Have you had your home on the market for some time, but it hasn't sold? Are you thinking that you do not want to spend more money fixing up or staging your home and hoping a buyer will make an offer that permits an upgrade?
The market is not what it was years ago when homes were selling hand over fist. Even in an area like Chattanooga-Hamilton County, TN, where the market has remained relatively flat compared with other parts of the U.S., buyers are still contending with a buyer's market. At the time I write this article, I understand that less than half the homes on MLS are selling. For Sale By Owners (FSBOs) are doing much worse since they don't have the exposure to the many agents on MLS and to the on-line resources of MLS. Buyers expect an FSBO to be priced lower than a home listed with a realtor because they know a broker's fee is not involved. So an FSBO has less exposure to the market, and buyers are expecting a lower price when they do view it.
Proper staging and pricing are very important in today's buyer's market. I was recently told that of the homes that do sell, about 1/3 sell at a lower price than the owner paid. If you are selling a home, you are competing against foreclosures, short sales, and people in a distressed market. Some sellers have lost their jobs or come across other misfortunes and must sell their homes, so many are willing to take losses to sell their homes. Many people are buying smaller homes so they will have lower house payments than buyers were willing to incur in the past. People are saving more, paying off debt, and investing less.
If your home has been sitting for two months or more, it may be time to consider several things that the market could be telling you. When you are not getting offers, the market is telling you that buyers are not willing to pay or even offer near the listing price of your home. A good realtor can spend hundreds in advertising and time in open houses and showing your home; but if it is not priced and staged properly, it will likely not sell. Buyers may think your home is not in move-in condition. You are competing against updated homes with new granite counter tops, wood floors, neutral walls and other features. Some new homes are selling for a song and dance, figuratively speaking. Do you have old paneling that you could at least primer and paint a lighter color?
Buyers are getting older and may not be willing to climb stairs. They may also want fewer square footage to care for and be unwilling pay for the maintenance costs and time that a larger home requires to maintain.
Your home may not have the "WOW" factor that a buyer wants to see in the first few seconds of viewing a home. Are there cobwebs in the corners? Are screens torn? Is the wood on the deck getting old? Are there dirty place on walls, old railing on stairs, or other dating problems with the home? Are your carpets stained? Are your appliances outdated? If you are unwilling to change and update, it may be time to consider a serious price reduction - if you need to sell your home.
If you can afford it, you might consider taking down your wallpaper and painting your walls a neutral color throughout or getting a professional to do so for you. You might consider replacing dated light fixtures in a few of the rooms. Perhaps you can't afford wood floors, but you might be able to afford a wood foyer.
Do you have piles of bills or other items inside or outside your home that distract from the features of the home and make the rooms look smaller? Consider getting a storage bin if nothing else and clearing the rooms of clutter to show off the beauty and size.
You don't have to spend a lot of money to update if you are willing to put in some sweat equity or pay a professional for a few basic changes. However, if you are unwilling to update your home, it may be time to consider lowering your price so you will remain competitive in today's buyer's market.
Whatever your decision, I will be honest with you if you seek my services. I will assertively market your home if we agree to list it. I will spend my money and resources to market your home. I only ask that you cooperate with me to list it at the best price for you to remain competitive. Happy selling and happy buying to you!
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