When it comes to selling a house, it can be an extremely emotional and nerve racking event. In many cases individuals are trying to sell their house because of a job transfer, job loss, financial hardship, and even loss of a spouse. Having to sit by and experience the pain of the house not selling only adds and prolongs the frustration. As with most things in life, there is usually a reason why the house is not selling. We will address a few things that you can fix quickly to drastically improve the home’s marketability and odds of getting sold.
Pricing
The price for which you want to sell your house, the amount of “walk-a-way” money you want, and the amount you think your house is worth are all irrelevant to the buyer of the house. The market will tell the buyer what the house is worth and how much to pay for it. How does the market do this? For example, you have a house in a neighborhood of 20 other houses of comparable size, age, style, bedrooms, bathrooms, and amenities. Suppose there were 6 houses sold in the past 90 days for $100K each. You decide to list your house for $120K. If buyers know they can buy a comparable house for $20K less than yours, they would be less likely to buy your house. In this case, the market is telling the seller the house is worth $100K. As a result, you will need to consider listing the house in line with what comparable homes are selling for or be prepared to wait for it to sell. Obviously, this is a simple example but hopefully you get the point. A good real estate agent should be able run a report of recent comparable sales and properly advise on the listing price taking into account the seller’s situation and market conditions, etc.
Marketing
If people can’t find your house, they can’t see your house. The majority of homebuyers today are searching online. Your house will need to be listed on all of the major websites where buyers are searching (i.e. Zillow, Trulia, Realtor.com). Assuming your house is listed with a good real estate agent, it should also be marketed in the local Multiple Listing Service along with a for sale sign in the yard. A good agent will also employ other helpful marketing techniques such as appropriate staging, conducting open houses, networking with other agents, distributing flyers, and posting high quality pictures and/or video.
Repairs
That water stain on the ceiling, leaky faucets, broken light fixtures, inoperable range and hood, and rotted siding are sure to draw concern from the buyer and show your property in a negative light. Assuming you have the money available, reasonable repairs that are sure to be visible to the buyer should be completed. It also may be a good idea to replace certain items that are functional but overly outdated (appliances, fixtures, etc). You can include making repairs in your negotiation strategy.
Curb Appeal
If the buyers don’t like the look of your home from the outside, they will probably not be inclined to see the inside. When shopping for my own primary residence, there have been homes I have passed on viewing because of the curb appeal. Improving the landscaping is a must. Make sure pathways to the house are swept and cleaned. Address chipped paint, damaged brick, siding, gutters, etc that will detract from the appeal of the house. Just like the beautiful girl or the handsome guy, their looks make you want to get to know them on the inside.
Flexibility
If you are trying to sell your house, you should be prepared to let people see it without obstruction, interference, and at flexible times. Buyers will need to see the house at varying times due to work schedules, child care obligations, and agent availability. If you are too rigid with the times you are willing to show the property, you may be reducing the number of potential buyers. While buyers are seeing the house, it is even recommended that the seller leave during this time so not to smother the buyer. Many buyers are uncomfortable speaking openly and viewing the property knowing the seller may be listening and watching.
Critical Factors You Won’t Be Able to Change
You will not be able to change the location of your house. As the old saying goes, real estate is all about location, location, location. No matter how nice the house looks, if it is located at a busy intersection, across from a waste treatment plant, in a declining neighborhood, this will have a significant impact on why your house is not selling. Unfortunately, you can’t pick the house up and move it. You will likely have to adjust your selling price to account for the undesirable effects.
The overall condition of the local market at the time will also have a significant impact on why your house is not selling. If the market is a buyer’s market, meaning there are a lot of homes on the market for buyers to choose from, your house may take longer to sell and for less. If you have some flexibility in regards to when you need to sell, you might consider taking the house off the market. You could always wait until inventory levels (houses available for sale) drop and the market conditions improve in the favor of sellers. Otherwise, you will have to list the house in line with what the current market dictates.
The author is licensed Realtor in the State of Texas under the brokerage of Above and Beyond Realty, LLC.
