So you hire a real estate agent, and put your house on the market. You wait, excited, for the offers to roll in. Ten days later, there are no showings and no offers. Is the market just slow? Or do you have problems that need to be addressed?
The short answer is, you likely have problems. The ten day rule says that if you go that long with no showings and no offers, it's time to drop the price. Are there other strategies you can try first? Sure. But you'll need to be willing to spend some time, money, or elbow grease.
Your house might not be presented in the best light. The photos that go with your listing are very important. Bad pictures can hurt your chances. 86% of buyers say that the photos are the most important reason for considering a home. If your house is in good repair, but the photos aren't up to snuff, then you are losing potential buyers.
Consider hiring a professional stager to work with your home, designing a welcoming interior. These professionals can give your home such an amazing facelift that not only doesn the house sell more quickly, but the price might be affected too.
Your house might not be listed where people will see it. It's important to have your house listed in the MLS, but these days there are other means of advertising that might be just as important. Your agent might want to advertise your home and have it as a featured listing for your area on a site like Trulia or Zillow. Your agent should also post the listing on social media.
Your house might need a facelift. If the curb appeal of your home just isn't welcoming then grab a spade and shovel and get to work. Also pay attention to details like the mailbox, the front door and the condition of the steps and porches. Structural issues to attend to include holes in walls, worn flooring, leaky basements and old roofing. Replace outdated appliances and apply a coat of fresh paint to each room of your home. These updates will change your results.
If you have done all of these things and still see no action, it's time to change the price. Go visit a few homes that are currently listed at the same price as your house. What amenities do they have? What about their location? Is your house honestly the equal of these? If not then seeing these houses will help you to undertand what a more realistic price point might be. They also might inspire you to make some changes or additions to your home. Remember, the home might be worth $500,000 to you, but what matters is the price that the market will accept.
Don't lose heart if your home doesn't get any movement right away, but don't ignore any problems that you have, either. By facing the issues you have head-on, you'll save yourself time and money in the long run.
A Kentucky native and graduate of the University of Kentucky, Cindy's experience and familiarity with Louisville have been the foundation for a successful real estate career. She holds the real estate certifications of ABR, SRES, CRS and GRI