Selling a house can be very stressful, especially when your home has been listed for quite some time with few or no real offers. In those circumstances, it’s easy for homeowners to second guess themselves and wonder what it will take to get a house sold faster. Many people turn to reducing the sales prices, however, when you do that, is it actually an effective strategy or are you just leaving money on the table?
Determine The Problem
The most popular time during the home sale process is when your home is first listed. Within the initial weeks, the home receives the greatest amount of interest because it is new on the market. Thus, home buyers will call asking for showings, go on a greater number of visits, and there is the highest potential of receiving an acceptable offer.
This is why if you haven’t received a good offer in the first few weeks you might start to get a little bit anxious. In reality though, the number you should really be looking at is the average days on market, or DOM for short.
The DOM is going to tell you what the average time is for a home in your neighborhood to be on the market before it is sold. This is going to be the number that gives you the best idea how long it will be for you to sell your house.
Analyze the people that have come and gone and what their buying behavior is when they looked at your home. This will help give you a better idea of what is working and not working in your marketing efforts.
Plenty of Showings, but Very Few Offers
If your home receives plenty of traffic that means the marketing efforts your taking are effective. However, even with the number of showings, if you find you are receiving little to no offers, then the price might not necessarily be the problem. It may be that the home buyers are finding something about the home that turns them away. For example, if your listing states false information and the people who comes to see it notice that, they may move on from your home. If there are also any major fixes that makes a buyer walk, considering quickly repairing the damage or lowering the price of your home accordingly.
No Showings and No Offers
Perhaps the whole sale has been free of any buyer interest for quite some time. Then there are a few reasons that could result in this lack of traffic.
The most likely thing is that you have priced the house too high. Maybe it was even the right price when you first listed, but because the market is cooling off it’s time to lower it. If you’re already near the bottom 25 percent of the sales price when considering comparable homes, then there may be more afoot than just the sales price. Talk with your real estate agent to reevaluate what marketing efforts have been done. After all, no one can purchase your home without knowing about the sale, and a good sales price with a good marketing campaign will help sell a house fast.
Patience is key. Rarely is a home listed and sold in a day. Especially in this market, it’s all about patience and effort.