The market is on fire right now in and around Seattle, according to Zillow, and sellers definitely still have the upper hand. The median sale price in the city is at $442,750. This is above the median listing price of $430,000. The value of all homes in the area has risen by 10.9% in the past year and are predicted to increase by 9.5% in the coming year. In other words, if your home hasn’t sold around the 30 day mark, then you may need to re-evaluate your strategy before your listing becomes “stale.”
Navigating a Stale Listing
Fortunately, there are several things you can examine to improve your situation. Often, the biggest problem is incorrect pricing. You set your price based on what you paid for your home plus the cost of any improvements plus profit. Those factors are irrelevant to buyers if the market doesn’t back it up. If your home costs more than other houses in the area with the same square footage and features, your property isn’t going to sell quickly. Your price must always reflect prevailing market conditions and not what you spent unfortunately.
Making Necessary Improvements
If buyers who tour your home point out the same things over and over again, perhaps it’s time to address those issues. Some of these improvements may only involve inexpensive staging. For example, if buyers see your living room as too small and cluttered, you can remove any large pieces of furniture, remove personal effects and paint the dark red walls a neutral light color. These changes can make the area look more spacious and welcoming to incoming buyers. On the other hand, some improvements may require remodeling, such as a missing bathroom or outdated kitchen. In that case, you can consider taking your home off the market, remodeling for a low cost, and then putting your property back on.
Evaluate Your Selling Strategy
Don’t try to sell your home alone. The right real estate agent is critical to setting the right price, marketing your property, bringing in buyers, negotiating the contract, and processing the paperwork so the sale goes through. How much time has she worked in your area? How many homes have they sold in the last year? What kind of website do they have? Buyers nowadays, especially in the baby boomer generation or younger, conduct over 90% of their housing research online. So we will stress again the importance of an easily navigable website. They expect to be able to get information about your property online. A good agent can meet those needs along with an established online presence.
Don’t give up just because your home hasn’t sold yet. You have many steps your can take to address the problem from lowering the price, fixing up your home and finding an agent who may be better suited to sell your home. For more information about selling your home, please don’t hesitate to contact us.