What To Do When Your House Didn’t Sell
If your listing expired and your house didn’t sell, it’s totally natural to feel a mix of frustration and disappointment. And as you’re working through that, you’re probably also wondering what went wrong and what you should do next. If you still need to move and want to get it back on the market, here are some things to consider as you look back. Was It Priced for Today’s Market? Setting the right price from the start is key. While it might be tempting to try shooting high with your price, that can slow down the selling process big time. If your house was priced higher than others similar to it, it may have turned away buyers. And that’s likely why it sat on the market. As Rocket Mortgage explains: “Buyer interest in your home is highest when it first comes on the market. That’s why it’s so important to start with the right price on day one. . . If you overprice your house, buyers may just raise an eyebrow and move on to the next listing without even coming for a showing. . . It can be easy to think your home is worth more but try not to let sentimental value color your judgment. Your home’s true value is whatever a buyer is willing to pay for it.” Was It Easy for Buyers To Tour? One of the biggest mistakes you can make when selling your house is overly restricting the days and times when potential buyers can tour it. Even though it might feel stressful to drop everything and leave when buyers want to see your house, being flexible with your schedule is important. After all, minimal access means minimal exposure to buyers. ShowingTime advises: “. . . do your best to be as flexible as possible when granting access to your house for showings.” Was It Set Up To Make the Best Impression on Buyers? If buyers weren’t interested in your house, it’s worth taking another look at your home through their eyes. Are there outstanding repairs that may be distracting them? Even if it’s a small thing, some buyers may see it as a sign the maintenance on the home is falling behind. Just remember, you don’t always need to make big upgrades. Selective small repairs or touch-ups go a long way. Things like tidying up your landscaping, a fresh coat of paint inside, or removing personal items and clutter can work wonders in sprucing up the house for potential buyers. You could also consider staging the home. Were You Willing To Negotiate? If there were offers coming in, but you weren’t ready to negotiate, that may be another reason why it didn’t sell. While you want to get top dollar for your house, you also need to be realistic about what your house can net in today’s market. The market is still tipped in a seller’s favor, but the supply of homes for sale is growing and buyers are feeling the sting of higher mortgage rates. So being willing to play ball can make closing a deal a whole lot easier. A skilled agent can help. As Ramsey Solutions explains: “If you don’t have the money or time to fix home issues, consider offering some other form of incentive to buyers. . . An experienced real estate agent can help you arrange a deal where you and your buyer both come out on top.” Did You Listen To Your Agent? If you want an expert’s advice on why it didn’t sell, rely on a trusted real estate agent. Whether that’s the agent you used previously or a new one once the listing has officially expired, a great agent will sit down and take the time to talk it over with you. They’ll want to hear your honest opinion on what worked and what didn’t, and where you want to go from here. Then, they’ll offer their perspective. This includes tailored advice and effective strategies for re-listing your house to get it sold. As Better Homes & Gardens says, an agent should be your go-to resource in this situation: “If you’re frustrated with the timeline of your sale, chat with your real estate agent. Agents want what is best for you and the sale of your home, and having open communication about any frustrations will be key.” Bottom Line It’s natural to feel disappointed when your listing has expired and your house didn’t sell. Connect with a reliable real estate agent to determine what happened, and what changes you should make to get your house back on the market.
More Than a House: The Emotional Benefits of Homeownership
With all the headlines and talk about housing affordability, it can be tempting to get lost in the financial side of buying a home. That’s only natural as you think about the dollars and cents of it all. And while you ultimately need to be able to afford a home you buy, don’t lose sight of why homeownership was so important to you in the first place. That’s because buying a home is so much more than just a financial transaction. As the National Association of Realtors (NAR) says: “The benefits of purchasing and owning your place of residence are both financial and emotional – pride in homeownership and the feeling of security are huge intangible benefits.” Here’s a look at just a few of those more emotional or lifestyle perks, to help anchor you to why homeownership is one of your goals. A Sense of Satisfaction Owning a home is often associated with better mental health and well-being. That’s probably because buying a home is a big milestone. And the sense of satisfaction and pride that comes with achieving that goal just feels good. A recent article from the Mortgage Reports says: “By and large, homeownership brings more satisfaction than renting. . . Surveyees scored the overall happiness level of homeowners at 88% compared to 67% for renters.” More Stability for Your Family Another thing that may make homeowners feel more satisfied is that they’re finally able to put down roots. Think about it. If you’re used to moving each time your lease renews and your rent climbs, staying put for a while would be nice not just for you, but for any loved ones that live with you. A home can provide more predictability and the chance to make long-term friends. That should reduce everyone’s stress too. As NAR explains: “Families also benefit from homeownership, with studies proving that parents are able to spend less time in a stressed state, therefore spending more time with their children. The ability for parents to feel stable has a huge impact on children’s behavioral issues, educational success, and future economic success.” A Stronger Feeling of Community And if you’re also looking for a sense of belonging for yourself, homeownership can help with that too. As FinHabits says: “Homeowners tend to be more involved in their local communities, leading to a stronger sense of belonging . . .” It makes sense. Your home connects you to your neighborhood and, by extension, your broader community. That’s because owning a home gives you a stake in that community’s future. So, becoming more involved and wanting to do what you can to help improve the area while making long-term relationships with neighbors is only natural. The Ability To Make the Space Your Own And don’t forget, your home is a place that’s all yours. Unless you’ve got specific homeowner’s association requirements, you’re free to customize it however you see fit. So, if renting has been cramping your style, it’s time to express yourself and jump on the latest trends (if you want to). Whether that’s small home improvements or full-on renovations, your house can be exactly what you want and need it to be. And as your tastes and lifestyle change, so can your home. Picture coming home each day to a place that feels like you. That’s a feeling like no other. Bottom Line If you want to enjoy a sense of accomplishment and pride in where you’re living, let’s have a conversation to go over what you need to do now to make this future happen for you.
Focus on Time in the Market, Not Timing the Market
Should you buy a home now or should you wait? That’s a big question on many people’s minds today. And while what timing is right for you will depend on a lot of other personal factors, here’s something you may not have considered. If you’re able to buy at today’s rates and prices, it may be better to focus on time in the market, rather than timing the market. The Downside of Trying To Time the Market Trying to time the market isn’t a good strategy because things can change. Here’s an example. For the better part of this year, projections have said mortgage rates will come down. And while experts agree that’s still what’s ahead, shifts in various market and economic factors have pushed back the timing of when that’ll happen. Here’s how that’s impacted homebuyers who’ve been sitting on the sidelines. As U.S. News says: “Those who put off buying a home during the past few years as they were holding out for lower mortgage rates have been left out of the market . . . mortgage rates have stayed higher for longer than previously expected, keeping monthly housing payments elevated. In other words, affordability didn't improve for those who chose to wait.” This is why timing the market may not pay off if you’re ready and able to buy now. The Proof Is in the Pudding: How Homeowners Benefit from Rising Home Prices Delaying your plans also means missing out on the equity you’d gain if you went ahead with your purchase today. And the potential equity gains that are at stake may surprise you. Each quarter, Fannie Mae releases the Home Price Expectations Survey. It asks over one hundred economists, real estate experts, and investment and market strategists what they forecast for home prices over the next five years. In the latest release, experts are projecting home prices will continue to rise through at least 2028 (see the graph below): To give these numbers context, let’s take a look at a breakdown of what you stand to gain once you buy. The graph below uses a typical home’s value to show how a home could appreciate over the next few years using those HPES projections: In this example, let’s say you went ahead and bought a $400,000 home at the beginning of this year. Based on the expert forecasts from the HPES, you could gain more than $83,000 in household wealth over the next five years. That’s not a small number. This data helps paint the picture of why time in the market really matters. The Advice You Need To Hear If You’re Ready and Able To Buy Now Right now, you may be focused on what’s happening with mortgage rates and how those impact your monthly payment, but don’t forget to factor in home prices. Prices are expected to continue climbing, just at a more moderate pace. And while a moderate rise in prices may not be fun for you now, once you own a home, that growth will be a huge perk. That’s the time in the market piece. Sure, you could try timing the market, but the equity you’ll be missing out on in the meantime is something to seriously consider. If you’re ready and able to buy now, you have to decide: is it really worth waiting? Rather than focusing on timing the market. It’s better to have time in the market. As U.S. News Real Estate sums up: “There's never a one-size-fits-all answer to whether now is the right time to buy a home. . . . There's also no way to predict precisely what the market will do in the near future . . . Perfectly timing the market shouldn't be the goal. This decision should be determined by your personal needs, financial means and the time you have to find the right home.” Bottom Line If you’re debating whether to buy now or wait, remember it’s time in the market, not timing the market. And if you want to get the ball rolling and set yourself up for those big equity gains, let’s connect to make it happen.
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