In a strong market, if a home is priced right and shows well, it should sell within the first six weeks. If it doesn’t, many sellers become frustrated, especially if their agent begins pushing for a price reduction. The seller may think the agent just wants a quick sale, but the agent sincerely wants to help the seller get action. Agents understand that a listing loses momentum and excitement soon after being listed. Buyers will think of a home as stale, tired, or flawed if it sits on the market too long. Agents and buyers alike will view the stale listing as a problem home- and wonder why it has sat and often will be overlooked and not shown. It is important to price your home right for your best financial outcome.
If your home is not generating offers, there are ways to get more action.
Home Condition, Updates and Price
You can’t change your home’s location, but you do have some control over the other two important buyer considerations. If the home is still sitting on the market after a couple of months, and especially if it has had no showings or offers, you need to look at the price and the condition. The most activity a new listing will receive happens in the first two weeks, and sellers are likely to get the best price at that time.
You have two big choices to make if you are ready to sell. The first is to take the home off the market and make some changes, such as more staging, de-cluttering, and altering the look of the kitchens and bathrooms.
If you are unwilling or unable to make the needed changes to the home, the other option is to reduce the price. Even if your house is the absolute best home in the neighborhood but the setting is not private or on a busy road , the only option will be to drop the price.
Make sure you and your agent are on the same page
Your agent is a professional and has experience and knowledge that will benefit you, however, you are the home owner and all decisions are ultimately yours. If you and your agent don’t see eye-to-eye on the pricing or sales strategy prior to listing, it might be time to find another agent. While it is your job to prepare your home for the day it becomes “active” on the listing service and internet, it is the agents job to be completely prepared as well. Your agent should be very clear about the service and timeline you should expect. The agent should research and the homework regarding sold homes prices, days on market for similar homes and the difference in upgrades, updates and condition between your home and others that are on the market now or have recently sold. You should be consulted on when your home will be photographed, what marketing will be done and where it will appear, open houses, brochures, and plans for the sign post. Your agent should diligently follow up will all agents who have showed the house and all interested parties.
Discuss your intentions and plan with your agent upfront, and listen to her feedback. Reducing the listed price may be necessary- but you will have to see firsthand how the market works in your neighborhood. Listen to the feedback your agent is gathering and reporting to you, and take action to address repeated criticisms.
It is so important to work with an agent who is understands the area market and will work with your strategy and can help you adapt to sell your home for the best price.
By Tracy Tkac