Home Hasn't Sold in 90 Days?!
If your desire is to sell your house, the fact that you haven’t received any offers after
being on the market for 90 days may be concerning. It clearly shows that there is a
problem either with the house or the asking price. But, what are your options if your
house has not been sold in 90 days? Let’s find out.
Improve your marketing
Any new house that comes up on the market creates a buzz for the first few days. This
is the time when the owner can build up curiosity in the prospective buyer’s mind
through creative and innovative marketing methods. The fact that you’ve received
visitors but not offers clearly tells that you have failed to convey the right message
across the buyer’s mind. Here are some quick fixes:
· Post on Social Media that your home is for sale. The purpose is to get as many
people to view the property whether they are in the market to buy or not. If a friend
likes or shares your post, someone else in their circle will be able to see it.
· Change the Thumbnail on the MLS and on websites (Zillow, Redfin, Trulia, etc).
· Update the property description. Avoid the words “Rehab” and “Full renovation”.
Just mention that it was “freshly updated”. No one wants to live somewhere that
was trashed before.
· Call the people who saw your house and ask why they didn’t put an offer. This is
the best feedback possible. There is no better feedback than from people who
decided against your property.
Adjust your asking price
A crucial factor regarding unsold homes is the asking price. You’re emotionally attached
to your house and believe it’s the best one on the market, but homes aren’t sold based
on the owners emotions but by what the buyers need and want from them. You need to
set the right price in consultation with your agent in order to catch the buyer’s attention;
they can become interested when they think what they are buying has the right price.
· Higher asking prices will just help your neighbor get their home sold quicker.
Statistics show that properties listed 5-10% below market value sell the quickest
and get offers above their asking price 80% of the time. Placing a property “on
clearance” creates a bidding war that drives up the price.
Check the agent commission structure off
If you had very little showings, it could be that there is no incentive for the buyer’s agent.
How much is the buyer’s agent commission being offered in the MLS? Perhaps, there was
a mistake, or your agent is trying to keep all the commission. Sadly, not everyone in this
industry is ethical and buyer’s agents will avoid showing properties with lower commission
rates. Ask to view your MLS listing.
Is your home in a luxury subdivision?
Properties with a higher price point typically have a higher ADOM (average days on market).
Don’t get too worried. People usually take a long time to convince themselves to invest so
much money in a property. So, if you live in luxury subdivisions don’t worry too much. Worry
more about how many buyers have come to see the home.
Don’t let it affect you or your family life
Yes, you might be stressed but remember that this is only a material item. All houses eventually
sell, so there is no need in letting it get to you. Go do some exercise, or have a family picnic at
the park. Take a mental break and get out of the house. Take some time for yourself and remind
yourself what is really important in life.
If you get no substantive offers in 90 days, you have a few options in front of you. Either start
making repairs in order to make your house seem more attractive for prospective buyers or set
the correct asking price. Maybe buyers liked the house, but they liked another house better
in your area. Many buyers are ready to compromise on their choice if they’re getting a house
for a lower price.
Get honest feedback from all visitors and try to find the common thread running in these
comments. If you can get to the bottom of the problem, you can fix it.
Don’t forget to take care of the most important part of this house sale: yourself.