So you’re ready to sell your home and you’ve put in the effort, but it didn’t sell as expected. You’re not alone! Sadly, this is more common than you may realize! According to a recent survey by MLS, 49% of all homes did not sell with the first agent they hired. This same survey reveals that 61% of these same sellers failed to sell their home again when they relisted with the same agent. This has led to billions of dollars lost for these home sellers. Before you relist, let us help you reassess and develop a strategy for a successful sale.
If your home got no offers or little to no interest and ended up not selling, you’re not alone. The good news is that there are effective strategies to attract the right buyers, and close the deal. We’ve collected the key factors that might have led to your home not selling and help you make the necessary adjustments to improve your chances of success next time around.
Even if you’re just now starting the process of selling your home for the first time, you’ll want this info, it may save you the heartache of having to try a second time!
Reevaluate Your Pricing Strategy
One of the most common reasons a home doesn’t sell is that it was priced too high. Even in a highly competitive market, buyers are still looking for a good deal, and an overpriced home can drive them to better buys. Here’s what you can do to price your home right the next time you go to sell:
- Get a Comparative Market Analysis (CMA): Partner with real estate professionals to analyze recent sales in your area and help set a competitive price. Buyer aren’t just looking at your home – assume that they’re looking at all comparable homes in your local market – ensure your listing stands out by pricing competitively.
- Consider Market Conditions: Understanding the current market from a fresh viewpoint is crucial to a successful sale. For instance, if the market has changed since you first listed, you may need to adjust your price to stay competitive. A price change might help position your home to attract more potential buyers and align with current market trends.
- Look at Buyer Feedback: If previous showings led to negative feedback about your home’s price, use that knowledge to your advantage when relisting. Your experiences and the insights gained from the process will give you an edge and may improve your chances of receiving offers.
Improve Your Home’s Condition and Appeal
Were you struggling to generate interest on your first attempt to sell? Sometimes all it takes is a few simple adjustments and modern updates to make your house stand out to the buyer. Use these tips to enhance your home’s appeal and speed up the sale!
- Declutter and Depersonalize: Remove excessive personal items and decor from the space—’less is more’. Buyers want to envision themselves in your home, and that’s hard to do if personal items, too much furniture, or clutter dominate the space. Plus, your home will appear much larger with less in it.
- Fresh Paint and Minor Repairs: A fresh coat of neutral paint and fixing small repairs can make a big difference. These simple updates create a clean, inviting atmosphere and allow buyers to focus on the potential of the space rather than distractions, like chipped paint or outdated fixtures. Also, it shows that the home has been well cared for, making it more appealing to prospective buyers.
- Boost Curb Appeal: First impressions matter. Make sure the landscaping is fresh, repaint the front door, and make the entryway inviting as the buyer walks in. Planting flowers, trimming hedges, and adding a few (subtle) decorative touches can also help enhance the curb appeal and create a welcoming atmosphere.
Enhance Your Listing Photos and Marketing
Buyers often make their first impression online, so make it count! High-quality photos and a compelling listing description might be the key to making a strong, lasting impression and will entice buyers to visit in-person.
- Hire a Professional Photographer: High-resolution, well-lit photos highlight your home’s best features, and a professional photographer knows how to showcase your home’s unique features in the most flattering way.
Consider Virtual Tours and Videos: Interactive features, while an extra step, are a highly effective way to help buyers visualize the home remotely and get a true feel for the space and help in making the decision to explore a purchase. This extra step can put you ahead of your competition.- Rewrite Your Listing Description: Highlight key selling points, unique features, and recent upgrades. Ask yourself, what are your favorite stand-out features of your home? What was it that made you buy your home? Maybe it was the large kitchen, or open floor plan, the cozy fireplace, or newly renovated bathrooms. Showcasing these details might make your listing stand out to potential buyers.
- Leverage Social Media and Digital Marketing: Expand your reach. Ask your realtor (or next realtor) what they will do to drive demand for your home. They should know how to use targeted advertising and social media promotions to attract more interest and reach a larger pool of buyers who may not have discovered your listing otherwise.
Reassess Your Real Estate Agent
If your home didn’t sell, it may be time to reevaluate your real estate agent’s performance. Ask yourself the following questions and if the answer is no to any of these, it might be time to move on. Here are three easy questions to help you make your decision:
- Did my agent communicate effectively and provide feedback? Selling your home should feel like a partnership, where you’re comfortable asking questions and confident in following your agent’s advice to close the sale. If communication is lacking and you are not feeling prioritized, you may need to interview other agents.
- Was my home marketed aggressively across multiple platforms? If the answer is no, you may have missed buyers… and a great opportunity for a sale. In a competitive market, it’s important to saturate available platforms to reach the most amount of potential buyers as possible. Your marketing strategy should include online listings, social media promotions, email campaigns, and more. It’s a seamless way to increase visibility and attract more qualified buyers. If your home wasn’t marketed fully, it might not have had the exposure it needed to generate serious offers.
- Did my agent have strong negotiation skills? If the answer is no, and you feel you needed someone to advocate more effectively on your behalf, it may have cost you in securing the best possible deal.
If you need a fresh take, consider interviewing other agents who have a proven track record of selling homes in your area. Look for detailed reviews and testimonials and consider interviewing agents if you are uncertain.
Offer Buyer Incentives
To make your home stand out and attract more buyers, consider offering these incentives and provide that extra value and flexibility to close the sale:
- Closing Cost Assistance: If you are able to, helping with closing costs can make your home more appealing to buyers who need financial flexibility. By covering a portion of the closing costs, you can reduce the upfront financial cost on potential buyers, making your home more accessible to a wider pool of buyers, especially those that are first-time buyers.
- Home Warranty: Providing a home warranty can give buyers peace of mind about potential repairs. Offering a home warranty may reassure buyers that they won’t face unexpected repair costs in the first year, making your property more appealing in a highly competitive market and giving buyers peace of mind and that extra confidence in making their purchase.
- Flexible Closing Terms: If you are able to, and have flexibility regarding the buyer’s timeline, it can really make you stand out. Buyers often have specific needs when it comes to timing (more so than the seller in most cases), whether they’re in a hurry to move or need extra time to finalize their plans. Flexibility in your closing terms can help accommodate their situation and make your home a more desirable option, consequently speeding up the sale process.
Reevaluate Your Timing
The timing of your listing can significantly impact how quickly your home sells. If you’re able to adjust your relisting date, consult with your real estate agent to determine the best market conditions for success. If your home was previously listed during a slower season, consider relaunching during a more active period, such as spring or early summer, when buyer demand is typically higher.
Avoid Inspection Pitfalls & Keep Your Sale on Track
On your first attempt to sell, did your home receive offers but the offers fell through due to inspection issues? Taking these proactive steps can help to avoid these set-backs:
- Conduct a Pre-Listing Inspection: Identifying and addressing potential problems in advance can prevent last-minute surprises and additionally give buyers assurance in your home’s condition. Providing an inspection report upfront may also reduce negotiation delays.
- Disclose Major Repairs Upfront: Being transparent about recent improvements or necessary repairs helps build buyer trust and can prevent deals from falling apart. Buyers appreciate honesty, and full disclosure can lead to smoother transactions.
Stage Your Home for Maximum Appeal
First impressions matter, and staging can transform your home into a space buyers can see themselves living in! Remember, a well-staged home highlights its best features, creates an inviting atmosphere, and helps buyers see the space as their own. Consider these staging strategies:
- Professional Staging: It’s the stager’s job to maximize space, improve flow, and create a warm, inviting space. A professionally staged home makes a huge difference because it’s designed to attract more buyers.
- The Right Mindset: It’s important to go in with the right mindset. Think of staging an investment, on average, staged homes sell for 6.9% more money and sell 50% faster than those that aren’t staged! The value you get from a well staged home is well worth it for most homes!
- DIY Staging: Can’t swing the professional stager? Small changes can have a big impact. Try rearranging furniture to improve flow, adding fresh flowers for a pop of color, and opening blinds for the best lighting. These small steps can make your home feel more spacious and inviting. Decluttering and neutralizing décor is also an easy DIY you can do so buyers see the home’s full potential.
Be Open to Negotiation
If this is your second time (or more…) time trying to sell your home, you have the gift of experience. If previous negotiations fell through, consider being more flexible this time around. Stay open to discussing terms such as contingencies, closing costs, or price adjustments to entice the right buyer.
Stay Positive and Persistent
If your home hasn’t sold yet, don’t get discouraged. A fresh strategy, the right real estate professional, and key adjustments can make all the difference. Instead of seeing it as a setback, view it as an opportunity to refine your approach, enhance your home’s appeal, and relaunch with a stronger marketing plan. With persistence and the right changes, you can turn your listing into a successful sale.
Ready to sell your home and want expert guidance? Partner with a real estate team that goes beyond the basics to get your home sold. We specialize in homes that didn’t sell the first time and we are so confident of selling your home that we Guarantee it in writing. If Your Home Doesn’t Sell, Debbie and Sarah Will Buy It -THAT’S OUR GUARANTEE! To discuss the sale of your home, Call or Text us at 703-214-2147 today!
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