Inexperience can be a killer when you're dealing with the real estate market. People often think they know what to do and therefore don't need to hire a real estate agent, but then end up regretting that decision based on a lack of research. One common aspect of real estate sales that often baffles newbies is length on the market. How long should a house be on the market for? What do the various length on the market say to buyers? This article can help you figure it out.
Obviously, the sooner a house sells the better it is for everyone. Sellers don't have to keep their home looking perfect in case anyone wants a tour. They don't have to put off their relocation plans, and buyers can just slip right in with a minimum of hassle. However, for one reason or another some houses linger on the market without selling for weeks, months and even years. The longer a house remains on the market, the smaller its chances of selling for a good price will be.
The reason for this is that when a buyer sees that a house has been on the market for a long time, he or she naturally assumes there must be something wrong with it, since other buyers continually reject it in favor of other homes. Some buyers may reject the house out of hand without even viewing it in this type of situations, while others will scent blood and swoop in looking to take the house off the hands of a desperate seller for a lot less than the asking price.
There are several reasons that a house might linger on the market without selling. First, it might be a bad time to sell. If no one is looking for a property, you won't easily sell your house. This often happens when a seller has no choice about selling a home due to a transfer or dip in finances. However, a more common reason is that the house is overpriced and the seller is unwilling to budge. Even homes that are not in great shape can find buyers willing to do the work if the price is right.
So what can you do to prevent your home from lingering on the market? Selling during an upsurge in interest during real estate season in the spring will help. Repairing it and staging is to that it looks better compared to the other real estate listings is a must. And of course, price your house according to market value. If you do find your home is lingering without selling, you may have to reduce your asking price to generate renewed interest. Patrick Rocca, real estate agent shared the above information with us concerning selling real estate and the length of time a property can sit on the market.