If your house has been on the market for many months without receiving any offers, what might be the problem? Of course when the economy is down, houses do not move as quickly. But right now the housing market seems to be coming back. Many houses are moving quite quickly. If you are frustrated by the lack of interest shown in your house, perhaps you should consider the following suggestions.
Is your house competitively priced? Today many houses are selling quickly because prices are still down and interest rates are at an all time low. This is not a good time to be asking more for your house than its true market value. Buyers have many house options and most couples will not overpay for a house — even yours!
How do you know if your home is priced fairly? The method used by most real estate agents is to compare your house with similar homes that were sold in your neighborhood. It is important not to compare apples with oranges. If your house is a ranch you cannot compare it to a two story home. Comparable houses should have approximately the same square footage and lot size, the same number of bathrooms and bedrooms, and should be approximately the same age and construction.
Oftentimes the homes that sold did so for a range of prices. For instance, your agent may tell you one house sold for $200,000, while another sold for $250,000. When that happens you should look at the two homes and compare other features. For instance, the higher priced house may have had an updated kitchen with new appliances, new hardwood floors and perhaps a finished basement. The lower priced house may have had none of those. You may think you can automatically price your house at the high end of the price range. If your house has all the same new features you probably can. However, if your house is more like the lower priced house, then you need to face reality.
Should you make improvements on your home to bring up the price? Yes and no. You don’t want to spend $50,000 on a new kitchen and a finished basement if all you are going to get back is your initial investment. However, there are improvements you can make that offer you a good return.
Curb appeal is very important. Make sure your lawn is in tip top shape and it is mowed and edged. Flower beds should be weed free and freshly mulched. Bushes and hedges should be trimmed and no debris should be found in the yard.
Fresh paint is an inexpensive improvement, but will make a big difference. Also, make sure you deep clean hour house from top to bottom. If for some reason you are not able to do this, spend a few hundred dollars and have professionals come in and thoroughly clean everything.
If your house is priced right, and everything is sparkling, fresh and clean, your house will sell. Before you get frustrated and do something rash, follow these few simple suggestions and then watch all of the new interest as potential buyers view your home.