While home prices have dropped, and in some cases are still dropping, the most important thing a seller can do at this point is to be objective and realistic about their asking and potential selling price. If you paid $225,000 for your home 4 years ago, and it is now worth $325,000, you have made a fine investment. Even if you thought you could get $350,000!
The good news of course is the $500,000 home you liked is now selling for about $450,000, maybe a touch higher. This is a good thing.
No matter what you wanted, needed, or hoped for, that picture you had in your head no longer exists. It’s gone, and it might not be back for 5 years. No matter how hard you try, any marketing won’t change a buyer’s mind. Why? Too many homes in your neighborhood have reduced their price, and maybe even offered buyer incentives, like paying their closing costs. These homes (even though your home is possibly much nicer) are competition for you, and the buyers are looking everywhere for a great deal.
So, if it comes down to the fact that you have been on the market for 90 days or so, take a hard look at:
1. Stage your home. Get a professional stager in there.
2. Price it below the competition. If you really want to move, and take advantage of a great price somewhere else, do it.
3. Do everything you can to eliminate the “negatives” your agent and buyers have shared with you. If you can’t change the negatives, lower your price.
4. Stop listening to neighbors. It’s that simple. It seems that many folks who own a home are “experts” at price, value, and you name it. What makes them qualified to give you consultation? Did they sit through a 90 hour real estate course once? I work that many hours in one week! The problem is they are not in the seat you and I have been for the past 90 days. Thank them for their opinion, then ignore it. Or do the opposite.
5. Ask the last 5 people you know who have bought a home how they found their home, then make sure you pay the most attention to those marketing ideas. For example, if your new neighbor found their home from an open house, hold open houses.