A home that sits on the market for too long can really work against your home selling goals! In our latest post, we offer a few tips to help you sell more quickly to avoid a stagnant listing.
When a house sits on the MLS for weeks or sometimes months at a time, the odds of it selling at a good price decrease dramatically. Sitting too long can cause it to drop down the list of available properties, getting viewed by fewer people. Additionally, as more and more potential buyers start seeing the property show up again and again in their searches, they will probably begin to wonder why it hasn’t gone “pending” and may begin to assume there’s something wrong with it! Even if it is great shape, a property that lingers on the MLS for a long time often takes on a perception problem. On listing sites like Zillow and RedFin, prospective buyers can see days on market and price drops. Repeatedly dropping your sales price can contribute to the perception issue that something might be wrong, and can prompt people to feel they can offer a lower price and you’ll be eager to accept it. Below, we offer some insight as to why your house may not be selling and what you can do about it!
Why Isn’t It Selling?
Priced Too High
One reason a home doesn’t sell quickly is that it may be priced too high. If people feel this way, they may pass it by and wait to see if over time, the price gets dropped. It’s very important to work closely with a real estate agent that knows your area well and can do a solid analysis of comparable homes and what they’ve sold for in your neighborhood. Given the home’s size, amenities, and updates that you’ve made, if you price it in a sweet spot where it’s price just right, you should get some nice offers.
Poor Photos or Property Description
Any aspect of a bad listing or advertisement will make people look the other way! Quite often, properties won’t get the attention because it will have poor or limited photos and/or an uninspiring description. In order to have a successful listing, before you have photos taken, take the time to clean the clutter out of the house and make sure things look neat and clean. A lot of light in the photos can also make the home seem more appealing; opt to bring in a professional photographer as it usually makes a big difference in how your home shows up and how the listing is received. The description should highlight the home’s positive features and amenities and help people envision being there themselves!
Dark and Dreary
When prospective buyers actually come to view the house, you don’t want them to feel as if they are in a cave. Open all the curtains and let in as much light as possible. Try to put yourselfe in their place…they’ll surely feel more comfortable in a well-lit, open space as opposed to a confined and dark area.
Major Repairs Required
Many lenders won’t grant loans for people to buy properties in need of major repairs. If your property is run-down or needs a significant cosmetic work, a direct sale might be a more realistic way for you to go. Direct home buyers usually have cash to make purchases; they appreciate getting homes at a discount, knowing that they will be the ones to make the future repairs and updates.
What a Stagnant Listing Is Costing You
The longer your listing sits idly, the more the house ends up costing you. In addition to the time and money you likely put in to getting the home ready to go on the market, once the listing is “live” you’ll still be spending money for continued expenses such as utility bills, homeowners insurance, property taxes, and possibly even cleaning help for the inside, and yard maintenance help for the outside. You’ll need to keep things looking sharp for the folks coming through to see the home. Ultimately, a stagnant listing can cost not only money, but also tons of your emotional energy. Every day is a day you wonder if this day will bring a great offer. And if you don’t that offer, you’ll need to face the fact that you may need to lower your asking price.
What You Can Do About It
Some sellers in Omaha and across the country are opting to sell their homes to buyers directly. The process isn’t for everyone but it’s particularly good for sellers whose homes need a lot of work or that just don’t show well. Selling direct to an investor can free them from commissions, repair costs, and the unsettled feeling of not knowing when or if the house will sell. At Anna Buys Houses, we are a team of direct buyers who can make an offer on your house within a matter of days. And there’s never any obligation to accept our offer. If you have tried to sell in the past without any luck, or if you simply want to sell without costs or waiting, a direct sale is an option you may want to consider.
Upgrade Your Marketing
If the property doesn’t sell, you may decide it’s wise to pull it off market and then wait a little while and put it on again. If and when you decide to relist the property, it’s would be wise to take the feedback you got from your agent and/or the buyers who did come through the home. you may want to consider making some of the changes or improvements they shared, that are within your budget of course. It could also pay off in the long run to make the investment in a professional photographer or videographer, if you didn’t do that the first time around.
Set the Price Correctly From Day 1
Remember that setting an unrealistically high sales price can be a huge detriment to selling a home quickly. People may immediately assume the house is out of their (price) league or that you don’t know what you are doing! Either way, as they study the other homes for sale in your area, they won’t take your listing seriously. By pricing it correctly from the start, you’ll have a much better chance of attracting prospective buyers and selling the house in a timely way.
Do you have a house you want to sell in the Omaha area? Whether or not you have tried to list the home in the past, we are here if you’d like to skip the waiting, hassles, and costs of a traditional MLS listing. Find out what a direct sale can mean for you! We do our very best to make fair offers for Omaha houses!