the market for a while requires a comprehensive approach that takes into account various factors. It's important to re-evaluate the pricing strategy, make necessary repairs and improvements, properly stage the home, enhance marketing efforts, explore alternative options, and be open to negotiation. Moreover, it is crucial to consult with your real estate agent to get their expert advice and guidance throughout the process. With the right approach and expert guidance, even a home that has been on the market for a while can still be sold successfully.