How Do I Revive Buyer Interest In My Home?

This happens, even in a seller’s market, where it seems other homes for sale in the neighborhood have all sold but yours. In our current market, it is unusual for a home to remain on the market for more than three weeks without an offer.

Whenever a home comes on the market, one of four scenarios will happen:

1) No one shows it. This is a clear indication that the price is considerably higher than the market will bear;

2) Agents with buyers show your home, but are not heard from again. This means your asking price is approximately 5% to 8% over the market price. Adjust the price and your home will have a better chance of selling;

3) You get an offer within a week. Your asking price matches what the market will bear; and

4) You underprice your home, it becomes a mob scene with continuous showings by interested buyers/agents and you receive multiple offers. Given current market conditions in which there are many more buyers than available homes, his scenario has become very common in our marketplace.

If your home is still on the market after three weeks, you should consider adjusting the price depending on the level of interest you have received from prospective buyers. If you have had no showings, your asking price could be 10% or more over market price.

Adjusting the asking price 10% may result in property showings, but it may also result in no offers. This means you may still be over-priced by 5% to 8% and need to do a second price adjustment to sell your home.

Pricing a home for sale is not a science, but a skill that seasoned real estate agents have learned from experience.

Published by Michael Thompson

I am a seasoned residential real estate professional with over 36 years of expertise in the Oakland Hills real estate market. Over the past three-plus decades, Michael has helped hundreds of buyers and sellers successfully buy and sell their homes. Many of these same clients (and now their kids!) have come back to Michael to help them with additional home purchases. With his extensive real estate background, Michael offers his clients a level of knowledge, experience and insight that gives them a competitive advantage in buying their next home or selling their present one. With a passion for sailing on San Francisco Bay, Michael and his wife Julie Ann Poppi currently are in the process of finishing the restoration of their 1981 Islander 36 sailboat.

Leave a Reply