You've had your home
for sale for months and yet not a single home buyer has made an offer. Having a
house that isn't selling can be frustrating, to say the least, especially when
you’ve spent a lot of money on home advertising and made
a number of price reductions. Many readers have asked real estate expert SollyAssa what they can do when their home isn't selling. If your house has been
sitting on the market for months, with minimal or no movement, then it is
probably time to take a step back and determine the exact reasons why your
house isn't selling.
The first factor you want to consider is the market. Does the current market favor buyers or sellers? Are things moving quickly in the current market? Sometimes, real estate is hot, and other times it’s not. Before you jump in, make sure you’re able to objectively look at the situation, says Solly Assa, developer and founder of Assa Properties, a New York City-based real estate company.
Although there is no
guarantee that your house will sell right away, a few "marketing"
tricks can certainly make the property appear more attractive, and hence, bring
you more potential buyers. Marketing makes a big difference, says Solly Assa.
In a buyer’s market,
it is especially important to pull out all the stops and make your home stand
out from the sea of inventory on the market. Ask yourself: why would a buyer choose
my home over all the other homes for sale? How you market it can be the
differentiator. In order to help you with the process, Solly Assa dives in to
discuss some of the main factors that often interfere with house sales, and
suggests some clever points to maneuver your way around these obstacles.
• Set the Right Price
In addition to the
market’s temperature, and your marketing efforts, the most likely factor when
it comes to a lack of offers on a home is price, states Solly Assa. Determining
the best asking price for a home is one of the most important aspects of
selling. If your home is listed at a price that is above market value, you will
miss out on prospective buyers.
Properties sell when
they are priced correctly. The value of your home is determined by what a buyer
is willing to pay for it. If it is much too high, it is likely that you won't
get any offers. Of course, you also don’t want to lower the price below the
amount owed on your loan.
Make sure that you are
certain of the value of your home in your market and price it right. “You can
get an analysis of the local market with a professional agent, compare it with
other homes, and determine specific market trend data,” says Solly Assa.
• Create a Better Property Listing
The quality of your
property listing has a big impact on the ability to sell your property. Quite
often, buyers have only one shot at making a great first impression. So, if you
aren't putting your best foot forward when your listing is first published, you
can lose a lot of potential buyers. Solly Assa shares some of the key things:
Photos are extremely
important to a listing, so make sure to use high-quality, well-staged photos.
If necessary, use a professional photographer. 99% of people pass by listings
that have one photo or no photo at all. Listings with dozens of good
photographs get noticed quickly. For optimum marketing, quality photos include
wide angles and plenty of light showcasing your home's best features.
Last but not least,
don’t forget to add descriptive text to each photo. Remember, you're not just
selling a house, you’re also selling a dream. So, learn to tap into people's
emotions, understand which aspects of your property are truly remarkable, and
write about those features and about your property in a way that makes it sound
like a dream come true.
