Can’t Sell Your Home in a Hot Market?

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.