The average amount of days a home stays on the market in Florida, from listing to closing, is approximately 90 days. Factoring in the usual amount of 35 days for closing, that equals an average of 55 days to receive an offer.
If your home has been on the market for over two months now, you’re probably starting to get frustrated and impatient. That is understandable. To avoid your listing price from decreasing every day your home sits on the market, we recommend reading about these likely reasons your home may not be selling.
Your asking price is too high
The two main reasons a home probably isn’t selling is 1. Condition and 2. Price – let’s talk about price.
Your ultimate goal is to have your home sell within 30 days. That means your listing price has to be fair from the very beginning. A Home Value Report will be able to give you a general idea of how much your home is worth in today’s market.
Additionally, your listing agent will be able to work with you on giving your home a fair but reasonable price.
It is recommended that, if your home has been sitting on the market for close to 30 days with no takers, it is time for a price reduction. Work with your agent to determine how significant this price drop should be.
Your home is too unique
Some home features, or “quirks,” may be appealing to the homeowner, but not to the average buyer. Think: split level homes, permanent built-ins, homes in unusual areas, and features that cater to specific interests like a wine cellar or built-in pizza oven.
Home buyers may not want to pay extra for an unusual home feature they will not use or end up replacing. Think about what, initially, drew you to the home, and market that towards buyers.
Staged homes sell 87% faster than a non-staged homes. This allows the buyer to envision themselves in the space.
However, there is a science to staging a home properly. Too much furniture can make it feel cramped and smaller than the home actually is. Too little furniture will give the home a cold and unwelcoming vibe. Use staging to your advantage to show off your home’s best assets, and to hide any imperfections or flaws.
Also, it is important to remember that your curb appeal is an important factor in staging your home as well. Keep your landscape trimmed and green and possibly incorporate some vibrant potted flowers as well as a seasonal wreath on the door.
Read more about staging your home.
Unprofessional listing photos
Your listing photos are the first impression buyers will have of your home. Poor quality photos usually result in buyers thinking the home is of poor quality as well.
According to the National Association of Realtors, 86% of Realtors use a digital camera. That’s some steep competition. Watch this video that talks more in depth about Real Estate photography.
If you are starting to get discouraged, just remember there is a buyer for every home. Someone will fall in love with what you once saw in your home, sometimes you just need a little patience.