DON’T LET “DAYS ON THE MARKET” SCARE YOU
What to do if a home is languishing on the market
Selling a home can be an uphill battle. This is always true, even when we’re in a sellers market, like we are now. There are so many variables at play when selling a home. What do you do if that “days on the market” number is climbing? First of all, don’t be too spooked. This can happen to anyone. Second of all, there are many ways to rethink your selling strategy to save the listing from languishing further or, worst of all, expiring again. With a little evaluation, you can figure out what’s going sour and fix it, leading to a successful sale. Here are a few things to consider.
CONSIDER RESETTING THE LISTING
Is your listing starting to get dangerously close to the average time houses stay on the market in Manhattan or Brooklyn? Are you concerned that the property isn’t the shiny new house on the block anymore? Could buyers also be concerned with that climbing “days on the market” number? One option is to withdraw the listing and relist it on the MLS. This could help push the listing to the front of the line once more and allow you to reevaluate any changes you need to make to the home or the listing itself.
CONSIDER NECESSARY CHANGES TO THE HOME
One aspect that may be hurting the listing is the home itself. It may be time to put the property under the microscope to see what changes might help it sell. What aspects might need a refresh? How’s the paint? What about a fresh coat throughout? Choose a bright, airy and neutral hue, especially if there were dark or bold colors before. Buyers often want to see a more neutral palette. And too many bold, eclectic colors can actually make a space seem smaller. You could also look at the state of the appliances. If the refrigerator or stove is feeling frighteningly old and dingy, let the sellers know they might need to replace those. And go over the overall state of the home. If the sellers’ décor is detracting from the beauty of the space, suggest staging as an option.
CONSIDER THE LISTING PHOTOS
Examine the listing photos. If you’re using photos that don’t totally highlight the home’s qualities, maybe redo those. Especially if you’ve helped the sellers redo the décor or stage the home entirely. Hire a professional to take the photos. It’ll make a huge difference in getting buyers interested if the initial photos online are beautiful and professional. You’ll get more foot traffic at open houses and showings this way, and it could lead to a quicker sale. Also consider a video tour as many buyers these days are looking to do less in person showings right off the bat.
CONSIDER THE PRICE
In many cases, if the “days on the market” number is high, the home is priced incorrectly. And it may not need to be a huge adjustment. But go back and reevaluate the price point before relisting. Perhaps you convince the sellers to do some necessary upgrades such as the ones listed above. Maybe this helps the home be more competitive with other properties in the same neighborhood (or even on the same street). But if not, consider lowering the price to a more competitive number.
Take into account these aspects if a house you’re working to sell has high days on the market. It doesn’t mean the home is doomed. With some careful consideration and tweaking, the home could still sell in no time!
*ExpLiMO provides high quality leads on a daily basis and offers a unique opportunity for Manhattan and Brooklyn real estate agents to prospect for expired listing leads and grow their business exponentially.