During the month of August, the Orlando real estate market continued to post impressive figures. Home sales rose by 22 percent and the median home price increased to $182,000, or, 11 percent, according to the Orlando Regional Realtor Association. What’s more, closed transactions rose 21.81 percent from August 2014, demonstrating the 49 straight months of rising median home prices.
Though these figures are exciting, there are still homes listed on the local multiple listing service which linger for months on-end. Properties of these kind are considered to be “stale” listings, and, there are far more than you might suppose. A full 71 percent of homes currently listed for sale in major cities nationwide are deemed stale, according to a study conducted by a leading web-based real estate database.
How to Sell an Unsold Home Fast
If you’ve put your home on the market for sale and have not attracted any serious interest, you’re certainly not alone. It might seem like an uphill, unwinnable battle, but the good news is you can take steps to turn the situation around. Home sellers make a number of common mistakes, such as basing their asking prices on comparable homes also listed for sale. The very fact those properties aren’t completed transactions makes clear why this is a big mistake.
With full-fledged sellers’ markets underway in dozens of metropolitan areas around the country, new research has found curious statistical patterns emerging: Even in cities where listings get multiple offers within days or hours, significant numbers of homes are sitting on the market for six months, 12 months or more with no takers. —Los Angeles Times
Other common misconceptions are home improvements greatly increase the market value of a property and believing the power of the internet is all that’s necessary to attract buyer attention. When a home doesn’t sell for many months, the problem can be rectified — here’s how you can sell an unsold home fast:
- Reconsider the listing price. Overpricing by far tops the list for reasons why a home doesn’t sell quickly, or, at all. You need to take a truly objective look at your asking price because your property will only sell for what buyers are willing to pay — it’s that simple. So, look for recently sold homes with similar square footage, same number of beds and baths, in the same or like neighborhood, and have similar features and amenities. These will be your best comparable properties to set a realistic, competitive price.
- Revisit any lingering issues. Even though home renovation shows are all the rage, the reality is quite different. The smallest problems are a very big deal to buyers because of all the money involved, which include a down payment, earnest money deposit, inspections, moving expenses, and closing costs. The majority of buyers want move-in ready properties, so, this is where you need to deliver and fix every single thing that’s broken. It also helps to dress-up your property a little.
- Make changes to the listing description. One of the most critical components to selling a home is the listing description. Because 90 percent of all home searches start online, it’s not just about enticing images. The listing description also has to pique interest, otherwise, it’s too easy for potential buyers to click away to the next property.
- Think seriously about offering buyer enticements. You could offer to pay HOA fees, provide a home warranty, or, pay part or all of the closing costs. While enticements do help to sweeten the deal, you shouldn’t overextend yourself.
Another thing you ought to consider is to speak with another listing agent, someone that’s experienced and intimately familiar with your area. Getting a fresh perspective can make all the difference.