There are several reasons why a home can sit on the market for many months without so much as a nibble let alone a bite. Many homeowners like to blame the market or the agent listing the home and both of these could be very good reasons but they are not always at fault. Generally other factors are at play and these are the ones that are usually to blame.
More often than not the culprit is the asking price. Overpricing a home is dooming its fate. Most buyers will not even consider negotiating if they think that you are asking for too much. Buyers like to feel that they are getting a bargain and it’s difficult to get a bargain on an already overpriced house. Your listing agent should advise that the house be priced within market, they would not be doing themselves or you any favors by pricing the property out of range. All the advertising or marketing in the world will never sell a house that’s listed for more than it’s worth.
A property is HOT when it is first placed on the market. This is when the details of the listing first appear in the multiple listing service. This must be done within 3 days of the date your agent took the listing.
Buyers’ agents are alerted everyday when there are new listings. If any of these new listings appear to fit with their clients needs than often an automatically generated email is whipped off to the potential buyers.
This is the time when your home generates the most interest. It is important that your home is priced right and ready to show. Buyers almost always ask how long a house has been on the market. If they deem that it’s been on for an unusually long time then they will want to know what’s wrong with it.
As soon as you decide to list your home then you should begin the process of preparing the home to show. The sooner and the more ready your home is the better the showing will be. It is important to note that once you list your property to sell, your listing agent has 5 days in order to post at least 6 photographs of your property on the multiple listing service.
In order to catch the eye of a potential buyer, great photos are needed. Approximately 90% of buyers start their search for properties look at online so a lot of really good photographs are important.
Your agent may also decide that an open house is needed to attract more buyers and buyers’ agents. There is nothing more off putting then hosting an open house for a house that’s not ready to show. In fact the most common reason that agents do not hold open houses is because the house is not ready to be showcased. So if your expectations are that your agent will host an open house then be aware that you will also need to have the house ready for such an event.
If access to your home is difficult, that is, you have tenants that are uncooperative, or a dog that can only be put out in the evening, or you insist on being there for every showing then your property may languish.
Many times buyers’ agents are in the neighborhood viewing other properties when they come across yours. Often the buyers may want to see your property too. This only gives a window of 10 – 15 minutes for the buyers’ agent to access the house. Being inaccessible to schedule an impromptu viewing or refusing to allow such a viewing on short notice can result in losing a potential buyer.
Remember if you made the decision to use a Realtor to sell your property then take note of their advice. They know the market and they know what it takes to sell, so take advantage of their experience and knowledge and let them guide you in what needs to be done. After all that is what you are paying them for.