Are You Worried Your House Isn’t Selling?
Alright, guys! I’m going to share a little secret about selling your house and why it’s important that you should be thinking about, or worrying about, why your house is not selling after you listed it…after you marketed it…after you’ve done all of your efforts to get it out there!
Maybe the agent you’re working with is doing that himself but when should you worry about a house not selling? Or when should you worry about your house not selling? Let’s walk through a couple things because the biggest and most important secret to all of this is days on market. So if you’ve listed your house and it’s been listed for zero to 30 days, then you’re okay.
0 – 30 Days On Market
This is an opportune time for a buyer to come in. It’s going to take a couple of weeks…maybe for people to move through the house, to look at it, to put offers in and so forth. I’m not too worried about 0 to 30 days. You’ll usually get some offers, you’ll maybe go under contract in that time so that’s fine. 0 to 30 days is okay. Let’s talk about 30 days to 60 days – one to two months.
30 – 60 Days On Market
Okay this is when you should be thinking a little bit about changing the price, maybe cleaning it up more, maybe listening to the feedback that the buyers have given. Remember this is all about days on market. The longer your house sits on the market without going under contract, the harder it’s going to be to sell it at the price you want to sell it at. People won’t even come see it! They’ll just get this stigma about it. “Oh it’s been sitting on the market for too long, something’s got to be wrong with it, right?”. So I would take action after 30 days and before 60 days. Maybe lower the price. Maybe ask your agent for some of the feedback and incorporate it. And make changes to the house or to the offer. What happens when it’s over 60 days? Let’s talk 60 to 90 days.
60 – 90 Days On Market
Well, you’ve already taken action in 30 to 60 days. What do you do at 60 to 90 days? Here’s another quick tip: maybe you think about pulling it off the market if it hasn’t sold in 60 days. You’re gonna start getting low-ball offers from buyers because they know that they’re in control now and they can make an offer that is lower, that is more advantageous to them and they don’t feel bad about doing it because you can’t really argue. Your house has been sitting for over two months – maybe even close to three months, right. When to worry about a house not selling is right here and here okay. If it’s not selling here you should be worried and you should be thinking about your other options over 90 days.
Over 90 Days on Market
I’d pull it off the market and I’d re-list it next season. Maybe Spring to Fall or Fall to Spring.
Give it some time, you know, let things develop. Maybe work on a few of the pieces of feedback that buyers gave you, but I’d be wary about leaving anything on the market longer than 90 days because it’s going to be difficult to make a case for you getting the best offer for your house.
That’s when you should be worried about a house not selling, okay, is when it’s days on market keeps creeping up and up and up.
Alright, I hope this was helpful. If you have any questions about this reach out to me. My name is Doug. My company is called Signature Properties.
We’re a local investor in Philadelphia. We’d love to help you not be in a situation where your house just sits on the market and it doesn’t sell and you have to entertain all these low-ball offers. Come to us! We’ll take care of this…we’ll get it done really quick and we look forward to working with you!