Yes, this shall also apply to the current Hot Seller Market.
Often, my clients ask me, “Tamara, why has that particular home been on the market for so long?” When a home doesn’t sell quickly, buyers consciously assume something is wrong with the house – when this might not be the case.
There are specific reasons why one home will sit on the market instead of attracting offers. The good news is that as a seller, you can often correct any issues before listing your home, avoiding this potential problem altogether.
You’ve heard the term “curb appeal,” and it’s not a myth that buyers begin to evaluate your home from the moment they drive up. Curb appeal is more than pretty flowers, however. A house ready to sell should not show any exterior wear and tear or deferred maintenance. Clean the yard, touch up chipping paint, declutter, and eliminate dirt, debris, and anything else that may make your home look underappreciated. You will be surprised how much these repairs and preparations to the exterior of your home can cause buyers to see the whole house more positively.
Today most buyers start their home search online. It is more important than ever that pictures are of high quality and shows the entirety of your home. Studies show that visitors will linger on a listing significantly longer if four or more high-quality images are included with the description. A professional photographer knows how to present each room to showcase its best features.
Even with the best online presence, it will sit on the market if you make it difficult for buyers to get into and physically view your home. Showing instructions that require 24 hours’ notice, appointment only, no lockbox, or short time windows will likely cause most buyers and their agents to avoid your home. Make it easy and convenient for buyers to see your home and make time for open houses!
Regardless of what you do right, price is the most important consideration when listing. You can do everything else right; if the home isn’t priced correctly, it will not sell. Buyers are more informed than ever and are alert to over-priced listings. Realtors® also point buyers away from over-priced homes, so even if you’re only “testing the market,” your high-priced home may never see an offer to counter.
Most buyers won’t overpay for a home, even if they fall in love with it. In addition, even if they are willing to do so, their lender will order an appraisal, and they will only offer financing at the fair market value of your home.
Over-priced homes sit on the market and get stale. Even if you lower your price, you’ve already lost the excitement and visibility your home gets as a new-to-market property.