How Do I Keep My Home from Sitting on the Market?
One of the common questions that buyers ask their agents is, “why has that particular home been on the market for so long?” When a home doesn’t sell quickly, buyers consciously begin to assume that there is something wrong with the home – when this might not be the case at all.
There are specific reasons why one home will sit on the market instead of attracting offers. The good news is that as a seller you can often correct any issues before listing your home, avoiding this potential problem altogether.
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Condition
You’ve heard the term “curb appeal” and it’s not a myth that buyers begin to evaluate your home from the moment they drive up. Curb appeal is more than pretty flowers, however. A home that is ready to sell should not show any exterior wear and tear or deferred maintenance. Clean the yard, touch up chipping paint, declutter and eliminate dirt, debris and anything else which may make your home look underappreciated. You will be surprised how much these repairs and preparations to the exterior of your home can cause buyers to see the whole home in a more positive way.
Photography
Today most buyers start their home search online. It is more important than ever that pictures are of high quality and show the entirety of your home. Studies show that visitors will linger on a listing significantly longer if there are 4 or more high quality pictures included with the description. A professional photographer knows how to present each room to showcase its best features.
Exposure
Even with the best online presentation, if you make it difficult for buyers to get into and physically view your home, it will sit on the market. Showing instructions which require 24 hours’ notice, appointment only, no lockbox or short time windows will likely cause most buyers and their agents to avoid your home. Make it easy and convenient for buyers to see your home and make time for open houses!
Price
Regardless of what else you do right, price is the most important consideration when listing. You can do everything else right and if the home isn’t priced properly, it will not sell. Buyers are more informed than ever and are alert to over-priced listings. Realtors® also point buyers away from over-priced homes, so even if you’re only “testing the market,” your high-priced home may never see an offer to counter.
It’s a myth that buyers will pay over market for a home they fall in love with. In addition, even if they are willing to do so, their lender will order an appraisal and they will only offer financing at the fair market value of your home.
Over-priced homes sit on the market and get stale. Even if you eventually do lower your price, you’ve already lost the excitement and visibility your home gets as a new to market property.
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Avoid having your home sit on the market by understanding ahead of time the possible issues which cause a listing to linger on the market. The best way to achieve your goal of a fast sale with great price and terms is to present your home to potential buyers in the best possible light. Then price the home correctly for the market and condition and stay flexible with showing availability. By making it easy for buyers to visualize themselves in your home, you’ll be closing before you know it.
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