Why Won’t My House Sell In Rhode Island?

You’re trying to sell a house in Rhode Island that won’t receive any offers?

If you have been paying attention to news headlines recently you may have formed the opinion that the real estate market is currently a volatile and unpredictable space. Although there may be some truth in the news, it’s important to remember that on a local level, real estate markets will all experience disruption differently – therefore, certain national headlines may not pertain to our specific market conditions here in Rhode Island.

For instance, among all the reports of gloom and doom in the real estate sector, Zillow recently released a report which predicts home prices to grow 5% on a national scale in 2023. Furthermore, Zillow expects home price growth to remain strong through 2024…Although this may be good news for sellers and homeowners, it causes affordability issues for buyers. The Rhode Island real estate market has undergone a shift since the beginning of the year when multiple offers, high demand, and record-setting prices were the norm. However, interest rates for mortgages have since almost doubled and many would-be buyers are forced to sit on the sidelines unable to afford even a median priced home. For this reason many sellers have had to come down on their asking price and negotiate with buyers in order to sell their properties in a reasonable amount of time.

Sellers should take a good look at comparable properties in their neighborhood that have sold within the last three months in order to gain an informed opinion on the value of their home. If your Rhode Island home hasn’t sold or received any worth-while offers, you may have to decide whether to come down in your asking price or make the needed repairs to your home in order to receive top dollar offers.

So where’s your purchase contract? Why have you not received any meaningful offers?

I created a list of tips below that could be just what you need for selling your Rhode Island home quickly!

Why won’t my house sell in Rhode Island? – 6 Tips To Get you to Closing.

1) Get good help.

Since 2009 there have been agents and investors operating in the real estate market that have been able to survive because “a rising tide lifts all ships”. Now, with the cost of financing on the rise and fluctuating home prices, many are finding it increasingly difficult to earn a meaningful return. Some buyers and sellers are getting hit hard with the nuances of financing, deal structure, and evaluation. For many Rhode Islanders, real estate and their home purchase is the biggest investment they’ll ever make – don’t leave this decision to just anyone’s advice. If you want great results, partner with local, knowledgeable experts that can guide you through each step with your best interest in mind.

2) Don’t make too many improvements.

Too often we see over-improved properties – those where the owners have gone too far with the renovation or added to many niche elements. Even with the best of intentions, exceptional craftsmanship and true architectural talent, it’s incredibly challenging to exceed what the market is willing to pay. Overdoing it on improvements and then asking for a higher list price limits the pool of potential buyers for your property and may make it more challenging to sell without reducing the price. Furthermore, most buyers will want to add their own custom touches and will not want to have to undo any work you’ve recently done which doesn’t suit their taste. The best thing to do when marketing your home is to get rid of all the clutter and think “neutral” as the overall appeal.

3) Do make necessary improvements.

Parts of a property that have clearly gone to disrepair can unsettle potential buyers when they think about the effort it will take on their part to get it fixed. Showcase that you’ve meticulously maintained the property by touching up the small details and presenting a well-working curb appeal.

Don’t leave gaps in the trim or plates off of the switches…if possible clean scuffs off the walls and floor boards and fix and loose door handles. It may benefit you to spend a bit of money to get your property inspected by a professional before you list so you can present a healthy home report to any potential buyers. This goes a long way towards establishing confidence that they’re making a good purchase and won’t have to fix anything as soon as they move in. At Home Tree, we work with several home inspectors all over Rhode Island and would be happy to point you in the right direction if you need a referral.

4) Style and design matters.

Curb appeal is as important as the inside when it comes to style – be sure not to neglect one part of your property in order to improve the other. Give buyers a cohesive impression of comfortable, clean, and neutral style. Paint the walls (white is a popular color), update the landscaping, and most of all – keep it immaculately clean. Consider hiring a professional designer to help tastefully stage the property and take photos. Once again if you need a referral for a home cleaning or staging company we will be happy to point you in the right direction. Most Rhode Island buyers are looking for something that is move-in ready and won’t need to be updated or have any major improvements made within the first few years so keep this in mind when preparing your house for sale.

5) Pricing matters – a lot.

There is a great deal of demand in the Rhode Island market as of recent and with limited number of listings coming on the market, sellers need to price their homes competitively if they are going to receive any offers. Unique features and inconvenient layouts can turn buyers away who are being picky when paying so much in mortgage interest. If you’re getting a lot of showings but not a lot of offers, you might be too far off in asking price. If your best efforts to advertise your property aren’t making the phone ring, you’re probably overpriced. In this case you should speak with an expert about what price will entice the greatest number of buyers – from there you will be able to weigh your offers and come to agreement on what price the market supports.

6) Every property will sell – eventually.

If you have the time and are in no rush to sell then you can wait it out without reducing your price or making improvements and wait to see if a buyer comes along. Currently there are several properties in Rhode Island which have been listed on the MLS for well over 100 days and have not sold. Keeping up to date with the Average Days on Market (DOM) statistic in your local neighborhood can help you get an idea of how long it has been taking similar properties to sell. This statistic can help you gauge if you are over or under average and help you make a decision as to the price of your home. Overall, there’s no magic formula and price ultimately has to be agreed upon between a willing buyer and seller. In these turbulent times in the Rhode Island real estate market there’s no substitute for experience and local market knowledge to help you reach your goals. At Home Tree LLC we help Rhode Islanders in all types of situations sell their home fast for a fair price. We are even able to help you find a new property, rental, and assist with moving costs so you don’t have to worry about a thing. Fill out a form below or give Matt a call today to find out what we can do to help sell your Rhode Island property!

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If you need to sell a house near Rhode Island, we can help you. We buy Rhode Island houses.

We buy properties like yours from people who need to sell fast. Receive your no obligation cash offer today…

Give us a call anytime (401) 527-0667 or fill out the form here today!