Probably the worst thing that can happen to you when you're trying to sell your house is not getting any offers. You prep your house, take excellent photos, and have many a buyer walk through, but it's crickets for days. Here's what you need to know when you just want to scream, "Sell my house!" (when the house won't sell).
Reasons Your Home Sale is a No-Go
Having your home ready to sell with no offers can be frustrating! Especially if you've had showings but no offers. If you find yourself in this category, here are a few reasons your home sale could be a no-go.
Not Enough Time
If your house has been on the market less than three weeks and you have had fewer than 21 people walking through it, you may just need to give it time to sell.
The average number of showings to sell a house is 21 showings or 21 days (whichever comes first) according to most real estate agents. If at the end of those days you aren't getting an offer, it's time to evaluate the reasons below.
If you're asking yourself, "Why isn't my house getting any showings?" it's time to turn to your real estate listing. Your real estate listing is going to be the first thing many potential buyers see, so it needs to make a statement. If your pictures are from odd angles or the house is cluttered in the pictures, it's time to re-do them.
Take time to declutter and downsize significantly before hiring a professional photographer to retake the photos. A professional photographer will be able to put the house in the best light and help your house stand out on the MLS.
Does your listing feature the best elements of the house? Is the house accurately portrayed in the description? If not, have your listing agent rewrite it. Mistakes happen, and if buyers are expecting a superior view of the mountain when all they get is a glimpse from the bathroom, then you could be disappointing your buyers. Make sure everything is accurate while still being appealing and see what happens.
Your listing agent likely came up with your listing price after carefully evaluating similar houses that have sold in the area. If your house hasn't made the list of sold houses yet, it's time to take a deeper look to see what those houses have that yours is missing.
Do those houses have newer kitchens or updated bathrooms? Is the location the issue and you're on a busier street? Ask your agent to comb over it with you.
You may need to make a few changes to your house. Have it professionally cleaned and consider doing a few updates, if necessary. If all else fails, remember: Every home will sell for the right price!
Maybe it's not your house specifically but the market in general that's taking a nosedive. Evaluate the market for any variables that could factor into your house sale. It could be that you just listed at the wrong time and need to adjust your price accordingly.
Lenders Won't Approve It
If your house is priced appropriately but needs some repairs that lenders won't approve without, that could point to your problem. In that scenario, getting a cash offer is your best bet. Talk to your real estate agent about ways to attract cash offers, or see if you have the budget to swing the repairs. You may decide to offer a credit toward the repairs to bring more buyers to your door.
If you’re finding reason after reason to reschedule walkthroughs, you could be the reason your house isn't getting any offers. Make sure you’re readily available for walkthroughs and open houses so potential buyers can see if it's their new home.
House Won't Sell: What are my options?
If you've compared the comps, dropped the price, revamped your listing, and decluttered but your house still won't sell, it's time for another approach.
Here are some things you can do if your house really won't sell.
If your house won't sell, you have options. Offering seller financing is one of those options. Seller financing opens the door for those with lower credit scores to qualify for the house because you’re stepping in as their lender.
Seller financing transactions are usually a bit more involved than regular transactions, but you can close on them fairly quickly. If this is something you want to explore, talk you real estate agent about offering seller financing as an incentive.
Pay Points Toward Interest
Some loans allow you to pay down points to lower the buyer's interest rate. This is especially appealing to buyers when the interest rates catch up to the market making it difficult for buyers to purchase a more expensive house.
Pay Closing Costs
Offering to pay closing costs allows those with a lower budget the opportunity to purchase your house. This is helpful for first-time home buyers who may have saved for their down payment but not their closing costs.
As previously stated, every house will sell for a certain price. If that price is lower than your listing price and you really need to sell, you might try lowering the price. Be careful how you lower it, though. Lower it too quickly and you may have buyers waiting a bit longer to see how low it can go before they swoop in and buy it.
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Is your house not selling? It could be your real estate agent. If you're in the market for a top listing agent at a great flat rate, you need Clever. Call us today at 1-833-2-CLEVER or fill out our online form to get started.