Today’s real estate market is hot for sellers looking to sell quickly and get top dollar for their home. In fact, most homes listed in desirable markets and priced right are typically selling within 30 days of being listed. So what do you do if your home has been sitting on the market for more than a month and has not garnered any offers? Several factors can influence the sale of a home. In some areas where inventory is low, buyers may wait to see what else will hit the market before making their decisions. In other cases, a home may be priced poorly or may be ill prepared for viewings.
Navigating a Stale Listing
A home that has been sitting on the market for 30 or more days is referred to as a stale listing. A stale listing may or may not have had many buyers come for viewings, may or may not have had an open house, but certainly has some marked issue that turns off buyers. A seller’s job is to determine what that issue is and to rectify it.
Fix It Up
If your home’s glaring issue is one of age and wear, you have to consider removing it from the market in order to make renovations. If you have feedback from potential buyers, use it to inform your renovation decisions. If buyers (or agents) consistently reported that your bathrooms were outdated or that your kitchen layout was undesirable, enlist the help of a contractor to make improvements. Listening to the feedback of those who have viewed your home can be essential research to decide what to do next.
The Price Is Not Right
In any market, the key to making a sale (or even getting buyers through the front door) is the price. If your home is not selling, you need to reflect upon the price. Take a look at comparable properties and be honest with yourself about how your home stacks up in contrast to other homes in the market and in contrast to other homes in your neighborhood. Try not to let your emotions interfere with logic. You love your home, but its sentimental value has no place in a real world pricing.
Are You Working With the Right Agent?
Listing your home with an experienced and effective real estate agent is another important aspect of home buying. If your home hasn’t sold, it may be time to consider finding another agent. Seek an agent with experience in your area, who has a history of sales and good client relations. Be sure that your agent has an up-to-date real estate website and that they use that site to show your home in its best light. Most buyers are browsing online before they even set foot through the door, so a good website is essential.
Your Next Step
Once you have taken an honest account of your selling dilemma, don’t be afraid to take action. Find a new agent if you need one who is better suited to your sale. Make updates and renovations to your home if buyers have indicated that age or condition is their sticking point. And if your home is not priced right, make the changes you need to better justify the price — or lower it if the market requires that step.
A home that has gone stale on the market can be frustrating. But with a little effort and an honest, fresh look, you can overcome the challenge of a home that isn’t selling. Use these tips to guide your sale, you will find yourself fielding the offers you need. For more information on selling your home, please don’t hesitate to contact us.