Why Won’t My House Sell In Memphis?
You’re trying to sell a Memphis Tennessee house that just won’t sell? Will the US see a recession in 2023?
The news says the real estate market is heating up. The media is practically shouting again about multiple offers, high demand, and record-setting prices. Now even though the money is being taken away over time, profits are still relatively strong because businesses have been smart with management. “Current business profits don’t indicate a recession” That’s what Michael Drury said, chief economist of McVean Trading & Investments.
So where’s your offer/contract?
These tips could be just what you need to help you sell your Memphis home.
Why won’t my house sell in Memphis? – 6 Tips To Sell It.
1) Get good help.
Along the process to sell your house, you will hear a lot of offers from different companies. Just like before, there are novice agents and investors rushing into the booming market trumpeting that they know what they’re doing.
But they don’t. They’re getting hit hard with the nuances of financing, deal structure, and evaluation. Seriously, chances are good that real estate is your biggest investment – don’t trust just anyone’s advice. If you want great results, partner with people that have experience in the market and that are honest. Always check on their websites, their reviews, social media and google rates.
2) Don’t make too many improvements.
Too often we see over-improved properties – those where the owners have gone too far. Even with the best of intentions, exceptional craftsmanship and true artistic talent, it’s incredibly challenging to exceed what the market is paying. Plus, most buyers want to add their own custom touches. Get rid of all the clutter and think “neutral”. Even if you decide to make fancy improvements, that won’t guarantee you that you will be able to ask more than the market is offering, so it’s better to save that money for your next home.
3) Do make necessary improvements.
The biggest mistake people make when getting their house ready to sell is over-improving. That’s why It’s important to know what improvements will produce a return on investment to avoid wasting money. Unfixed stuff scares buyers. Show that you’ve been a responsible property owner and get all the little details fixed. Even vacant houses get dusty and dirty, so keep it up! If you don’t have the time to clean it, hire someone to help you out until you sell.
Don’t leave gaps in the trim or plates off of the switches. Get it inspected by a professional home inspector, and show off the healthy home report. This goes a long way towards establishing confidence that they’re making a good purchase. Nothing stops people from buying faster than feeling grossed out.
4) Style and design matters.
You don’t have to paint everything off-white. In fact, some subtle colors can really help change the perception of spaces. Lighter and cooler colors make the space appear larger. Darker colors make them appear more closed and smaller to the eye. For example, If you want to make your bedroom feel calming, try using warm colors that are associated with peace and serenity, like a yellow or pale blue. Curb appeal is as important as the inside – so don’t neglect one part of the property to improve the other. Give buyers a cohesive impression of great style. Paint the walls, update the landscaping, and most of all – keep it immaculately clean. Consider hiring a professional designer to help tastefully stage the property.
5) Pricing matters a lot.
If you’re getting a lot of showings but not a lot of offers, you might not be too far off in price. If your best efforts to advertise your property aren’t making the phone ring, you’re probably overpriced. Be always open to negotiate. Talk with neighbors that are selling as well to compare your price, or you can even do your own research using platforms like Zillow, that help you estimate a competitive price.
6) Every property will sell – sometime.
There’s no magic formula – but there’s no substitute for experience. You will find the perfect buyer. It will depend on you about how fast you want to sell.