A stale listing is a home that has been languishing on the market for some time, and is not garnering much attention or offers. Oftentimes, buyers and their agents look at the total days on the market (DOM) for a listing to determine whether or not a listing is stale. In any market, a high number of days on the market can be indicative of many things including: overpricing, capital defects, unrealistic sellers, or many other reasons. As a seller, it is important to keep a close eye on the local market as well as your listing to best determine market dynamics and what may be needed to successfully sell your home. Even in a hot seller’s market such as the current environment, listings may still become stale and it is important that sellers respond accordingly.
Reviving a stale listing
Although having a stale listing may be frustrating for both the seller and their real estate agent, it is important to be adaptable and ready to implement changes to better market the property. We discuss a few strategies below:
- Reduce the price: This may seem obvious, but the number one reason for listings becoming stale is typically due to overpricing. In a hot market with many bidding wars, many sellers often fall into the trap of asking unrealistic prices for their homes. It is important to properly analyze the closed sale prices of comparable homes in your market and price your property accordingly.
- Stage the home: Staging a home appropriately can be the difference in prospective buyers envisioning themselves in the home or simply not being interested at all. It is important to be mindful of strategies that make the living spaces appear as big and spacious as possible. Avoid having bulky furniture in small spaces or too much clutter in the home as these things make the home feel smaller than it may be. In addition, a light, neutral paint tone for the interior of the home may also help tremendously.
- Improve curb appeal: Updated landscaping, exterior paint, and even a nice mailbox can go a long way in improving curb appeal. As always, you don’t get a second chance to make a first impression. In fact, it is not uncommon for prospective buyers to not even get out of the car for showings due to poor curb appeal. A little investment can go a long way here.
- Have updated professional photos taken of the property: Assuming that you have made some improvements to the property to assist with it’s curb appeal, it is critical that you have professional photos taken of the property. With over 90% of all real estate searches beginning online, professional photos are not negotiable. After all, the listing photos are the true first impression for any listing.
- Consider having a professional video of the property: Similar to professional photos, a professionally edited video of the updated property can certainly aid in marketing efforts. The popularity of online video is a great way to increase the marketing exposure of any property. In addition, sharing this video on various social media platforms will also help tremendously.
A stale listing can be a frustrating experience for both the seller and their real estate agent. As with any listing, it is critical that there is constant communication and monitoring of the market by both parties. If possible, these hypothetical discussions can be had early on in the listing process to ensure that you are prepared for whatever happens. It is always important to remember that a hot real estate market does not mean that buyers are always willing to overpay for a property. As always, local market dynamics will better dictate your strategy and how you adjust to extended days on the market. Are you thinking about selling your home in South Florida? We can help.
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!