Almost 75 percent of homes offered in the market are "stale," meaning they have remained unsold for more than a month, luring none or too few interested buyers to look into them, states Redfin, as reported by CNBC.
Nela Richardson, a Redfin's chief economist says that a house on the market for more than two weeks is even making buyers hesitant to buy it. "The trust is broken among buyers. In Denver and Silicon Valley, if the house has been on the market for two weeks, there is something wrong with it. Everyone is afraid to overpay, and the herd behavior in the stock market is something we're now seeing in the housing market," says Richardson to CNBC.
If your current listing is going "stale," doing nothing about it will just make it sit on the market for a longer time. Here are five tips to sell that "stale" home.
1. Take the Reasonable Offer.
If you receive a reasonable offer within the first week that is close to your asking price, take it, noted Aol Real Estate in 2010. The seller must also look beyond the present, said Scott Sambucci, CEO of Altos Research.
"Sellers should be more flexible and think about the long term. If market conditions worsen, today's low offer might end up being a price they wished they would have taken six months down the road," said Sambucci, as published by Aol Real Estate.
2. Reduce Your Asking Price
Agents say that you should not wait for 3 months to actually cut your price down, notes the site. You should realistically set your asking price to "what buyers are willing to pay" and also to "undercut the competitor's price" so you could succesfully get the sale, says the website.
With the current high rental prices, first time home buyers really have a hard time saving for their deposit, so consider your buyer's needs, too.
3. Prepare to Take it Off the Market
You may also need to put it off the market for a while if it sits quite long enough, says Pat Lashinsky, CEO of ZipRealty, a home listing service, as noted by Aol Real Estate.
"If a seller hasn't had buyers walk through their doors in 30 to 45 days, they need to lower their list price. If the home hasn't sold in six months, the asking price is off and the condition of the home may not be in the place it needs to be to attract buyers, and it's time to take it off the market," Lashinsky said, notes Aol Real Estate.
You may put it back on after you made necessary changes to make it more attractive.
4. Ask Feedback From Agents and Customers
During your open house, ask feedback from those who looked into your home, says Edyta Gryc, an IL and FL broker who posted an advice on Zillow in 2013. From there, you will know the reasons why the house does not sell such as "not so desirable location, small or no yard, no upgrades, bad condition of the house, not too appealing floor plan," says Gryc. Don't forget knowing is half the battle.
5. Update Listing Details
An advise from "sunnyview" on Zillow says, "If your photos are 9 months old, you may need new ones. Your online marketing should be revised or freshened with a new description."
First impressions last, indeed. Use more attractive photos to make your property interesting to see. Describe the advantages of buying your home by highlighting its main features.
