One of the golden rules of selling a house is to avoid having it sit on the market for too long. A stale listing can be a costly mistake in the long-run. In our latest post, we will give you some tips to give you the best chance to sell your house quickly, avoiding a dreaded stagnant listing.
A house that continues to sit on the MLS for a long period of time decreases the chance of selling it quickly at the best possible price. After the first few weeks of being listed, the excitement of a fresh new listing begins to wear off, and the excitement among buyer’s agents ready to show their most qualified buyers begins to fade away. When it sits stagnantly, buyers will begin to assume there is something wrong with it. Even if it the condition is comparable to others, homes that stay on the MLS for a long time often become overlooked. On the MLS and listing sites such as Zillow, prospective buyers can easily see price changes and overall days on market (DOM). Continual price decreases can make you appear desperate, giving buyers and their agents the impression that they can offer a significantly lower price. Below, we offer some insight as to why your house isn’t selling and what you can do about it.
Reasons the House is Not Selling
Priced Too High
If a home is priced too high initially, people will automatically get turned off. Buyer’s agents will know that the home is priced high relative to similar ones on the market and may not even show the property. The listing will then slowly make its way down the list so even if you drop the price to something more reasonable, you won’t have as many prospective buyers seeing the listing.
Bad Photos or Description
Any aspect of a bad listing or advertisement will make people look the other way. Quite often, you will see a listing with bad or limited photos. In order to have a successful listing, you should take the time to clean out the house. My advice is to hire a professional cleaner to ensure that it’s spotless before pictures and showings. Make sure there is a lot of light in the photos and even opt to bring in a professional when needed. Paying a little upfront will make a big difference in how your listing is received. You should also make sure the ad copy is professionally done. Highlight the positive features and amenities of the house, being sure not to leave anything out.
Dark and Dreary
When people come to view the house, they shouldn’t feel as if they are in a dungeon. Open all the curtains and let in as much light as possible. Your prospective buyers will feel more comfortable in an open space as opposed to a confined and dark area.
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 good amount of cosmetic work, a direct sale might be a more realistic way for you to go.
What A Stagnant Listing Is Costing You
The longer your listing sits idly the more the house ends up costing you. You will be sinking money into the house for the continued expenses such as utility bills, homeowner’s insurance, and property taxes. You will also have to consider the time and money you put into the house getting it ready for the MLS.
What You Can Do About It
Avoid The MLS Altogether
Many people in New Jersey and across the country are opting to sell their homes to buyers directly. The process will free them from commissions, repair costs, and not knowing when the house will sell. At Halo Homebuyers, we are a team of direct buyers who can make an offer on your house almost immediately. There is never any obligation. If you have tried to sell in the past without any luck, or if you simply want to sell without any cost or waiting, a direct sale is may be the right option for your situation.
If you decide to relist the property, you may decide to do things differently the second (or third) time around. If you are going to do it, do it right. Make the investment in a professional photographer or videographer. Pay the costs for the featured and upgraded online listing options. Do whatever you can to quickly get your house in front of as many people as possible.
Set The Price Right From Day One
Nothing can destroy a great listing faster than an unrealistic price. People will know the house is priced too high and their agent will advise them them not to overpay for it. Either way, your listing won’t be taken seriously. By pricing it right from the start, you will have a better chance of attracting prospective buyers and selling the house in as little time as possible.
Do you have a house you want to sell in the New Jersey area? Whether or not you have tried to list the home in the past, we can help you avoid the waiting, hassles, and costs of a traditional MLS listing. Find out what a direct sale can mean for you! We always make fair and honest offers for New Jersey houses!