You expanded the family room or built a new deck, perhaps you added siding or finished the basement. No matter, the home improvement project has yet to pay off in the form of an offer for your house.
Here’s what you can do to turn that languishing home into a seller:
Reevaluate the Price
Maybe your neighborhood can’t support your home’s price. You added $40,000 worth of improvements and have valued your home $75,000 higher. After all, you are entitled to a profit, right?
Well, home renovation projects are a funny thing — yes, they can add value to your home. No, that increased value doesn’t always correspond to the work that you have done. A kitchen or bathroom renovation has the best bang for the buck. However, that deck renovation may add little value especially if your home overlooks commercial property.
Revaluate your home’s price by taking another look at the real estate comps for your area. Your real estate agent can work with you here.
Show and Tell
You have done a great job of helping put a new face on your home. Unfortunately, not all of your home looks so great.
Evaluate your home’s street presence, the first impression people get when seeing your home. Your lawn may be patchy or overgrown, bushes may need to be trimmed, and your driveway could stand a through cleaning. Whatever deficiencies are present, work toward eliminating them as soon as possible. Never give a buyer a reason to drive by your property.
Location, Location, Location
You have heard it before: the three most important factors in a home sale are location, location, location. Location is repeated three times to stress its importance — there is no simple way to get around it.
If your home is in a less desirable neighborhood, no amount of home improvement will spell the difference. Likely, you’ll have to lower your home’s price and hope for the best. Neighborhood deficiencies include a crime problem, proximity to a major highway or power lines, or rezoning that may change the face of the neighborhood.
Your Marketing Plan
Traditional real estate marketing has your home with a sign out front, an ad in the newspapers, and an online listing. All three can help, but you may need to take it to another level.
Your enhanced marketing strategy can include several things including listing your home on a multiple listing service, adding more pictures, providing a video shoot, and sharing your home information on Facebook, Twitter and other social media sites. Dare to take up your marketing a notch.
Other Considerations
Do not be too hard on yourself, especially if your local housing market is weak. You may need to reprice your home to reflect the current market conditions or pull it off of the market until you see some improvement.
See Also — 6 Ways to Prepare Your Home to Sell This Spring
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