You have been trying to sell a Portland, OR house and it isn’t selling. What to do?
The news reports the tight Portland, OR real estate market that keeps heating up. The media is practically shouting over and over again about high demand/low inventory, super-competitive multiple offers, and record-setting housing prices.
So why won’t my house sell?
Take a step back and diagnose your listing with the following tips and identify new strategies to bring your Portland listing back to life.
Why won’t my house sell in Portland? – 6 Tips To Remedy The Situation
1) Hire the right agent for you.
Be aware that in a booming market, there is a rush of novice agents and investors entering the industry trumpeting that they know what they’re doing. Unfortunately, many do not have the expertise. They get hit hard with the nuances of financing, deal structures, and evaluation. Furthermore, their untrained eyes are not equipped to find all the required repairs that your house needed to attract potential buyers.
It is very likely that real estate is your biggest investment, therefore, don’t trust just anyone’s advice. If you want great results, make sure to partner with the pros. Discuss with your current agent and ask what you can do to cure the stale listing. If they are not responsive or do not have a good explanation, then you might want to consider a new representation.
For starters, find an agent who knows the ins and outs of your neighborhood, who has a good working knowledge of your area’s schools, roads, public transportations, shopping, and other local amenities. They should also come up with a proficient marketing strategy to pique buyers’ interest. For example, they would help stage your home prior to listing it for maximum appeal. They would also hire professionals to produce high-quality photos for your marketing materials.
2) Is the price right?
Pricing is all about supply and demand – analyze the market condition by researching similar homes that have been listed in the same neighborhood as your property over the last few months. This is also known as “comps” or comparable sales – the sale prices of similar homes. Typically, you want to see at least 10 comps to get a view of the market. Oftentimes, buyers worry that they are paying too much for a home. Comps is one of the best ways to accurately assess a home’s value. It can also be used to justify the asking price and let the buyer know that they are purchasing the house at a fair price, not exceeding its actual worth.
If you are getting a lot of showings but not a lot of offers, you might not be too far off in price. Buyers are interested in your house but the price might just be a little bit higher than what they are willing to pay. Conversely, if your best efforts to advertise your house aren’t making the phone ring, it is very likely that your house is way overpriced that buyers are not even interested in viewing. Or that your listing simply does not show up in their search.
Performing a comparative market analysis will help you pick the right price. Ideally, your price should come in as close to value as possible.
3) Do shower your home with some TLC.
Deferred maintenance and a lack of caring can really turn off a potential buyer while unfixed repair issues spooks buyers and send them off running. Show that you’ve been a responsible property owner by getting all the necessary maintenance tasks done.
For instance, don’t leave gaps in the trim or cover plates off of the switches. Replace leaky faucets, loose cabinet hinges, and chipped paints and tiles. These all sound simple but giving your home an updated look with a few inexpensive upgrades can make a big impact. Homes tend to sell quicker and at a higher value when they are in tiptop shape and ready for a new owner to move in right away.
Get the property inspected by a professional home inspector, and show off the healthy home report. This goes a long way towards establishing confidence to the buyers that they are making a good purchase.
4) Don’t make over-the-top improvements.
Too often we see over-improved properties – these are where the owners have gone too far in remodeling their house. Even with the best of intentions, exceptional craftsmanship, and true artistic talent, it’s incredibly challenging to exceed what the market is willing to pay. Additionally, most buyers would normally want to add their own custom touches. To avoid wasting your time and money, focus on deep cleaning and think “neutral” when repairing and updating. Don’t forget to declutter to make the house appear roomier – ample storage space is highly desirable.
5) Style and design matter.
Curb appeal is equally important as the interior of the house so don’t neglect one part of the property to improve the other. Give buyers a cohesive impression of great style. Give your walls a fresh coat of paint, update the landscaping, and most of all – keep it immaculately clean. Consider hiring a professional designer to help tastefully stage the property. Staging gives every space a purpose and helps make your home look more desirable and enticing to prospective buyers.
6) Every property will eventually sell.
While it might not always happen as quickly as you like, your home will eventually sell. There’s no magic formula, but there’s no substitute for experience either. Adopt an effective marketing strategy, have a healthy dose of patience, and with a little bit of luck, your house will sell in due time.
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If you need to sell a house near Portland, we can help you. We buy Portland, OR houses.
We buy properties like yours from people who need to sell fast for cash.