Do you feel discouraged when your home stays on the market for a long time and can’t even get a single buyer to make an offer on it? Are you worried that your Charlottesville VA home for sale may become an expired listing soon?
In this article, you will discover the actions you can take when your house doesn’t sell.
There is no need to panic when your Charlottesville VA home doesn’t sell. Changing your sales strategy, selling for less, and considering a short sale are just some of the things you can do when your property doesn’t sell immediately. When your timing isn’t right, you may even consider waiting to sell.
Keep reading to learn more about your options when your house doesn’t sell and turn your disappointment into a sigh of relief!
Why is your Charlottesville home not selling?
In a perfect world, home selling is a predictable process where you put your house on the market and get an offer after scheduling a bunch of showings. Unfortunately, it doesn’t always work that way.
Probably, you are reading this article because you are one of those sellers who are left wondering why your Charlottesville VA home just won’t sell, no matter how much you try to get the word out and get offers. Here are some of the possible reasons your house isn’t selling:
· It’s not the right market
When you sell your home, consider the time of year you are listing and whether it’s a buyer’s market or a seller’s market. These real estate market trends play major roles in how fast a home sells.
If you want to avoid a stagnant sale process due to bad timing, it’s imperative that you are strategic when you list. Sometimes, it’s even better to wait and get on the market when you know your chances for a quicker sale are already high than to put your home on the market too early and let your listing get stale. In the Central Virginia area our hottest market when there is the largest number of people looking at homes is in the spring. However, during the winter there are usually fewer homes on the market and therefore less competition.
· Your home for sale in Charlottesville is priced too high
If your home is priced well above the comps in the neighborhood, expect potential homebuyers to pass it over. Since purchasing a home is a huge financial investment, buyers generally don’t take an interest in homes that are overpriced. If other homes in the neighborhood are selling but yours isn’t, that’s a tell-tale sign that your home is priced too high.
· Your listing is either insufficient or out-of-date
Sometimes, the reason why your home isn’t selling is that your listing is not doing your Charlottesville VA home justice. Remember, your listing is where potential homebuyers go first when they’re interested in your property. If your listing is insufficient or outdated, that can be a huge turn off for buyers. Having good photographs that show your home in its best light is key. Most buyers start their home search online, looking at listings and photographs. Depending on what they see they will then contact an agent and give them a list of properties that they want to see. Without good photographs they will never make the decision to see your home in person.
· Your home is in poor condition
One of the most common reasons a home doesn’t sell is its lack of aesthetics. Homebuyers can easily spot if your home needs repairs and some deep cleaning, in the same way that they can spot if your home is decorated too boldly.
Buyers are only interested in turnkey homes, or at least those that won’t cost them a lot for repairs and design. If your home isn’t selling, then it’s probably because you have failed to present it in its best light before putting it on the market. Remember that you only have one chance to make a firs impression.
What can you do when your home isn’t selling?
When you think you’ve already tried to do everything right but your home still won’t sell, it’s time to get the ball rolling and think about what you can do to boost buyer interest in your property. When the waiting period for your property to sell is already much longer than you expect, then the situation dictates that you finally need to take action.
Here are some of the things you can do when your house isn’t selling:
· Get an up-to-date professional valuation and price your home right
The price is a major swing factor for potential buyers. Most of the time, even if a Charlottesville home ticks all the boxes—from a great neighborhood to good schools, if it’s overpriced, chances are buyers will rather opt for something else nearby.
If you don’t want homebuyers to pass your home over, get a property valuation and make sure that your property falls in a more realistic price bracket. You may either opt to contact a real estate agent for a broker price opinion or hire a licensed appraiser.
· Put your Charlottesville VA home on the auction block
If you’ve done all you can but still can’t get offers on your home, you may consider auctioning it off. Property auctions are usually transparent and secure and have no hidden catches, making them an appealing sales channel. During a property auction, the buyer and the seller exchange contracts inside the auction room with other investors and developers around. As long as you price your property right, there’s a huge chance for your home to be sold by the end of the bidding. One thing that I have noticed is that the majority of the properties that go to auction end up selling for a significantly discounted price.
· Host an open day
Hosting an open day may be an effective way to drum up sales interest in a property. This especially rings true for sellers who have struggled for some time without compromising too much on the price. You can ask your professional real estate agent to set up this event for you and use her expertise to attract interest and to guide your visitors around. This tactic works best for a home in a neighborhood where there is a lot of drive by traffic.
· Offer incentives to buyers
Another good way of boosting buyer interest in your property is by putting a considerable amount of money into the transaction, including state or county transfer taxes and lender and settlement attorney fees offered to buyers. Sometimes, these fees serve as stumbling blocks for potential buyers. Other incentives that we see are allowances for repairs or remodeling.
If you offer to pay up some of these expenses, it might help remove what’s holding buyers back from buying your home and ultimately they will agree to close the deal with you.
· Rent out your home
If you have already moved to your new home but your old home is still on the market, then you may have already grown tired of paying two mortgages at the same time. If this is your case, you may want to rent out your home so you can buy some time and save money until you decide it’s time to put your Charlottesville VA home on the market again. If you decide to go this route, and you still want your home to be shown to buyers, it is necessary to put something into your rental agreement outlining the terms under which the tenants will be required to allow your home to be shown.
· Target buyers who are looking for rent-to-own homes
If homebuyers aren’t biting despite all your marketing efforts, then it might be time to target people who are looking for rent-to-own properties instead. Although this process isn’t as clean and financially secure as selling the property outright, it can help you speed up the process of selling your home, only that you’re selling it to a buyer who is looking for an alternative to purchasing with a mortgage. This is a more complicated process so it will be helpful to have the guidance of a real estate professional who is knowledgeable with the ins and outs of this type of transaction.
The advantage of choosing this option is that even if you don’t get the full purchase price of your home at the time of the sale, you can be assured that you will still have a steady flow of income as the tenant-owner makes his monthly payments.
· Wait to sell
Sometimes, no matter how much effort you put into winning the interest of homebuyers, you just can’t get them to want to buy your home. If that’s the case, then the problem might be the timing of your sale.
You might be selling your home during a period of excess inventory, so buyers are inundated with options that are drowning out yours.
When this happens, the best thing to do is to discuss with your real estate agent if taking your home off the market for a bit will help. With the help of your agent, find out what the current inventory in your market is and ask her when the peak seasons are.
Once you realize your timing is off, better un-list your home temporarily and try putting it back on the market at a more optimal time. Always keep in mind that when it comes to home selling, timing is everything. That’s why sometimes, the best approach is to take a step back and try again at a different time.
While I know how frustrating a stalled-out sale can be, I know there are options to ease the pain while you wait for the best offer on your Charlottesville VA home. Call me, Pam Dent, at 434-960-0160 and I will help you decide on a new strategy that will better help you close the deal. I know the Charlottesville VA market inside out and I can be your eyes and ears throughout the home selling process.