About 75 percent of homes offered in the business sector are "stale," which means they have remained unsold for over a month, according to Redfin, as reported by CNBC.
According to Nela Richardson, a Redfin's main financial analyst, a house available for over two weeks makes buyers even more reluctant to purchase it. If your current listing is going "stale," doing nothing about it will simply make it stay on the market for a longer time. Here are some tips in selling a stale home.
Take the Reasonable Offer
If you get a good-enough offer that is near your asking price, take it, Aol Real Estate suggests. The seller should also look past the present situation, 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," he advised.
Reduce Your Asking Price
Experts say that you should not wait for three months before chopping down your asking price. You should reportedly set your asking price to "what buyers will pay" to "undercut the competitor's price" so you can get the deal.
Take it Off the Market
You may likewise need to get it off the market for some time if it remains unsold quite long enough, said Pat Lashinsky, CEO of ZipRealty.
"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," Lahinsky said.
You may put it back on the market after making vital improvements to make it more appealing.
Ask Feedback from Agents and Customers
During your open house, ask input from individuals who surveyed your home, said Edyta Gryc, an IL and FL merchant who posted an advice on Zillow back in 2013. From that point, you will know the reasons why the house remains unsold.
