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Are Buyers Avoiding Your Listing?
It may seem like every listing sells the first weekend these days, but as the market begins to slow down; more sellers are facing the dilemma of an aging listing. If your listing has been on the market for a while, buyers naturally assume that there is something wrong with the home and avoid viewing the home. Fortunately, there are strategies to renew the listing and re-engage buyers’ interest.
Strategies to Revive a Stale Listing
If your listing is losing steam, the first step is to understand why. Typically, if a home is not getting offers, it’s priced too high. Even homes in terrible condition will sell quickly for the right price. In a market where homes are
selling quickly, it’s common for sellers to assume they can push their listing price even higher, but savvy buyers and agents will reject overpriced homes.
selling quickly, it’s common for sellers to assume they can push their listing price even higher, but savvy buyers and agents will reject overpriced homes.
Ask your realtor to show you the average days on market (ADOM) and the showing information (if available) for all the comparable homes for sale in your neighborhood. What are they listed for? Are they getting a lot of showings? Do any of them have offers? If so, how many? If they have been on the market for a while with little or no activity, they may also be priced too high. Where does your price fit in? This market is changing quickly, your relator should be monitoring all neighborhood activity closely and be able to advise you if a price reduction is needed.
Another strategy is to put listing the home on hold and make a few updates. Gone are the days of summer when a seller could simply place their listing on the MLS and expect highest and best offers immediately with little or no prep work. Now days sellers may need to give buyers a little more of a wow factor. In most cases, simply adding a fresh coat of paint or new carpet can offer a more appealing look to buyers. In other cases, to garner a top price, sellers may need to replace appliances or more. Always weigh the cost in dollars and time before making significant updates.
Professional pictures and staging. Never underestimate the power of a good photograph. After all, they can say 1000 words. You should also know that there is a huge difference between taking photos on a cell phone vs hiring a professional photographer who specializes in real estate photography. Most buyers look online first for homes they are interested in, so you will want those pictures to show your home at its best. Professional photos will be able to highlight your homes best features, lightings, floor plan and overall feel of the home. Some photographers also include the use of drones in their work.
Proper photos combined with staging will definitely help the buyer see the true value of your home. You can either use the advice of realtor to help do some minor staging of areas you want to highlight. Or you can go the extra mile and hire a professional staging crew. Staging and photography can cost a lot of money up front, but they do wield a high rate of return. Always consider your budget and your time when you decide to list your home.
Finally, if you already have your home listed, some Multiple Listing Services (MLS) allow an agent to refresh the listing by temporarily taking it off the market for a few days and then placing it back on “active” status (with seller authorization). This triggers new alerts to both buyers and agents who are looking for a comparable property. If
your listing is not getting the attention it deserves, speak to your agent about your options.
your listing is not getting the attention it deserves, speak to your agent about your options.
These are just some of the strategies used by agents to help generate more interest in a stale listing. For more information and or looking for an agent to assist you, please reach out. I will be more than happy to walk you through Coldwell Banker’s marketing strategies.
