So, your home has been on the market for several months and for whatever reason, is simply not selling. What happens when your listing expires? Do you renew with the same agent? Do you lower the price? More importantly, why didn't it sell?
There are many reasons a home didn't sell and the price is usually just one of the many reasons. Homeowners need to set their home up for selling success and that usually means cleaning and staging. Let's take a look at some of the reasons why your home may not have sold in the first place.
Did you prepare the home?
Did you set the home up for selling success? Does it show well? Did you clean up the home and clean the outside as well. What about curb appeal? Showing photos? Fixing or repairing damages? What about updating certain things? If buyers don't see the home as being worth its value, they'll simply move on.
Consider having a home inspection before listing the property. Repair or, replace or update anything that might be outdated or need fixing. These things will stand out to buyers and be one of the main reasons they walk out the door, rather than putting an offer on the table. Ask your real estate agent if there's anything you could do better when it comes to preparing the home.
What if the home is not marketed correctly?
Any real estate agent can list the property on the MLS but a great agent will market it to the fullest extent of their tools and technologies. Did your real estate agent have professional photos done? Did they market it to their potential buyers? Do they keep the flyer box well-stocked? Do they advertise on social media and/or their own personal website? To what extent did the agent go above and beyond their advertising and marketing duties? While open houses rarely actually sell the house, they are sometimes a key part of the marketing process.
What about lowering the price?
Adjusting the price is a tricky situation. Your agent has decided on a price point when first listing the property. It is your ultimate decision whether or not to choose that price. If you chose to listen to your agent, it may be some other issue, but if you chose to price the home higher than suggested, it's probably time to lower the price. Find out your bottom line and what wiggle room you have. Talk to your agent about the best way to lower the price and to what extent.
What if the listing expired?
Discuss the options with your agent. Are there things you can do to relist the property with more attractive terms? Is it your agent's fault, the house, or your own? Were you flexible and reasonable with buyers? Is the market just not in your favor? All these variables play into whether or not a home will sell. Sit down with an agent you love and discuss the options. Usually, it's two or three issues that stopped the house from selling. Figure out how you can adjust or change the current situation so that when you do relist, you'll be more likely to get an offer.
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As a certified Realtor® for the top-rated Columbus Realty Firm - Vision Realty, with 32 years of dedicated real estate experience, I can help buyers, sellers, investors, short sale sellers and more find, sell or invest in the right property, at the right price, at the right time. Contact me anytime for updates and information on the Columbus OH Real Estate market.