According to industry statistics for 2020, homes spent an average of 25 days on the market before going under contract. How long a house remains listed can vary depending on several factors, including the state of the property, location, asking price as well as economic factors such as demand, interest rates and the availability of mortgage loans.
There could be a number of reasons why a property could be difficult to sell and in this article, we will explore some things you should consider when trying to sell your house if it has been left sitting on the market for too long.
Review Your Asking Price
There are many ways to identify whether you have over-priced your property such as comparing your asking price to similar properties in your neighborhood, the number of viewings you have received and the length of time it has been on the market without an offer.
Many homeowners fear under-pricing their property and as a result, ask more for it than its fair value. However, an under-priced house will arrive at an average selling price through competition and bids between interested parties.
To entice prospective buyers, consider dropping your asking price by one or two per cent to generate demand. This may also attract interest from real estate investors who are always on the lookout for a deal and are willing to purchase properties that are less than their market value.
Some properties are difficult to sell due to their state of disrepair or may be encumbered with debts yet can still be purchased by certain companies at a lower price, usually for cash. Click here to find out more about how to sell my house with a tax lien.
Spending money on repairs and home improvement can be considered an investment, especially when it means the difference between your house selling and sitting on the market.
Many elements of your home can be repaired easily, and it’s important to tend to these matters before you begin showing your property to prospective buyers. Examples include fixing faulty door handles, leaky faucets, broken light bulbs, scratched floors and damaged wallpaper. These minor improvements to your home are relatively inexpensive to remedy either by yourself or by hiring a handyman.
Make sure to also tend to the exterior of your property as this is the first impression buyers will have of your home. Mowing the lawn, sweeping the porch and cleaning the windows and siding can improve the curb appeal of your home making it more desirable to buyers.
The location of your home is one of the most important factors that influence its value and factors such as a high crime rate, noise pollution and a lack of amenities can make a property undesirable to buyers.
However, a poor location does not necessarily prevent you from selling your home. When listing or showing prospective buyers around, it helps to frame potential problems in a positive light. For example, living close to an airport might be too noisy for some people, but it may appeal to frequent flyers or cabin crew, as it can significantly cut down on their travel time. There are also adjustments you can make to your property to make it more soundproof, such as filling holes or cracks in walls, adding acoustic panels or installing window inserts.
Such modifications to your home could generate more interest and ultimately, more offers. In other situations where your options are limited, you can incentivize buyers by offering to pay for repairs or covering some or all of the closing expenses.
By incorporating the advice in this article you can significantly increase your chances of selling your house.