What happens if your Bay Area home doesn’t sell? | Weekly Bay Area Real Estate Tip #21
Every Tuesday, I go into detail a question I frequently get asked. This week, I'm going to walk you through what to do when your house refuses to sell.
Not being able to sell your house is extremely frustrating, I get it and it feels like you are "stuck". Well the good news you're not stuck, but you most likely need a fresh start... The good news is that if you find yourself in this position, there is a cure. The cure is what I call correctly "positioning" your house for sale. Most people and even real estate agents don't do this when selling your home, and that's most likely the reason you are in this situation, to begin with.
First off, this is not the end of the world, and your property is sellable, however, not selling usually comes down to 2 things. It's priced too high and/or a lack of marketing. Regardless of what the reasoning is, the first thing you need to do is start over and pretend like you never listed it in the first place. The very first thing you need to do is immediately take the property off the market for at least a couple of weeks. Chances are that your home accumulated some market time and keeping it on the market the way that it is currently positioned, is what you need to change up. The main reasoning for this is that you need a fresh start before you re-list it for sale. Believe it or not, taking it off the market for 1-2 weeks will give it the proper breathing time so that when you do list it again and will be repositioned as a brand new property.
Once the property is taken off the market, it needs to be repositioned entirely. This means new photos, new staging, new signage, new video, and possible improvement work like repainting the home or changing the flooring. Everything needs to appear brand new as we prepare it ready to list. During this time is also when you want to rethink your pricing. You do not create the market; the market does. Which is why you need to listen to it. Regardless of how good a negotiator or agent you may have in your corner, they aren't going to force someone to buy your property. Ultimately they will decide if it's worth what you are asking, not you, but my advice is to price it to sell right this time.
Once the new price is agreed upon, then it time to remarket this property and introduce it to the world brand new. The one thing you can control is the urgency, which is why we like to create a lot of buzz for your property right when it's listed. Your property will get the most amount of showings during the 1st two weeks it's listed, which is why you don't only want the price right, but you want a lot of attention on it. You will also want to price your property strategically within a price point that generates the most amount of attention. Of course, you'll need a new marketing plan, so make sure this time around your home has someone with an online marketing plan because time is of the essence. People are discovering your home most likely through other agents or consumer portals like Redfin and Zillow. You need it to show very well there to generate the foot traffic to be able to get an offer.
I really hope this video helped you understand what to do if you find yourself with a house that refuses to sell. Listing agents change all of the time so don’t feel bad if it happens. I would love to help if you or anyone you know is in this situation. You can contact me directly through my details below.
If you are tired of renting in the Bay Area, are a home owner looking to do a trade up for a bigger home, or are wanting to sell your home for top dollar, I would love to connect!
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Born and raised in the Bay Area, I spent 11 years as an Enterprise Sales Manager before becoming the Tech Realtor of the Bay Area. Having the background as a homeowner, investor, and renovator, I leverage data and insights to help my clients gain a competitive advantage with their real estate journey. Communication and knowledge is key so as long as I'm awake, you will get a reply from me! I have helped 31 families YTD for over $40MM in delighted transactions and I look forward to help you too.