What a Stagnant Listing Really Costs You in Oklahoma City? When trying to sell your home, a house that sits on the market for too long will only end up working against you. In our latest post, we will help you learn how to sell quickly, avoiding a dreaded stagnant listing.
When a house sits on the MLS of weeks or months at a time, the odds of it selling decrease astronomically. It will drop down the list of available properties, getting viewed by more and more people. When it sits stagnantly for a period of time, people will begin to assume there is something wrong with it. Even if it is great shape, properties that stay on the MLS for a long time often become overlooked. On the MLS and listing sites such as Zillow, prospective buyers can easily see price changes and how long it has been on the market. Repeatedly dropping your price can make you appear desperate, making people feel as if they can offer a low price and you will accept. Below, we offer some insight as to why your house isn’t selling and what you can do about it.
Why It’s Not Selling
Priced Too High
If a home is priced too high initially, people will pass on by. The listing will slowly make it’s way down the list so even if you drop the price to something more reasonable, you won’t have as many prospective buyers seeing the listing.
Bad Photos or Description
Any aspect of a bad listing or advertisement will make people look the other way. Quite often, you will see a listing with bad or limited photos. In order to have a successful listing, you should take the time to clean the clutter out of the house. Make sure there is a lot of light in the photos and even opt to bring in a professional when needed. Paying a little upfront will make a big difference in how your listing is received. You should also make sure the ad copy is on point. HIghlight the positive features and amenities of the house, being sure not to leave anything out.
Dark and Dreary
When people come to view the house, they shouldn’t feel as if they are in a cave. Open all the curtains and let in as much light as possible. Your prospective buyers will feel more comfortable in an open space as opposed to a confined and dark area.
Major Repairs Required
Many lenders won’t grant loans for people to buy properties in need of major repairs. If your property is run-down or needs a good amount of cosmetic work, a direct sale might be a more realistic way for you to go.
What A Stagnant Listing Is Costing You
The longer your listing sits idly, the more the house ends up costing you. You will be sinking money into the house for the continued expenses such as utility bills, homeowners insurance, and property taxes. You will also have to consider the time and money you put into the house getting it ready for the MLS, sometimes all for naught.
What You Can Do About It
Avoid The MLS Altogether
Many people in Oklahoma City and across the country are opting to sell their homes to buyers directly. The process will free them from commissions, repair costs, and not knowing when the house will sell. At Local House Buyers , we are a team of direct buyers who can make an offer on your house almost immediately. There is never any obligation. If you have tried to sell in the past without any luck, or if you simply want to sell without any cost or waiting, a direct sale is an option you should seriously consider.
It can cost you a lot to list your house on the MLS in Oklahoma City. If you add up all the prices, you can find that it makes no sense to list your house with a Oklahoma City real estate agent.
With a direct sale to Local House Buyers , you will be able to sell your home easily, without any of the usual costs or fees. You’re not going to have to pay fees, closing costs, or make repairs. You’ll be able to put an end to your keeping costs in a matter of days!
If you decide to relist the property, you may decide to do things differently the second (or third) time around. If you are going to do it, do it right. Make the investment in a professional photographer or videographer. Pay the costs for the featured and upgraded online listing options. Do whatever you can to quickly get your house in front of as many people as possible.
If you haven’t already invested in professional photography, it may be a serious issue as to how prospective buyers view the home online. Dark and blurred photos may be a deal breaker for buyers — who most frequently browse the homes on their mobile devices.
Buyers don’t want to take 10 outdoor pictures until they get to the indoor photo of the house. Lead with the top spots in your home: kitchen, great room or master bath suite. Take some time to make sure all the captions and labels are matched to the pictures in your MLS. Make sure your outdoor pictures are in the right season. Pictures that are “out of season,” like snow on the ground in summertime, can dissuade prospective buyers from seeing the home at its finest.
Set The Price Right From Day One
More often than not, homes have been on the market for more than 90 days because they are not priced correctly. Buyer’s agents — and even buyers themselves — do their homework on market value. If your property is priced too high, you’re chasing away potential buyers who don’t want to bargain.
Nothing can destroy a great listing faster than an unrealistic price. People will immediately assume the house is out of their league or that you don’t know what you are doing. Either way, your listing won’t be taken seriously. By pricing it right from the start, you will have a better chance of attracting prospective buyers and selling the house in as little time as possible.
Another proven pattern is that longer selling duration lead to lower sales prices. Buyers negatively view homes that have stayed listed longer than average. They expect something to be wrong with the property (and not necessarily that the price was the issue).
In addition, sellers typically lower the price over time. Even if you drop the price to where you should start, it’s typically too late to reverse the damage. Buyers interested in the property would usually have lower prices than they would otherwise have. At the end of the day, your property would sell for less because it was overpriced to start.
What are Expired, Canceled and Withdrawn Listing
Expired, canceled, and withdrawn listings are all challenging conditions for both homeowners and realtors for which they have worked. After a great deal of effort, and possibly also considerable expense. The property could not be sold. What’s going to happen next?
An expired listing means that the contract for your listing has ended and the listing is no longer in effect. Other agents can approach you because there is no valid listing in place.
The canceled listing is one in which the seller and agent or broker decide to terminate the listing. Since the listing is done, other agents are free to contact you.
What’s a withdrawn listing? It’s when home sellers decide they don’t want to sell their home anymore, so they ask their real estate agent to “remove” the listing so it’s no longer active on the multiple listing service on the websites. It may still appear, however, when buyers search for homes.
Why Would a Seller Withdraw a Listing
Sellers often change their minds about selling a home. It could be because of financial or personal reasons, or it could be that they want to take time to make changes or upgrades before bringing it back on the market. Often it’s because the home has been overpriced and stayed on the market for too long, or that the buyers just just want a break from displaying it.
The listing does not come with any assurances. It can be hard not to know if you’re going to find a buyer when you’re going to find a buyer and whether they’re going to give you your asking price. Even if you find a buyer relatively quickly, they can seek to negotiate repair costs after the inspection. Although you might be able to make a reasonable guess as to what’s going to happen when you list, you won’t know for sure until after that.
With a direct sale to Local House Buyers , you’ll know exactly what’s going to happen from day one. We’re going to make an offer to you, and that’s what you’re going to get. We’re going to close when we say, never give you a runaround or make you wait while we’re trying to find a buyer for your home.
Do you have a house you want to sell in the Oklahoma City area? Whether or not you have tried to list the home in the past, we can help you avoid the waiting, hassles, and costs of a traditional MLS listing. Find out what a direct sale can mean for you! We always make fair and honest offers for Oklahoma City houses!
Want to sell your house in Oklahoma City without the fear of a stagnant listing? We can help you! Contact us today for more information!
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