Fact remains, it is still a crazy real estate market. The driving force … low inventory, and high buyer demand, makes for a perfect storm for this to be called a “seller’s market”. Properties going at or over list, and under deposit in days of hitting the market!
In a “typical” market” you should see the most activity within the first 30 days of your home hitting the market. Within the first two weeks, you should have a good gauge as to pricing and interest. If after 30 days of market time, you have not received an offer on the property, I will usually advise my sellers that we may need to revisit and reevaluate our marketing strategy and make any necessary adjustments, including price, based upon showing and agent feedback. If a home is priced well, it will sell regardless of condition, providing there are no major objections with the property.
Having said that … if your home continues to sit on the market while other homes around you are going under deposit, you may need to ask yourself why this is happening. Since we are still in a seller’s market, here are a few things to ponder on to possibly change that.
You only have one chance to make a first impression, so make it count. Even in a seller’s market, you need to do the work necessary to make your home out-shine your competition. Start by making sure your outside space is warm and inviting and remove any clutter from inside the home.
Many times, I will suggest staging the home to impress your potential buyers. You need to be show ready at all times. Buyers are searching online, so professional photos are important to showcase your home at first sight. This will help your home sell faster.
You want to be as flexible as possible with showings. Buyers can’t buy what they can’t see. If there are pets in the house, remove them for the showing, perhaps take them for a walk or if need be, contain them in one place. You don’t want your pets to be a distraction to the buyer when they are viewing your home.
A word of caution – regardless of it being a seller’s market, don’t get crazy with pricing your home higher than where the price should be. That strategy will actually hurt you. Your inflated price is more likely to deter buyers from even taking a look at your home which can limit your buyer pool. When you price your house right, you increase your home’s visibility, which drives more buyers to want to tour your home, that may ultimately create a bidding war.
Before placing your home on the market, speak with a Realtor and have him/her do a Comparative Market Analysis on your home to determine what fair market value looks like to you in this market.
Working with buyers & sellers to help them achieve their real estate goals!