My Home Isn't Selling: Now What?

Selling a home is stressful. It’s almost always a task that is met with at least some anxiety by homeowners, investors, and even realtors. Selling a home is a major upheaval that can disrupt daily life and is often emotional as well (as we discussed in last week's blog). When a home is put on the market, there is always hope that it will sell quickly, which is pretty common in today’s market. There have been listings that go under contract the day of listing or the weekend after listing, and on the flip side…months after listing. You just never know what buyers will see or not see in your particular home that will make them take the plunge and make an offer.

We know that is not necessarily comforting, but it is realistic. However, there are certainly things we can do to make your home as appealing as possible to as many buyers as possible. Go back and look through our many blog articles focused on staging, curb appeal, and valuable home updates for more advice than you might actually want regarding preparing your home for sale! Now, what if we do all of that and after listing, days, weeks, and even months go by without an offer? Then what? 

Our focus in this blog is sharing four strategies that have worked in some cases when something about the property just isn’t clicking with buyers. It’s so hard to take a step back and reevaluate a listing. Everyone involved puts a lot of time and energy into the preparation for the sale, and when it doesn’t happen as quickly as anticipated, frustration, doubt, and of course more anxiety can set in. Our advice is to stay positive and concentrate on what you can do to make a sale happen.

1. Offer a selling bonus to the agent who brings the buyer. This is a great motivator for agents who might have overlooked the property or showed other properties ahead of yours. Depending on the market, price of the home, and length of time for sale, determine a monetary amount you’re comfortable offering. Locally, we see bonus amounts from $1,000 - $5,000, and agents are always very willing to bring clients in to tour the homes for which the bonus is offered.
2. Price reduction. This strategy can be painful. We always try to price a home competitively and net the sellers as much as possible, but if a home is not getting offers, it might be priced too high for the current market. Agents typically ask for feedback on the listing from other agents who bring clients for a tour, so that is a great way to gauge whether the price is right for market conditions. Reducing the price could open the listing to more buyers and potentially bring buyers back who toured and considered the home previously. 
3. Offer an allowance for updates. This strategy is only effective for properties that are older or maybe a bit outdated. We have written many times about the plight of buyers who are unable to see beyond what the home looks like at first glance. If you know your home needs fresh paint, new flooring, new fixtures, etc., then offer an allowance instead of reducing the price. Allow the buyers to choose the contractor, make their own choices, and simply set a budget. This tactic could really help buyers see what the home “could be” with them as the owners.
4. Get creative with marketing. There are certain markets that showcase listings with an event or party. This idea can be risky and ineffective in a lot of places, but think about it. In big cities, it’s common to invite agents, investors, and certain clients to a cocktail party, dinner, or brunch at a listing. If you’ve ever watched Million Dollar Listing, you’ve probably seen the most extravagant events of this type. It’s basically a glamorous open house. A scaled-down version might be a nice broker’s open or marketed luncheon that serves as an open house by invitation or for the public. The point is to garner attention for this listing that is not selling for whatever reason. Do something different. Get new people in the home to increase the potential of a sale. Your ERA First Advantage agent can be a tremendous help if you consider this strategy.

We hope these ideas have both eased your mind and given some realistic options to try if you are struggling to sell a home. We’ve been there, so we understand how difficult this process can be. Again, we encourage you to do what you can to take action and see what happens in time. As always, feel free to drop us a line or comment on social media with questions or comments!

Photo credits: southernliving.com