5 Ways to Revive Stale Real Estate Listings
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5 Ways to Revive Stale Real Estate Listings
When a real estate listing has been sitting on the market for a long time, it’s considered “stale.” But how long is “a long time”?
Like so many things in real estate, it depends on what your market’s like. If homes are going under contract within a week, then “stale” status can start in a matter of weeks. If listings tend to spend more days on market near you, then it would take much longer to be considered “stale.”
If you’ve taken a look at your market and think your real estate listing may be “stale,” don’t panic! Try these steps for freshening up your listing and enticing buyers.
1. Expand the audience your listing is reaching.
It could be that the right prospects just haven’t caught a glimpse of your dream property yet! Get your listing in front of fresh eyes by using Homesnap Pro Ads to put it on the biggest online networks, like Facebook and Google.
2. Ask why prospective buyers didn’t purchase the property.
Reach out to agents whose clients toured the property and decided it wasn’t the home for them. Find out what made them say no to your listing (you can likely do this through the system that you used to schedule showings).
Maybe you’ll find out that they were turned off by old appliances, dingy paint or insufficient lighting. If there’s a relatively easy fix that might prevent a buyer from opting for a comparable listing instead of yours, suggest to your clients that they make those changes.
3. Do a “walk-through” of your own listing, pretending you’re the buyer.
Try to get a new perspective by pretending that you came upon this property and are scoping it out for yourself. What could make it more appealing?
Again, if you see some easy fixes, bring it up with the sellers and see if they are wiling to put in a little elbow grease to revamp the listing.
4. Get some new glamour shots.
Don’t give any buyer a reason to cross your home off their list before they’ve even seen it! Those photos need to show the home in its best light – literally!
Make sure your pictures reflect the season. Seeing snow on the house in July will just underscore how long the home has been on the market. Buyers may also take the photo quality as a signal about how well cared for the home is.
Get some tips on how to make your listing shine in our post: The Case for Professional Listing Photos.
5. Change the property description in the MLS.
It might seem trivial, but engaging writing (with perfect grammar) in your property description goes a long way. Find ways to capture the best parts of the home, and help prospects envision themselves living there.
Even a property that needs updates can be positioned as a launching point for a prospect’s own touches.
Should I Wait For Housing To Crash Further Before I Buy A House? 3 Reasons The End of 2022 Could Be The Very Best Time To Jump In
Prices falling in expensive cities
In two-thirds of major regional housing markets — 98 out of 148 — prices continue to drop, especially in more expensive locations.
We may see expensive markets fall further, which if that happens sooner than later, would make it an excellent time to buy into an expensive market. This wouldn’t have registered as a possibility even a few months back.
It’s difficult to predict if this will happen. And if so, whether falling prices become offset by the federal interest rate hikes practically certain to arrive in the coming months.
The only way to know for sure is to wait until the latest rate hike sets in.
Meanwhile, keep in mind that — as with any investment — it’s best time to buy is usually when prices are low.
With mortgage rates dropping and fee changes in the pipeline, now may be the time to buy that home Do you like this Article ? Sign up HERE for your FREE M&M Account to receive more Real Estate related information and news and THIS article. M&M Membership...
The days of waiving contingencies such as appraisals and forgoing inspections are fading into the rearview mirror. Still, contract activity remains slightly competitive depending on your location.
At least 24% of buyers waived the inspection contingency in December 2022, according to the National Association of Realtors confidence survey, up from 16% a month prior and 19% one year ago. An additional 24% of buyers waived an appraisal contingency in December, up slightly from 16% in November and 21% a year ago.
Home inspection contingencies are particularly important because it can let you know if there’s a deal-breaking issue with the property before a purchase occurs. It can also help you negotiate repairs with the seller, which is becoming increasingly common in today’s market.
“If buyers have this short window to buy where they can get incentives to purchase, [they] would rather buy where they have an opportunity to really think about it, get an inspection, a financing contingency and not feel rushed,” Jeff Reynolds, broker at Compass and founder of UrbanCondoSpaces.com, told Yahoo Finance.