When trying to sell your home, a house that sits on the market for too long will only end up working against you. In our latest post, we will help you learn how to sell quickly, avoiding a dreaded stagnant listing.
It is easy to get carried away with excitement when selling your Chicago area in a strong market like today. A common thought process is to aim high with a listing price out of the gate and see what happens. However, this is one of the biggest mistakes a seller can make and will in most cases end up costing them thousands of dollars. The reality is that you have a short window of opportunity to sell your property on the open market before your house gets categorized by potential buyers as a stagnant listing. When your house sits on the MLS for an extended period of time buyers will begin to assume there is something wrong with the property and remove it from their list. The longer your home sits on the market the more difficult it will be to sell which will almost always result in a lower overall sale price.
Why It’s Not Selling
Priced Too High
If a home is priced too high initially, people will pass on by. The listing will slowly make it’s way down the list so even if you drop the price to something more reasonable, you won’t have as many prospective buyers seeing the listing.
Bad Photos or Description
Any aspect of a bad listing or advertisement will make people look the other way. Quite often, you will see a listing with bad or limited photos. In order to have a successful listing, you should take the time to clean the clutter out of the house. Make sure there is a lot of light in the photos and even opt to bring in a professional when needed. Paying a little upfront will make a big difference in how your listing is received. You should also make sure the ad copy is on point. HIghlight the positive features and amenities of the house, being sure not to leave anything out.
Dark and Dreary
When people come to view the house, they shouldn’t feel as if they are in a cave. Open all the curtains and let in as much light as possible. Your prospective buyers will feel more comfortable in an open space as opposed to a confined and dark area.
Major Repairs Required
Many lenders won’t grant loans for people to buy properties in need of major repairs. If your property is run-down or needs a good amount of cosmetic work, a direct sale might be a more realistic way for you to go.
What A Stagnant Listing Is Costing You
The longer your listing sits idly, the more the house ends up costing you. You will be sinking money into the house for the continued expenses such as utility bills, homeowners insurance, and property taxes. You will also have to consider the time and money you put into the house getting it ready for the MLS, sometimes all for naught.
What You Can Do About It
Avoid The MLS Altogether
Selling a house through the MLS comes with many unknowns. After all you never really know how the market will respond to your property listing and if you will be able to find that 1 person/family who wants it. If dealing with uncertainty of when if/when your house will sell isn’t something you are comfortable with then finding a local home buying company such as Blue Ladder Development may be the right option to consider.
If you decide to relist the property, you may decide to do things differently the second (or third) time around. If you are going to do it, do it right. Make the investment in a professional photographer or videographer. Pay the costs for the featured and upgraded online listing options. Do whatever you can to quickly get your house in front of as many people as possible.
Set The Price Right From Day One
Nothing can destroy a great listing faster than an unrealistic price. People will immediately assume the house is out of their league or that you don’t know what you are doing. Either way, your listing won’t be taken seriously. By pricing it right from the start, you will have a better chance of attracting prospective buyers and selling the house in as little time as possible.
Do you have a house you want to sell in the Chicago area? Whether or not you have tried to list the home in the past, we can help you avoid the waiting, hassles, and costs of a traditional MLS listing. Find out what a direct sale can mean for you! We always make fair and honest offers for Chicago houses!