Days on market has a huge effect on the public’s interest in a property. There is an initial rush of activity in the first few weeks that quickly tapers off. Multiple offers are much more likely early in the listing period, as are realistic and generous prices.
As time on market increases fewer and fewer people will show interest in your home. And you’ll start getting lowball offers from people hoping to take advantage of your predicament. Unfortunately this is the natural course of events when listing. The listing essentially grows stale.
Having your property priced right is the best way to avoid being on market too long. Your time on market should be similar to comparable recent sales in your neighbourhood.
Overpricing helps your neighbour sell their house, while yours sits.
So what if you priced your home too high? What can be done? What should your agent do to save your bacon? Two things that really help are a reduction to a more realistic price and a strong advertising campaign. Re-staging a problematic layout can pay dividends too.
Remember, a great agent will have many avenues for marketing and not just Realtor.ca and the MLS. Agent and office websites, Facebook and YouTube are all places that should be advertising your home. A strong campaign can really jumpstart a stale listing and overcome the negative effects of too many days on market.
But pricing it right in the first place is still your best choice. Make days on market work for you, not against you.