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.

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