Your home has been on the market for months. You haven’t had any offers, or the offers you received were infuriatingly low. Now what?
When your home doesn’t sell, the majority of factors depend on the property itself and the market. There are a lot of reasons why a home doesn’t sell in a timely manner. Maybe it’s priced too high or it doesn’t show well, or it lacks curb appeal. Whatever the case, your next steps should be to take the home off the market, give the listing a “rest,” reevaluate your asking price, consider cosmetic upgrades to the home, and then get back out there. You might even end up selling your home for a price that’s higher than what you originally asked! So lets go a bit further into detail on what to do if your home doesn’t sell:
1. Take your home off the market temporarily
Listings can grow ‘stale’ in the eyes of potential buyers after about 90 days on the market. Buyers begin to wonder why the home hasn’t sold and, all too often, assume something is wrong. So, if your home has been on the market for over 90 days without success, the wise thing is to take it off the market temporarily, about three months. Remember, the pool of potential buyers is constantly evolving. When you put your home back on the market, there will be a new pool of buyers and to them your property will be “fresh.”
2. Reevaluate your asking price
If your home doesn’t sell at its current asking price, it’s time to reevaluating your asking price. Price your home to sell! Using a knowledgeable Realtor who knows the market is the best way to accurately reprice your home. Keep in mind that lowering your asking price doesn’t always mean you’ll get less money! We’ve seen multiple instances where a home was re-listed with a slightly lower list price, and ends up receiving multiple offers and selling for higher than its original listing price!
3. Consider some cosmetic upgrades
If you do decide to take your property off the market temporarily, it’s the perfect time to work on some cosmetic upgrades around your home. Making some easy, quick, reasonably priced improvements, such as a fresh coat of paint, better staging, fresh landscaping, or de-cluttering rooms in your home can often make a huge difference. A little financial investment now can pay back with a higher closing price later!