The first week a home hits the market is the most important! Statistics have shown that more agent and buyer showings will occur during those precious first days. During this time, you should plan ahead and do your best to give agents access without any restrictions. Some sellers leave for the first weekend, or even a week, to allow for total access. The more limitations that are put on showing times during the day and early evening, the fewer showings you can expect. Keep in mind that the agent and their buyer need to coordinate their schedules, so throwing in restrictions could keep them from showing your home.
Are you selling your investment property? Read our post: How to Sell a Rental Property Here
If you allow unlimited showing times during reasonable hours like 9:00 am-7:00 pm, you might expect anywhere between 3-10 showings the first few days you are on the market. That number can be lower if you launch the listing in the Multiple Listing Service (MLS) over a holiday weekend, such as the Fourth of July or Thanksgiving.
If you are not seeing showings, then it would be important first to review the listing in MLS to be sure all the information is correct. Then look at the price. If the asking price is too high, then the property appeals to fewer buyers.
- If you are priced at the market, and the market is steady, you will attract 95% of eligible buyers.
- If you are priced at the market, and the market is declining, you will attract 50% of eligible buyers.
- And if you are 10% over the market, only 30% of buyers in that bracket will want to take a look.
Other factors can deter showings, like inclement weather, a location on a busy road, or a major news event. Bottom line, the best way to generate activity and offers if you are not getting showings is to reduce the price and tell everyone about it–agents, the public, and, yes, neighbors.
Looking for more selling resources? Read these articles next:
- Your Home’s First Weekend on the Market: What to Expect
- How to Live in Your Home while it’s on the Market
- How Long It Takes to Sell a House: What You Need to Know
All homes will sell. Finding the right price in any market depends on the number of buyers in the marketplace, competitive properties also for sale and the feedback from buyers. Reducing the price should not be seen as a negative. It is making an adjustment so that it is more attractive to the buyers who are in the marketplace and getting you closer to moving on to the next stage of your life.
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