There are homes that have been on the market for months, even though we are in a strong sellers market. One common strategy used by sellers to speed things along is to switch real estate agents. That rarely helps.
Any experienced real estate agent will tell you that the first two weeks a home is on the market are critical. If the home isn’t getting a lot of attention during that period something is wrong. If the home is getting a lot of showings but no offers something is wrong.
In general buyers do not just offer less if a house is over priced as sellers often believe. They do’t make any offers at al. I highly encourage buyers to make offers on over priced houses because I know from experience that the real bargains are the over priced houses.
Buyers will not have to compete with other buyers in multiple offer situations and will end up getting the house for less than they would have had to pay if the house had been properly priced.
Here are a few things that can help sell a house that has been on the market for a few months:
- Lower the asking price.
- Have the home marketed using professional photography.
- Clean and re-paint with neutral colors.
- Make repairs.
- Cancel the listing and re-list it.
Here are a few things that won’t help sell your home faster:
- A public open house.
- An agent open house.
- Printing expensive brochures.
- Newspaper advertising.
Each home and each situation are different. It is hard to be objective when selling your own home. It is very rare to find a home owner who believe their property is worth less than it is actually worth. The challenges in selling a home can be boiled to presentation and pricing.