May 05 2008
No offers?
My house has been on the market for 5 months without any offers. I have held open houses and people have come through. I’m afraid that I will lose money I can’t afford to lose by hiring a real estate agent. Do you have any suggestions?
In a seller’s market FSBO (For Sale By Owner) homes may move quickly, but right now buyers have a lot of selection based on changing supply vs. demand. It takes on average 30 to 60 days to sell a competitively-priced home.
Your home should be on MLS and well represented with photos and a virtual tour. If it’s not, then you may be losing 80% of potential buyers based off current statistics. Most people who buy see the home online first and then decide to visit.
Many factors could affect the length you’ve waited for an offer, but in 30 years of real estate the most common factor is price. If you are not priced aggressively your home will sit and help others sell theirs faster.
Having a neutral third-party or professional stager decorate and declutter can change the atmosphere of your home dramatically. It could be a facelift is in order to appeal to the demographics shopping in your neighborhood.
I could go on, but after five months you do need to make a reassessment of the market and check out your competition. Also keep in mind that if you are not offering a commission to a buyer’s agent, you need to. And, evaluate your budget and carrying costs. If you sell your home for $500,000 after six months but you’ve had to pay $15K in mortgage during those six months….well, there’s that commission you saved…..
