One of the most important things to consider when selling your home is how to avoid a “stale” listing. Stale homes last more than 30 to 90 days after they’ve been listed on the market. This may raise a red flag for buyers, who begin to wonder why the property isn’t selling. In some cases, they ask the seller’s agent, “what’s wrong with it?”

The Top 5 Reasons Homes Stay on the Market Too Long

Knowing the top five reasons why listings stay on the market too long can help you devise a strategy for selling your property quickly and with as little fuss as possible.

1) The home is priced too high

Most sources will agree (out of four billion Google Search results) that the main reason homes stay on the market too long is that they’re priced too high. Why are sellers so adamant about getting more money than the market value for their properties? Well, the answer ranges from tens of thousands of dollars they may have poured into the home for improvements to emotional attachments they may have developed over the years.

Here’s the thing: Some buyers won’t even look at a property if they think it isn’t fairly priced compared to similar others on the market. Meanwhile, this study found that pricing the home just below the fair market value yielded the greatest dollar amount relative to the asking price. In some cases, it sold for more. This is why it’s crucial to create a pricing strategy and follow a few more “must-dos” when selling your home.

2) The seller won’t budge

If you’re one of those sellers who believe that your home is worth more than what the market will currently bear, you run the risk of having your property become staler than a piece of bread left out in the sun! Setting an asking price that’s too high often means that buyers won’t even bother looking at it, not to mention submit an offer knowing that it won’t be accepted.

When listings spend too much time on the market, sellers may end up dropping the price anyway. But by that time, buyers who submitted offers before may have already moved on. This is why being open to negotiations and having a reasonable expectation of what your property is worth are essential for a speedy sale.

3) The home doesn’t show well

The saying “first impressions count” rings especially true when it comes to selling your home. If your property isn’t showing well from the outside or inside, buyers may be turned off to the idea of living there.

Maybe the home is too cluttered and personalized. Maybe it needs a fresh coat of paint or new landscaping. Whatever the reasons, it’s important to take a step back and assess what you can do to make your home show well. Sometimes, decluttering, painting, and making a few small improvements can make all the difference, and Elegran’s got you covered.

4) It’s a “for sale by owner” listing (FSBO)

When a home is being sold by the owner rather than through an agent, it’s considered a “for sale by owner” (FSBO) listing. FSBOs typically take longer to sell than homes that are listed with agents mainly because sellers don’t have the same knowledge, resources, and time available as real estate professionals.

In addition, owner-sellers might not have enough negotiating skills or knowledge about the market to price their homes correctly and could be shooting themselves in the foot by overpricing it. On the other hand, a real estate agent can give the home the edge it needs by marketing it for maximum exposure, getting potential buyers in for a showing right away, and handling all of the negotiations on behalf of the seller.

5) The market conditions aren’t ideal

While it’s impossible to predict the future, it’s important to be aware of current market conditions before listing your home. In a buyers’ market, for example, your home is likely to stay on the market for a longer period if there are more homes available than there are buyers.

Similarly, if the market is favoring sellers and there are more buyers than homes available, your home is likely to sell quicker. It’s important to do your research and consult with a real estate agent to get an accurate idea of how the market is performing and how it will impact the sale of your home. This way, you can strategize accordingly and avoid having your home sit on the market too long.

Let’s Recap

Selling your home can lead to new and exciting opportunities in your life, but it’s important to do so in a way that’s efficient and advantageous for you. By avoiding the top five reasons homes stay on the market too long, you’ll be putting yourself in a better position to sell quickly and for the best price possible.

For more information on how to sell your home quickly and for the best price, reach out to an Elegran advisor today.