If your home isn’t going under contract as quickly as you wanted, here are some potential reasons to consider.
What is normal?
First of all, homes were selling quicker than ever after the pandemic. In 2021, homes were on the market for about a week on average. Since then, we have watched that average number of days rise to about a month. So don’t get overly concerned in the first few weeks if your home isn't pending yet.
The first problem to look at is your pricing strategy. There is a time and place to price high and leave room for negotiations. For the majority of sellers, pricing high simply backfires. There is some more inventory on the market nowadays and the interest rates are much higher than in years past. Buyers don't want to waste time today with homes that are overpriced now. I see it all the time now where buyers will not even schedule a showing on a home that is overpriced. They are really more annoyed than anything.
We recommend a pricing strategy based more on market data than on hardball tactics.
Buyers don't want to buy a home with an old roof, an AC that is on its last leg, or an outdated kitchen anymore. Again, prices are up and interest rates are up, so this makes buyers far more averse to buying homes that need work.
If your home is not move-in-ready or is going to fail a 4 point home inspection, make the repairs on the front end. If you cannot afford to do so, offer seller concessions to potential buyers. But remember! Buyers getting a mortgage usually have a limit on how much money in concessions they can receive.
If you are not getting many showings, take a hard look at your photos.The first and last thing prospective buyers see when considering your home is the photography. Make sure your agent is getting photos that are clearly professional and show your home in the best light possible.
Something we do extra to set our homes apart with strong impressions is twilight photography. Other things are 3D virtual tours and schematic floor plans. Since there are a lot of people moving to Florida, we have a ton of out of state buyers. Make things easier in the buying process by letting people see your home’s layout before scheduling showings.
Photos set the tone for what buyers expect of your home. So if your photos are not great, buyers may be more attracted to other homes and for that reason, never even schedule to see yours at all.
Things like neutral colors, clean staging, good smells, and general tidiness go a long, long way. Especially as you start working up in price point, sellers are very good at making their homes presentable for showings. If you are having showings on your home, but no offers coming in, it may be possible that other homes are showing better.
To make your home show better try the following:
Repaint rooms that currently have non-neutral colors, so that they match rest of your home.
Declutter and stage your home for showings as you would for photos.
Keep your landscaping looking sharp.
Get any pet smells out.
After getting smells out, light a candle or put on some essential oils before buyers arrive for showings.
Choose an agent who can help you address any potential selling challenges on the front end. Give us a call today or contact us online to get started.
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