Your home is on the market, but no one is looking at it. What could be the reason? This frequently asked question can have a fairly complex answer, but take a look at these tips for selling your home. It usually comes down to one of three factors: price, home staging, and marketing.
In many cases, your home isn’t selling because of PRICE! If potential buyers think your home is overpriced, they’ll look at other homes before yours.
Real estate agents play an important role in advising home owners of the true market value of their home. They walk alongside the homeowner to determine the overall value of their home by studying comparable properties, or “comps” as they say. When real estate agents analyze the worth of a home, they look at the original price on comparable homes, what they sold for, and how long they remained on the market. This process is known as a Comparative Market Analysis.
You can also pay to get an appraisal on your property. Professional appraisals usually cost $300-400 and take about two hours to complete. Prospective buyers use appraisals to judge the fairness of the listed price on a home, but the market value of the home could vary widely from the official appraisal. Professional agents evaluate all of the factors that influence the final list price. They track 1) the volume of buyers who show interest in the property, 2) buyer feedback on the property, and 3) the type of offers coming in. They will use these market facts to provide advice on any necessary price reductions. If the house is priced right, bidding wars could take place.
If your home has been listed for about two weeks and has gained no interest, you’ve probably priced it too high. Reduce your asking price about 5% to engage some potential buyers.
2. Prepare your Home for the Public
Preparing your home for showings can be a really big job in itself, but well-prepared homes sell faster than the competition. Some sellers hire professional stagers, who charge around $100-150 per hour. Regardless if you stage your home yourself or hire a professional, be sure your home is spotless, clean, free of clutter, and well-lit!
Ask your realtor about effective marketing efforts. Which sites are advertising your home? Your home should be listed on all the major home-selling sites, including MLS.
Ask your realtor how to take attractive photos of your home. When it comes to marketing your home, good staging (mentioned above) comes in handy. Since many buyers begin their search for a home online, classy, well-staged photos can make your home stand out among the competition!
Still not engaging buyers?
Sometimes the fault isn’t yours. Perhaps there aren’t many buyers in your area. Maybe you don’t have the money to improve curb appeal or make other adjustments. Your realtor, given his connections and buying network, will be able to analyze your situation and connect you with interested buyers. Realtors know how to work out a budget so that even if you have to spend a little to improve your home, you’ll get the best price when you sell your house.
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