How to Sell the House That Didn’t Sell
EXPIRED… the last place any homeowner wants to see their house end up when they try to sell it. But don’t be discouraged if your home has just come back off the market and didn’t sell the first time around, as here in this article I’ll share some tips to see better results next time.
Sometimes even the nicest homes don’t sell, and it might not even be your fault. There may have simply been a slightly more desirable home just down the street that stole your thunder and got purchased first.
If you want to give selling your house another try, here are some things to consider first as you take a minute to analyze the situation.
Where Should You Begin?
The first thing all homeowners should do when selling their house is making a commitment to themselves to whatever it takes to market the house properly and get the property sold. With the right system and the right help, almost any home can quickly get sold in today’s market.
Why Didn't Your Home Sell?
I’ve helped a lot of homeowners who have had your same problem, and I’ve discovered that they usually had a key problem in one of four major areas when trying to sell their home:
- Condition of Home
Selling a home is one the most important financial transactions in your life, and that’s why your relationship with your Realtor should be a full partnership on solid ground. Your agent should take the time to listen to all of your questions and concerns, do their best to meet your wishes and desires, and give you honest and dependable feedback on the progress of your sale.
But sometimes no matter how hard you work on your end to meet these goals, the agent you were working with simply wasn’t providing the professional level of service you deserve. How well did you and your Realtor work together last time? Were their some communication issues between the two of you that led to a less than desirable working relationship?
HOT TIP: Every Seller Can Boost Their Property's Exposure!
I always suggest that homeowner’s do everything they can to make their home easier to show, and some simple steps you can take are by installing a lockbox so that other Realtors represent other buyers can view your home whenever they want, and allowing for showing times that are convenient to most buyer’s schedules.
You also want to do your best to create a good first impression by depersonalizing the furnishings and décor so that buyers can picture themselves living in the home, tidying up outside to increase the curb appeal of your home, keeping the pets at a friend’s during this important time when you’re trying to sell your home without interruptions.
REMEMBER! The next person who views your home could be the perfect buyer for you! So take the steps recommended here so you are ready for them!
Ask yourself, did the pricing of your past listing work for you or against you? A little known secret is that the “right” price greatly depends on the market conditions of your local area. Is your area a buyer’s market, a seller’s market, or a neutral market? Do you know the difference?
Most homeowners get sweet-talked by a smooth-talking Realtor into pricing their home way too high, which is BIG mistake that will only end up hurting you in the end. Buyers today are savvier than ever thanks to the internet, and won’t be fooled into paying more than your property is worth.
On the other hand, if you fear pricing your home too low, know that the low price will attract a gang of buyers who will launch into a bidding war to compete for your home and naturally drive the home up to its market value.
How to Read a Comparative Market Analysis
Your real estate agent should have shown you the justification for the listing price he recommended last time around, and been able to clearly show you how that pricing point was going to work for you, and not against you.
This Comparative Market Analysis (CMA) should have included a review of comparable homes that have recently sold or are currently for sale, an estimate of how long it would take your home to sell based on the Days on Market (DOM) of similar homes, and a review of other listings that expired so you can see other examples of people who priced their homes too high and lost out because of that.
#3) Condition of Your Home
No matter what condition your home, you want to accentuate the positive and eliminate the negative. Make sure your take the proper steps to showcase your home’s quality and inspire potential buyers to think “I LOVE THIS HOUSE!!!” when they view your home.
You should do your best to fix all the little problem areas and keep the home clean for showings at all times. And don’t forget to de-clutter the home and brighten it up to make it easy for potential buyers to feel right at home when their view your property.
You’ll also want to strongly consider fixing or replacing major items like the roofing or electrical systems and appliances if they are currently in a state of disrepair. Otherwise these items will be used against you in the negotiation process and get you far less for your home than you deserve.
At least consider giving the home a fresh coat of paint and some new carpet, as those are two quick and easy fixes that can greatly improve the value of your home relative to the cost of repair. Remember, a house that presents well sells for the best price because it outshines the competition, and nothing else.
One of the most important parts in this process is working with an agent who best understands how to market your home to potential buyers and represent you in the transaction. Say goodbye to “old school” agents using old and outdated marketing methods like newspapers and postcards to sell your home, because they don’t work in today’s world!
As more and more of the next generation of homebuyers enter the real estate market, more technological and advanced methods are required to gain their attention. These buyers grew up with the internet and heavily use their cell phone, so they will spend most of their time shopping for homes online rather than in the newspaper.
Buyers Are Out There... And They Will Come!
Don’t give up my friend! Plenty of homeowners I know had some bad luck the first time around, but with my help and guidance they had much more success the second time around when selling their home with me.
So before you put your house back on the market, here are some key points to remember:
- Effective communication between yourself and your agent is crucial to selling your home
- Price your home according to the market and not some agent’s false promises
- Be sure your house is in showcase-ready, buyer-attracting condition
- Have an innovative marketing plan in place to sell your home quickly and for top dollar.