Over the past year, it may seem as though home listings have all been selling right away, but as interest rates rise and the market slows down, aging listing are going to become a bigger problem. Long listings that are on more days than an areas’s typical Days On Market (DOM) and create stereotypes that there is something wrong with the property. It gives Buyers the inclination that they don’t want to waste time looking at the listing. Fortunately, there are strategies to renew the listing and re-engage interest from Buyers in the market.
Understanding “why” you home has been on the market so long is the first step when observing that your listing is losing steam and may need to be reignited. Typically, if a home is not getting offers, it’s just priced too high based on the market and current condition of the home. Even homes in terrible shape have a chance of being bought quickly with the right pricing strategy. Pricing strategy is the single most important aspect of listing a home for sale. Price dictates how quickly a home attracts attention and offers. Sellers need to consider their listing price carefully to avoid price reductions later for a home that is sitting on the market. In a Seller’s market where homes are selling fast, it’s not uncommon for Sellers to assume they can overprice their listing, but savvy Buyers and agents will reject overpriced homes.
Another strategy is making a few updates while you pause the listing and the house is on hold. In most cases, simply adding a fresh coat of paint, new flooring, updated decor, or new appliances can offer a more appealing look to Buyers. In other cases more extreme updates can also help, like updating countertops, light fixtures, dated hardware, or undertaking a remodel for key spaces. Always weigh the cost/benefit in dollars and time before making significant updates to a home you are selling. Also, make sure you are updating things in a way that will appeal to the majority of Buyers, and not just your personal style.
Finally, some Multiple Listing Services (MLS) allow their real estate agents to refresh the listing by temporarily taking it off the market for a few days and then placing it back on “Active” status. (with seller authorization) This triggers new alerts through search functions to on the MLS, Zillow, Realtor.com, Redfin, Trulia, and others where both Buyers and real estate agents are looking for a comparable property. Utilizing a combination of these is often most effective if you have a listing that requires some updates and a refreshed listing.
If your listing is not getting the attention it deserves, speak to your agent about your options. Please reach out if you are considering buying or selling a home and would like to work with our experienced Realtors. Contact Us to start the conversation on options and a variety of strategies to help you achieve your goals. We look forward to helping guide you through the process and helping you make your next move!!