The first quarter of each year is typically when everyone starts taking stock of where they are, where they want to be and how to get there. Lists of resolutions have been made (and discarded) with promises of a year smoke free, 20 pounds lighter, devoid of clutter and perfectly perfect in every way. It’s also the time when we take a hard look at what didn’t work last year and determine what needs to be changed.
For New Orleans home sellers, that might involve tackling a very hard question – why didn’t my house sell?
Was it price? You can fix that.
Ask your REALTOR® for an updated market analysis of your home and neighborhood. Don’t discount what other sellers are asking for their home. If everyone around you is priced $20,000 lower than your home, you need to decide if you are being realistic or not. It might be that your house is worth every penny, but if a buyer has choices (and they do) the highest priced home in a neighborhood will be the last to sell. Are you willing to wait?
Was it condition? You can fix that.
We are finding that many buyers are cash strapped and don’t have the extra money to put into changing carpets, painting walls, having wallpaper removed or adding landscaping for curb appeal. If the general feedback on your home is “it needs too much work”, you have a condition problem. It doesn’t matter if everything works, it doesn’t matter if you’ve lived with it for umpteen years…what matters is that you will have a shortage of buyers who are willing to tackle an updating project.
Was it your REALTOR®? You can fix that, too.
Are you on the same page as your agent? I hope so. But, if not, spend some time doing the research and find a new agent that you feel comfortable with, has a good marketing plan that they actually execute and communicates with you whether the news is good or bad.
Was it the market? No one can fix that.
Unfortunately, there are pockets of homes across the metro area that are just flat out performing poorly. If there is little or no demand for your area, you’ll be left either having to slash your price to attract an investor or riding it out until the market turns.