Selling a house is not as easy as everyone thinks. You are dealing with buyers who have options but also have to get the best deal for them. Just because you have a reasonable asking price for your property does not mean the buyer will see that the same way. The buyer has to focus on ways to make the property more affordable for them, especially considering how interest rates have gone up.
If your property has been on the market for more than six months, it may be time to rethink your strategy. Your realtor is doing all they can but often in these cases, the burden falls on you to assist your realtor and give them the help they need to make the property more appealing to buyers. If you are able to make simple changes to your home that will benefit the buyer, a lot can go a long way and help you get a reasonable price for your house.
How To Gain Interest On An Old Listing
It’s difficult to know exactly why you’re property is not getting real interest. You can make your best guess based on what others have told you. However, it’s important that you have an understanding of where the market is now and how to best utilize it to your advantage. Buyers are focused on the best deal for their money but they also want the easiest transition possible. Consider that and these tips for building new interest:
- Take the listing off apps: One of the most important things to consider is that too many people have seen your listing and also seen that it’s been on the market for a while. It may be wise to take the property off the most popular apps as they are not working for you. Focus instead on local searches and even advertising on social media. You may not be having luck because compared to other properties in your area, the app is making your house look either too expensive or not up to par with what buyers can get in the same location.
- Make upgrades: Often, the biggest problem with selling a house that’s been on the market for too long is the work that it needs. If you are not willing to go down on price, it’s unrealistic to expect someone to pay full price and also cover the costs of the repairs the house needs. If a new roof, windows or other features are needed, make those upgrades. You can even increase the price of the property once it’s listing because often, people do not have the funds available to cover those costs themselves and will not be able to borrow the money considering they just got into a new mortgage and have little equity in the property.
- Advertise the property on social media: Sometimes less competition is better and there are local groups that you can list homes in on social media and have local residents share your posts. Social media is a very popular tool for realtors who are able to get thousands of views on listings without having to pay for ads and it also gives you an opportunity to see what locals say about the property, what they like and do not like about it.
- Consider rent-to-own: While the rent-to-own situation is not ideal, it could help you get a bigger return on your property in the long run. In many cases, buyers prefer rent-to-own options because they do not have to switch the taxes and insurance yet because the property is not in their name. Additionally, they do not have to worry about buying the house completely until they have spent some time in it. Again, it’s not the ideal situation for you but some people make more money because they are dealing directly with the buyer and therefore can charge more because they are saving them hassles and interest on a loan.
- Lower asking price: You can lower your asking price if you are not getting real interest on the property. However, you do not want to do this too often and you do not want to make gradual changes. For example, some people would say to lower an asking price from $445,000 to $444,000 because it will have you appear at the top of apps again. While this is true, it often annoys buyers who are no longer interested in working with you because it shows you have no flexibility in the price. Instead, try lowering it from $445,000 to $435,000. This is not a steep decline but shows buyers you are willing to work with them on the price and will re-spark interest in the property.
- Offer to cover some costs: Another reason you may be struggling to find a buyer is because of the added costs of inspections, appraisals, and so forth. If the buyer is serious and willing to make you a real offer, consider helping them with these costs, especially if they are struggling to make them on their own. Covering the closing cost is a great option and you can make up the difference by asking for more on the final sales price so that you do not have to pay out of pocket.
- Look for realtor recommendations: Your realtor has spent this time on your property and working with other realtors and potential buyers. They understand the concerns or challenges that people are having with buying the property and their insight will help you to find the best options to benefit buyers. In situations where properties are on the market for more than six months, consider talking to your realtor about new strategies and consider things like what time of year it is, if there’s a seller-friendly season coming up and so forth.
- Do a video tour: While your property may have images, the images may not do it justice. Many of the properties that sell immediately or within a reasonable time frame have professional images and even video tours. Because many purchases are made by people in other areas of the country, potential buyers may be skipping over your listing because they cannot get a good view of the property and will not be able to visit it just to check it out. Give the buyer everything they need to consider buying your house and let them see every inch of it.
- Make sure property meets all new requirements: In some cases, one of the biggest reasons properties cannot sell is because they do not meet the latest regulations for local government or insurance carriers. This can be electrical boxes, the condition of the roof, sewage setup and more. While you may be grandfathered in on these matters, a new owner will have to cover the cost immediately or in some cases may have to pay increasingly high insurance premiums. If this is what is keeping people from being able to buy your house, you will need to address it on your own.
Being patient is always a requirement when selling a house. However, if the property has been on the market for over six months, you need to rethink your strategy. Look at what is keeping you from getting real interest and why other offers fell through. Do not give in if you can afford to hold, especially if there are changes you can make that will improve your chances.