If your home is priced right and shows well, it should sell within the first couple of months. If it doesn’t, many sellers become discouraged at the thought of a price reduction. Here are two ways to gain traction if your home isn’t attracting any offers.
1. Location, condition, and price matter.
Location dictates a large majority of your home’s sale price, and unfortunately, you can’t pick up your house and move it somewhere more lucrative. However, you do have some control over the condition of your home and the price you’re asking. If your home is idly sitting on the market, it’s time to look at those two things.
If you’re serious about selling, consider taking your home off the market, decluttering your belongings, deep cleaning, staging the furniture, hiring a professional to take new listing photos, and completing a few simple kitchen and bathroom upgrades. If you keep hearing the same feedback about one particular part of your home, change it. When you relist your home in a few months, a new set of buyers will be admiring your listing with fresh eyes.
If you’re not willing to make any changes, your other option is to reduce the price. It might just be that the location of your home isn’t desirable and buyers aren’t willing to cough up the cash, no matter how beautiful your property is. You might just have to drop the price and cross your fingers.
2. Make sure you and your agent are on the same page.
If you and your agent have different opinions on the pricing or sales strategy prior to listing, it might be time to look for another agent. You want an agent who respects your opinions and desires and has your back. Without that kind of trust and understanding, you could end up with frustrating conflict weeks into your listing.
Be honest with your agent about your intentions, and listen to her feedback. It’s very likely that she’ll suggest a price reduction…but if you’re eager to sell, a good listing agent will follow up with interested parties and try to negotiate something. Reducing the listing price might not be absolutely necessary if there’s a buyer who understands there’s room to negotiate.
You have to navigate these waters carefully. If you drop the price drastically, you might feel remorse if you get an influx of offers right away. But if you only drop the price a little bit and don’t get any offers for a significant amount of time, you might feel remorse for not going lower. Every situation is different, and it’s extremely important that you work with an agent who has your back and respects your desires.