If No One Is Coming to Your Open House… You May Have a Marketing Problem
This is one of the easiest fixes. Check in with your agent to see what type of marketing they’re doing. Your agent should be ready to drop some cash to get your home some decent marketing. Also, make sure they’re utilizing all the social media they can. Sometimes a Facebook post alone is no longer enough. Make sure your home is getting exposure on Instagram and other platforms. If all of your social media bases are covered, then consider re-photographing your home, employing a drone for video, or getting some 360⁰ photography shot.
If You Have Lots of Showings but No Offers… You May Have a Price Problem
If people are coming out to your showing and have given good feedback on the house, but you still haven’t received any offers, this means you should probably reconsider your price point. The absence of even low-ball offers means that buyers are so intimidated by the price, they won’t put in the effort to negotiate it down. The danger in lowering the price is that you don’t want to do it much more than once or twice. Buyers become suspicious of a home whose price has been lowered again and again. The other option in this instance is to take the home off the market and to start all over again.
If You Are Getting Nothing but Lowball Offers… You May Need to Offer More
If you’ve tried everything else to make your home stand out and the offers that are coming in are still tepid, then it might be time to offer a few buyer incentives. Buyer incentives can take any number of forms, large or small, from including furniture and window dressing to buyer credit. For example, some homebuyers, first-time homebuyers, in particular, are cash-poor even if their credit is fine. These buyers are struggling to pay both the down payment and the closing costs, so some sellers can offer to take on those closing costs in exchange for the overall home price, in order to attract more buyers.
Possible Options Your Agent Will Advise You On
- Revise listing price
- Try different pricing strategies
- Offer buyer incentives
- Stage the home (or change the staging)
- Listing copy / content update
- New listings photos, video or VR
Back to: How to handle the offer process