Selling a house when your home has been on the market for weeks or month without an offer? Here we will share on how to sell your home in a slow market.
We will use one of our listings to show you what we did to get our home sold after weeks being on the market.
We listed the property on 10/25/205, a Thursday, after careful consideration of the market trends and surrounding neighborhoods.
We listed the property at 615K. At the time we felt that it was price competitively.
Interest rates wast about 7% that week we listed the property. The property was also during the election of Trump and Kamala. Lots of people wanted to wait after the election to make a decision.
In the first week we have 6 groups of people come in to the open house. In terms of buyers showing the property we had 3 showings. At the open house we had neighbors who came in to see the property.
In the second week at the open house we had one person come in the open house and two showings from agents.
In the third week, we had no showings at all from any agents we felt as if the market paused. Lots of people were saying they were waiting for after the election.
It felt like the market had changed quickly, making us think about why there was suddenly less activity. Maybe it was the season, or perhaps buyers were just waiting for better listings.
We looked at the market as a whole based on what available on the market. Our listing was newer than what was available on the market.
Now the question is how much should we lower. What if we lowered it too much and lost money. Our sellers concern was what about if we revived a low offer after we did the price reduction. Which are all valid concerns.
November 19th, we decided to lower the price from 615K to 600K. We received an offer and went pending. From the time we listed it took about 33 days to go pending.
Assess Your Property
A seller must be objective as much as possible about their property. We can all be biased when it comes to looking at our property, often allowing our personal emotions and attachments to cloud judgment. Many times homeowners in the past have said, “I put 150K into my property, so I should get at least what I invested or more,” reflecting a common misconception that renovation costs directly correlate with property value. However, the reality is that various factors influence pricing, and often the case is that the market ultimately determines the price based on current demand, comparable sales, and economic conditions. Understanding this market-driven nature is essential for sellers, as it can help them set realistic expectations and navigate the selling process more effectively. By being aware of these dynamics, homeowners can strike a balance between their sentimental value and the impartial assessment of their property’s worth.
Look at Active Properties
Active properties are properties that are currently on the market. The homes on the market act as your competition. The more actives there are the more home buyers have to choose from.
Get Feedback
Get feedback from agents who have previewed the home, agents who’ve shown the home and the buyers who saw the home. Hearing from people who are in the market can be an invaluable source of feedback. What better way to hear what other people have said about a product you are selling.
It Just Takes Longer to Sell
In a market where selling a home and it goes pending in the first week and your home is still sitting on the market that might be a problem. But if the market is slowing down and selling a home can take longer then you’re going to be more patient.
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