Dear Kathe,
It seems like its been a busy spring market – why hasn’t my home sold? Any advice?
At Howard Hanna, we have just finished the busiest May that we have seen in the history of our company! If your home has been on the market for the entire spring cycle (at least since April 1st) and has not sold, then its time to review the listing and develop a new plan going forward.
The first factor in selling a home is location, and it’s the one you can’t do anything about. Currently, Village homes are in higher demand than those outside the Village, and certain locations in the Village are perceived to be more desirable than others. But you can adjust condition and price to account for location.
Condition and price go hand in hand and, if your home hasn’t sold, one or both probably need to be adjusted. You can read many past articles on my website about how to condition your home so that it actually sells – remove all wallpaper, paint in a current color palate, neutralize/freshen carpet, update lighting and plumbing fixtures, remove signs of wear and tear, declutter (pack in advance what you plan to move with you and donate the rest) and stage your home for success. It’s a simple formula and yet it always surprises me how often I show homes where this basic formula for success has not been followed. Yes, it often requires a home seller to invest even more money into their home to recoup their original investment. But you have likely used and enjoyed your house for several years and it’s a rare day that a buyer wants to be a product that feels well used, at least not without an appropriate “used” discount. If you can’t be objective, and who can be about their own home, calling in a home stager is the fastest way to unbiased advice on what it takes to get your home sold. A home stager doesn’t just move your furniture around — she can give advice on paint and carpet colors, what needs to be packed up and what wear and tear needs to be repaired.
Price is the easiest thing to adjust, and if you aren’t in a position to adjust condition, adjusting price may be your only option. There is a price at which every house will sell, even one that is not well conditioned for the market. Finding the right price can be a challenge. It’s hard to know how much to discount for a challenging location, a challenging feature (or lack thereof, such as no garage) or updates that buyers perceive are required. Touring competing listings at open houses will help you to understand your competition, but the most valuable data comes from understand the homes that have actually sold and why. Having an independent appraisal done is another excellent way to get an objective opinion on value.
If your home hasn’t had an offer this spring, then its well worth your time to take a serious look at condition and pricing and make any suggested improvements before the slow days of summer set i!