How to Avoid a Lengthy Listing Period
When it comes to selling your home, there are three Ps to keep in mind that will ensure you get a quick sale: Price, Problems, Professionals.
The number one reason a home will stay on the listing market for a long time is its price. In the real estate world, a home that is listed beyond 90 days is considered to be “stale.” With so many online metrics available to the average person these days, it is easy for buyers to get a clear idea of what a home is truly worth based on data about price per square foot, sales prices of nearby comparable homes, and more. Overpriced homes are often a red flag to buyers and will stay on the market for a long time.
To ensure a quick sale, make sure that your home is priced accurately (or even below market value) to attract interest. In 2021, the average days on market have been uncharacteristic with nearly half of homes going under contract within a week of listing. The price is one of the greatest determining factors in this. Even as these trends of inflated prices and a hot market continue, buyers should also be aware of the impact of home prices on their own pockets. In a competitive market, buyers should carefully consider what a good deal looks like these days.
The next reason a home may stay listed a long time is that there are problems that potential buyers see as deal-breakers. Whether it’s the loud train tracks that can be heard from inside the house, being on a congested street, being in the less desirable school district, or style issues like outdated appliances, worn or dirty carpets, or a roof in desperate need of repair or replacement, these issues could offer an explanation of why a home has stayed on the market an extended amount of time.
Obviously, some problems like location or noise pollution issues may not be fixable, but other problems like repairs or updates could offer a solution and help get the home under contract. It is up to a seller to determine the “rate of return” on investing their own dollars to fix up their home in order to make it more appealing. Sometimes real estate listing photos tell the story and potential buyers can’t get past those to even investigate further on a property. However, it might be worth noting in the listing description that a carpeting or appliance allowance is built into the sales price.
The final reason that a home may be on the market for a lengthy amount of time is that a seller has chosen to try to sell their home on their own without the help of a trained, licensed real estate professional.
When potential buyers begin the transaction of purchasing a home, most prefer the trust and peace of mind that working with a realtor provides. Homes listed by agents tend to have more thorough listing descriptions. They tend to have been through multiple rounds of other professionals like cleaners, stagers, or expert photographers and videographers. Additionally, sellers who opt for a professional real estate agent also have the huge advantage of the agent’s marketing efforts which usually include social media channels, print media, robust email distribution lists, as well as other networks among realtors.
If you are planning to sell your home in the near future, keep these three Ps in mind. Pricing, problems and professionals can make or break avoiding a lengthy listing period for your home.