I'm Getting No Offers - Now What?
Hal James
At the beginning of this decade, you could sell your home without even putting it in MLS. My, how things have changed. Now you practically have to beg a buyer to make an offer. If your property isn't generating interest, what can you do?
There is no doubting the current real estate market is tough to sell in. It may even seem hopeless in your area. It is not hopeless. You can sell. In fact, we just sold our home. The key is to be persisten and take unique approaches.
The first step is to play up your neighborhood. Location, location, location. It is the first rule of real estate and everyone knows it. So, make sure you list the attributes of your neighborhood when putting your marketing together.
There seems to be one owner in every neighborhood. Their yard is a jungle or completely dead. You can complain, but it rarely gets anything done. The answer? Offer to have it done. You'll make it back on the sale of your home.
Step back from your pricing. Look around the neighborhood. Are there comparable homes listed for less, even a few thousand dollars less? If so, you need to cut your price. You don't need to beat the fixer upper on the block, just those similar to your home.
Now, you are probably thinking your home is better than those considered comparables. Well, yes and no. It probably is better, but not enough to make a difference to buyers. Remember, homeowners like to change things, so they may not care if you've upgraded.
Come hell or high water, some people will refuse to cut their price. If you are one, about the only thing you can do is try to market the superior aspects of your home like mad. Try to show why your property is better and deserves a higher price.
One way to do this or just move your house is to offer favorable terms to buyers. We all want someone to show up with a suitcase of cash. It probably isn't going to happen. Offer to help with the financing by offering a second mortgage. It can make all the difference.
An obvious, but often missed, final step is to make small improvements to the property that carry big weight. Landscaping is usually cheap and can radically change the look of a property.
Besides landscaping, there are other minor tasks that can have a big impact. Clean your driveway and organize the garage. Cut back plants in front of windows to maximize lighting and views. Walk the house and just make little changes to the details.
About the Author:
Hal James writes about issues faced by FSBO sellers for FSBOAmerica.org, where you can get a free one month listing to sell your home by owner and get more real estate tips.
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