Homeowners

Sellers, Don’t Panic: What to Do If Your Home Doesn’t Receive Any Offers

You’ve put the ‘For Sale’ sign up in front of your home and are excited to welcome in eager buyers and begin fielding offers. Except that it’s been over a month and no prospective buyers have contacted your real estate agent.

Even if you believe you’ve done all you can, you may still be left wondering why your home isn’t selling. Fortunately, there are steps you can take to (hopefully) ensure that it does.

Conditions outside your control may slow down buyer demand, said Anita Legacy Blue, a Houston-based real estate agent at eXp Realty.

“High [mortgage] interest rates or economic downturns can lead to longer days on the market,” she said.

That’s because higher mortgage rates increase a buyer’s monthly housing payment. If buyers are worried about their job security, they may want to pause their homebuying search.

There could also be more homes priced similarly to yours in your area than there are buyers who can afford them.

However, there are proactive things home sellers can do to increase their chances of getting a good offer. Below are six ways sellers can increase the likelihood that they get a good offer. 

1. Figure out why the home isn’t selling

Understanding the exact reasons why your home is still sitting on the market will help you come up with next steps. It could be that your home isn’t well-maintained, needs expensive repairs, or has outdated kitchens and bathrooms.

A high list price could also be the culprit.

“Sellers often have an emotional attachment to their home, which can lead to unrealistic pricing,” Blue said.

Ask your real estate agent why they think the home isn’t selling. Consider reviewing your listing and other marketing tactics as well. 

“If a home is not marketed effectively, such as poor-quality photos, lack of online presence, or insufficient open houses, it may not reach potential buyers,” Blue said.

Once you’ve determined the major reasons why your home isn’t selling, you can come up with a plan of action.

2. Lower your home’s list price

Re-evaluating your list price could attract more buyers.

It’s fairly common for homes that have been sitting on the market for a while to undergo a price reduction.

You can speak with your real estate agent to look again at comparable homes in the area to see if cutting the sticker price could create more interest. 

3. Improve your home’s curb appeal

The first thing a potential buyer sees is the exterior of your home, so making a good first impression is key. 

Assess your home’s curb appeal with a discerning eye and see what you can do to improve it.

Some small steps that can make a big difference include power washing the exterior and painting the front door. Adding some colorful plants and basic landscaping can also do wonders. 

Even just making sure the yard is mowed and the front of the home is free of weeds can make a big difference.

“A well-kept exterior invites buyers to view the home and suggests it has been well cared for,” said Blue.

4. Update your home’s features

Unless you have major issues with the home, most sellers don’t need to spend a lot of money updating their residence to make it more appealing to buyers.

You can start by installing new light fixtures, painting your walls in more neutral colors, and making little fixes throughout the home.  

If there’s more room in your budget, professionally staging your home can also go a long way to helping homebuyers imagine themselves living there. Even decluttering your home and rearranging furniture can open up the space and make it more inviting. 

Sellers may also want to consider having their home professionally cleaned to leave a good impression on buyers.

5. Get new real estate photography

Your home could be located in a great area, have lots of natural light, and ooze curb appeal. But if the photos in your listing don’t show the home’s potential, it could turn off buyers even before they even step foot on the property.

Investing in professional photography helps sellers showcase their homes online in the best possible light. Most buyers look at online listings before scheduling a showing or attending an open house. Having great visuals could set your home apart from others in the area. 

6. Consider hosting an open house

Hosting open houses could offer a higher level of visibility for your home and give buyers a chance to see it in person.

You may even consider hosting a second one if you have made improvements to the property since your first open house.  

If your home is sitting longer on the market than you’d like, don’t despair.

Work with a local real estate agent, try looking at your home from a buyer’s perspective, and remove the emotion over the selling process. And remember that even small improvements or price changes may pay off.