Home not selling? 3 Steps to Get it Sold Fast.
Unless you have avoided the news for the last year or so, it is clear that the real estate market is leaning toward buyers around the country.
This can only make things feel even more frustrating if you’re one of the few homes that are not selling.
How Slow is the Portland Real Estate Market Right Now?
Get our latest Portland monthly real estate market report here.
As of Oct. 2023, days on market in Portland, Oregon is increasing, and averaging over 40 days on market.
Days on the Real Estate Market in Portland by Home Value
As is typical, the more expensive homes are staying on the market longer, but even the most affordable segment of the Portland real estate market is averaging over one month of market time. (October 2023)
There are plenty of frustrated home sellers in Portland and plenty more to come as the fall and winter months in the Portland real estate market are consistently, historically slower than the spring and summer months. So without further explanation, here is our three-step guide to selling your home after it failed to sell right away.
Step 1. Improve the House and Lot, if Possible
If your Realtor hasn’t already made suggestions on how to improve the look and feel of the home, get them back in there to give you some advice. If the Realtor’s advice isn’t enough, consult with a local interior designer. Some Realtors offer free in-home interior designer consultation with every home sale (hint hint) because they know sometimes the best expert is the person who performs interior design for a living. Clutter is a major problem (buyers can’t visualize themselves inside). Bad curb appeal is a major problem (home buyers won’t look past the first photo to see the rest of the house). Be sure to explore all your options, including physical and virtual staging.
Step 2. Improve the Presentation of the House Online, if Needed
I’ve been licensed since 2003, and my team has completed more than 2,000 home sales. We’re expert marketers and know how to put a home in its best possible light online. If the home’s presentation is already complete (meaning the buyer can see all the major highlights online) and the photos and 3D (3D should be a standard feature now) are good, then it won’t help to keep changing the photos around. Leave them alone. But if you don’t have 3D, or the photos are not really professional, or if the major highlights of the home aren’t clean in the online presentation, then get your Realtor to fix it. Finally, double-check all the data. Make sure the lot size and square footage are correct. Make sure the property type is correct, it shows up on the right spot on map searches, and that the buyer’s agent commission being offered by your selling Realtor is competitive for the area (it is an important part of the presentation).
Step 3. If the First Three Don’t Work, Change the Price; Here’s How
If you’ve exhausted your options above, then it is time to change the price. We recommend changing the price on a Wednesday or Thursday in advance of the coming weekend since most buyer traffic is over the weekend. Then wait. If after at least two weekends pass, consider dropping the price again. It takes at least two weeks for any potential buyers to see the price drop and make arrangements to see the home.
Change the price based on leading numbers. If you’re changing the first number in a price, of course, that would make a huge difference. While it is not often possible, a home that isn’t selling at $510,000, for example, may sell right away at 499,000 because you changed the first number. This has a massive psychological impact and a massive effect on online search results, which is the primary way homes are sold across the country. If you can’t change the first number, ask yourself if you can change the second one, and so on, until you’ve made a change you can live with.
If nothing is working, consider the season you’re in.
While sometimes you can’t control when your home goes up for sale, there are times of year to put off listing your home on the market. Believe it or not, the time of year can majorly impact people deciding to move into a new home. In fact, May, June, and July are top-selling periods, while October and December are among the lowest-selling months across the board.
For example, families tend to avoid moving during the school year to keep their kids in the same school. That means that summer vacation is a great time to sell your home, as many families push off their move to this chunk of time. On top of this, many people avoid selling their homes around major holidays. You’re unlikely to see as many homes up for sale during Christmas and Thanksgiving as you do during the spring months.
Another time of year many people avoid listing their homes for sale is the New Year, as they’re waiting for the year to roll over to avoid that dead zone after the holidays. In Portland, spring and summer are the best times to list your home for various reasons, including days off from school and work, beautiful weather, and better outdoor area presentations. You also get more natural lighting throughout the day, allowing your home staging to work its magic.
If you are selling your home in an “off-season,” make sure to optimize your listing for the odd time of year. For example, post pictures of your home during the warmer months to give a better impression of your landscaping and yard if you have one. You can also use warmer lighting inside your home to give a cozy impression during the colder months. The more pictures you have of your home, the better, so don’t be afraid to show your home during the different seasons.
And, of course, before listing your home, be sure to talk to an experienced real estate agent about their recommendations. They can give you professional insight on the best time of year to put your home up for sale and how the different seasons can directly impact your chances of selling your home. Listing your home in the wrong season can lead to longer listing times, and may even impact your asking price, so be sure to time your home listing appropriately for maximum sales efficiency.
Work with an Experienced Local Agent
Selling homes in Portland since 2003, I’ve seen a lot of market ups and downs. We are prepared to give you the best possible real estate advice in any market. Our rates are better than average, and are marketing efforts are too. Give us a call today at 503-714-1111 or chat with the bot on this site. We’d love to connect!
