Pricing to Sell
Question: I have been trying to sell my home for the last couple of months and have lowered my price twice and I still do not have an offer, what would you suggest?
Answer: I have a couple of questions that will lead to a reason for no offers. What has the feedback been from those people that have seen your home? And, second question, what have you done to adjust your home to those comments and feedback? For instance, a comment may have been that people don’t like the condition or color of the carpeting. Your action could be to offer a carpet allowance or to put in new carpet. New carpet is not as expensive as you might think and your agent can advise you and provide a good source for carpeting. It may cost you $3000 or more depending on the amount of carpeting but it could get you the price you are hoping to get. Maybe the comments are that the home is too close to the train. You can’t move the home, you can only adjust the price or increase the marketing to draw more buyers to the home with the hope you will find a person who does not care about the train noise. Sometimes the comments your Realtor may get could be sensitive and the Realtor doesn’t want to share them with you. Maybe people have commented on the smell of the home when they come in and they immediately make a decision to keep looking. That is an easy fix with a room deodorizer that plugs into the wall. You might ask a good friend to come over and give you the smell test. Maybe you have two children and one of the rooms is painted with a vivid hot pink and people don’t like the paint color. You would think that people would expect to just paint the room with the color they like and not think too much about paint color but that is not true and the paint color could be a stumbling block to the buyer putting in an offer. If that is the feedback, then you should consider painting the room (you are planning on moving anyway and you can tell your child that they can pick the color in the next home and take them to Home Depot or Lowe’s and pick out a color they love). Or, you could get a bid from a contractor to paint the room and select a couple of colors that the buyer could choose from that you will paint before the close of escrow. The feedback is the key to adjusting your home or price to attract a buyer. Three things sell a home: right price, excellent marketing and consistent follow-up to obtain relevant feedback. Sit down with your agent and review what the feedback has been and discuss possible adjustments that can be made to attract a buyer.