Has your home been on the market for an extended period of time?
We’ve seen many homeowners in this position, where they’ve listed their home for sale, and months have gone by without any movement.
Even if you’re not in a rush to sell your home, the process can drag on for weeks and months at a time. This could be understandably very frustrating for many people, as no one really wants to be on the market for that long.
When your house has been on the market for over 120 days, it’s gotten stale on the market.
The activity tends to drop off after that time, as realtors will look at the posting date and see that it’s been 4 or 5 months. Some will assume there is something wrong with the property. They’ll skip past the home and go into something that was listed more recently.
So, what do you do?
We suggest the first step as being to contact your realtor. Hopefully they are in touch with you on a regular basis. We would say at least once a week, just for a quick update, regardless of if there’s been any activity or not.
Sometimes in the real estate industry you may come across and find that some realtors’ enthusiasm declines after a few months. They could potentially be unreachable. That is why it is very important to choose an agent you can trust.
Once you have that trust in your agent, leave it to the professionals. Find out from your agent what is going on with the property, the market, what buyers are saying, any offer adjustments, and why your home has not been sold.
By getting the full picture, you will be able to decide what to do next. It could be time to re-list the property and move forward with your agent, or perhaps to find a different real estate agent for a second opinion.
In the last four weeks, we have seen about 60 homes that have sold on the West Side in Vancouver. This works out to about ten months supply, and means that we are slightly in a buyer’s market.
Our advice is to make sure that you home is pricedcorrectly, needs to present well, and get all the information you need from your agent. Ask them to lay it all out for you so that you have a good understanding of why in their opinion your home has not yet sold.
With these things in mind and under control, there is no reason as to why your home should not sell within a months’ time, regardless of if it is a slower market.
Do you have any other questions about the market or what’s happening in the real estate world? Reach out to us, we’re always available.