When trying to sell your home, a house that sits on the market for too long will almost always end up working against you. In our latest post, we will help you learn how to sell quickly, avoiding a dreaded stagnant listing.
When a house sits on the MLS for weeks or even months at a time, the odds of it selling decreases drastically. It will drop down in placement and visibility on the list of available properties, being viewed by fewer and fewer people. There’s also the human curiosity side of this. When we’re shopping, items that sit go on clearance and we know that means there’s likely some defect to the item or it was just an unpopular one. The same is true of the assumptions people make about a house that sits a for a long period of time; People will begin to assume there is something wrong with it. Even if it is in great shape, properties that stay on the MLS for a long time are often just overlooked. Nobody wants to buy the bad apple! On the MLS and listing sites such as Zillow, prospective buyers can easily see price changes and how long it has been on the market. Repeatedly dropping your price can make you appear desperate or as if you know the property has a defect, inviting people to offer a low price and feeling that you will accept. Below, we offer some insight as to why your house isn’t selling and what you can do about it.
Why It’s Not Selling
Priced Too High
We sell a lot of houses. We know if a home is priced too high initially, people will pass on by. And you’ll usually know very quickly something is amiss if you’re not getting any showings. Your listing will slowly make it’s 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. Make sure your agent uses a digital lockbox so that you can track activity and be included in the alerts.
Bad Photos or Description
I couldn’t tell you how many times I’ve seen listings with bad photos. Any aspect of a bad listing or advertisement will make people look the other way. In order to have a successful listing, you should take the time to clean the clutter out of the house. Make sure there is a lot of light in the photos and even opt to bring in a professional when needed. We don’t recommend using camera phone photos ever. Paying a little up front (usually less than $100) will make a big difference in how your listing is received. You should also make sure the ad copy is on point. 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 cave. 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.
Major Repairs Required
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, the more the house ends up costing you. You will be sinking money into the house for the continued expenses such as utility bills, homeowners insurance, and property taxes, and law maintenance. You will also have to consider the time and money you put into the house getting it ready for the MLS, sometimes all for naught.
What You Can Do About It
Avoid The MLS Altogether
Many people in Phoenix 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 Property Cartwheel, 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 an option you might seriously consider.
Upgraded Marketing
If you decide to relist the property, you may decide to do things differently the second (or third) time around. 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 immediately assume the house is out of their league or that you don’t know what you are doing. Either way, your listing won’t be taken seriously. By pricing it right from the beginning, you will have a better chance of attracting the right prospective buyers and selling the house in as little time as possible.
Do you have a house you want to sell in the Phoenix 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 Phoenix houses!