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Why do homebuyers care how long your home has been on the market?
To answer this question, I want you to imagine two scenarios. In each one, you’re the homebuyer.
Scenario No. 1 starts with you looking online for homes. Suddenly, one of them hits the market and it’s just what you want. You then visit the house in person, look it over, and decide you must do something before anyone else does.
Scenario No. 2 starts in the same way, except this time you see the same house but it’s been on the market for 75 days. Again, you visit the house in person. This time, though, you wonder why no one else likes it. You also wonder how negotiable the seller is or if they’re getting desperate.
This is the same house, but for each scenario you’re reacting very differently. Switching back to the perspective of the seller, there are two things you must do to prevent the second scenario from happening to your house.
“This is the same house, but for each scenario you’re reacting very differently.”
The first is choose the right agent so your house doesn’t sit on the market for a long time. Secondly, you need to price the house right. The idea that you can price a home 10% over value and expect buyers to make you offers is not the best approach. If they don’t make you any offers, you lose that critical ‘new-on-the-market’ period that gets people excited. Then when you reduce the price later on, people inevitably wonder what’s wrong with the house.
The moral of the story? Choose the right agent and price your home right so people are excited about it instead of wondering what’s wrong with it.
If you’re thinking of buying or selling a home, please don’t hesitate to give me a call or send me an email. Talk to you soon!