There are many homes that have been on the market for six months or longer in Northwest Arkansas and around the country. Instead of getting frustrated, mad, and depressed – here’s what you can do when your home won’t sell…
List or Relist as the case may be…
Many people either try to sell their home ‘by owner’ or put their home on the market themselves after having a bad experience with an agent. Do you perform surgery on yourself? Do you prepare your own lawsuits? Do you file your own insurance claims? Do you manage hundreds of thousands of dollars of your own money?
NO. Why would you try to market and negotiate the sale of your own home? It’s one of the most valuable assets you have and it involves your personal space and possessions as well as your family’s. Let a professional do it. If you don’t have a Realtor – get one. If you don’t like the one you have – fire them and get a new one. A professional Realtor that can properly market and sell your property is literally worth their weight in gold.
Bite the Bullet and Drop the Price
I won’t beat around the bush…you know if your home is overpriced. How do you know? It didn’t sell. It didn’t show. Realtors didn’t go see it. You didn’t get any offers. See. Your home was overpriced. Get a professional to provide a detailed market analaysis of your home and the surrounding area to find out where your home’s price should fall. If you aren’t within 5% of the price of comparable homes in your area, you are wasting every-one’s time.
Polish it up
Whether you can eat a four course meal off your tile floor or you haven’t seen your carpet since the eighties, you can always do something to make your home show better. Clean your carpets. Paint, patch, and scrub your way to selling your home.
Market for Real
If you are using a ‘discount brokerage’ or have negotiated your agent’s commission (and therefore the buyer’s agent’s) to lower than they were asking, you are doing yourself a disservice. It all comes down to, “you get what you pay for.” A discount broker offers a limited amount of marketing for a limited amount of commission. A Realtor that is being forced to work for less than they are worth will be able to market and expose your property to give it it’s best chance of being sold. Consider offering a higher commission than is normal in your area to increase buyer traffic. Think about offering a selling bonus, a home warranty, or get a custom property website. In short, upgrade your home marketing.