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You poured blood, sweat and tears into your home to get it ready. Now it’s been sitting on the market for weeks with no offer in sight. The longer it lingers, the more nervous you get.
You thought it’d be different than this. After all, everyone you know sold their home almost as soon as it listed.
Do you have unrealistic expectations? Or is it time to press the panic button?
When to Worry About Your No-Sell Situation
It’s true that many markets are in the throes of a seller’s market. For instance, the average home in Denver went under contract just six days after being listed, according to Redfin. That’s crazy fast!
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But no two markets are the same. What’s normal for Denver may not be normal for your neck of the woods. In fact, the latest data from the National Association of Realtors shows that recently sold homes typically stayed on the market 52 days.
So how do you know how long’s too long to sit and wait? An experienced agent can tell you how quickly homes are moving in your area, but here are three signs it may be time to take action:
- Your home has been on the market for two weeks or more with no showings.
- You’ve had tons of showings but no offers.
- Your home has been on the market for a month with no offers.
Are Bad Habits Wrecking Your Home Deal?
If any of these scenarios sound familiar, don’t fret! There are lots of ways to get unstuck. Maybe you just need a change in behavior.
Take a closer look at your situation to see if these common mistakes are holding you back.
1. Turning Down Showings
This one should be a no-brainer. After all, buyers can’t buy if you don’t show.
The thing is, life’s hectic rhythms have a funny way of, well, getting in the way. It’s hard enough to find time to sleep, much less maintain a show-ready home. We get it.
But no matter how busy you are, you’ve got to let buyers in. Do your best to keep your home picture-perfect, but don’t let one bad day push buyers away. If a buyer springs a surprise on you the one day you didn’t make your bed, just let your agent know so they can give the buyer a heads up.
2. Ignoring Buyer Feedback
Got lots of lookers but no takers? A good agent should follow up with buyers to find out what they liked—and didn’t like—about your home. Use that feedback to make a change for the better.
If buyers can’t see past the clutter, by golly, clean up your place! Or tone down neon-bright walls with a neutral paint color so you don’t blind buyers as soon as they walk in.
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Whatever you do, don’t ignore what buyers have to say. Look at the criticism as the secret password that helps you get your home sold.
3. Pricing It Too High
This is the number-one reason homes linger on the market. If you aren’t getting offers despite the fact that your home’s in ship-shape condition in a hot neighborhood, price may be the issue.
The good news is it’s an easy problem to fix. You may not be able to change your home’s location, but you can adjust the price. You just have to be willing to do it.
So how do you know which price is right? Ask your agent to show you homes like yours that have sold in your area over the past few months. Pay particular attention to the sales price (not the list price). That will get you closer to what buyers are willing to pay for your home.
4. Hanging On to a Ho-Hum Agent
If you’re doing everything right and still don’t have a deal, there’s only one other place to look: your real estate agent.
Your agent might be just as nice as can be. But it takes more than manners to sell your home. A savvy agent knows today’s buyers proactively search for homes online. That’s why it’s important to find a pro who uses a creative mix of traditional and digital tools to reach buyers and their agents. This may include online listings, video tours and social media.
If the plan isn’t working—and your agent refuses to adjust their marketing strategy—it’s time to move on. Partner with a high-octane agent once your listing contract expires.