- Sometimes there is nothing wrong and it’s just a case of waiting for the right buyer
- Make sure the basics are right
- Certain markets and types of homes tend to have a smaller pool of buyers
Is this normal?
Firstly, you should assess whether it really has been a long time. Has your home been on the market two weeks without a showing? In white-hot markets like Austin, that might be a really bad sign. In the slower paced Fort Hood market, that is extremely normal and way too soon to panic. In 2017, the median days on market before a home went under contract was 34 days, with the slowest 10% of homes taking 140+ days to go under contract. That is an improvement over 2016, and the market is headed in a stronger direction. But if it hasn’t been a month, yet, it’s too early to make any conclusions. That is especially true if it is the slow season in the fall.
PACE Home Selling Strategy
The first step in assessing why your home isn’t getting showings is revisiting the four home selling principles of the PACE strategy. If you haven’t been on my site before, I’ve written extensively on how to best sell your home and the importance of getting the right price, making your home accessible, getting it into a sellable condition, and the exposure it needs to succeed.
No Showings, No Offers
Revisit the principles and see if you misjudged when initially listing:
- Inadequate listing pictures
- Seller has canceled home showings or been restrictive about available times
- Home is not listed in all the portals (Zillow, Realtor.com, local MLS, etc)
- Smelly – a bad smelling home is usually easily fixable and a major problem when selling
- Tenant occupied – hard to show and buyers shun them
If your home checks off the basics and still isn’t selling, keep reading for ideas…
Get Eyeballs to Get Offers
- Great marketing is the responsibility of your agent
- The most important places to get your home seen is online and on the MLS
- Ensure your agent is maximizing the opportunities buyers have to discover your home
Not the Selling Season
Unfortunately, if you are on the market in the second half of the year, especially November and December, real estate might move a little slower. If you’ve been on the market a month with no showings, that is not great, even in the cold season. But I recommend giving it a little longer if it happens to be November or December. If by mid-January you are not getting showings, it may be time for an adjustment.
You’re in the “Luxury” Market
Homes at higher price points take longer to sell. The higher the price point, the smaller the buyer pool.
In the Fort Hood area, that market starts at fairly low prices. The top 10 percentile in homes in the Fort Hood area (Bell, Coryell, and Lampasas counties) began at $262,500 as of 2017’s sales. If your home is north of this number, you are likely to be on the market longer than other homes and neighborhoods. If you are priced right and show well, just hold onto your hat and give it some time.
As of 2018, with just four months of inventory, the Killeen area still behaves like a buyer’s market. But it is not a slow market. Slow, buyer-friendly markets start around 6 months of inventory (# active listings / # homes sold in the previous month). Markets with 6+ months of inventory are very difficult to sell, and many homes don’t sell at all. Check on the market trend. If you’ve been on the market a few months, get an updated market analysis from your agent to see what’s new.
If your home is very unique for the area, it may simply appeal to a narrower buyer demographic. You may have to wait longer on the market for the right buyer who loves your home’s unique features. Examples of irregular home styles in the Fort Hood area include modern or art deco architecture, split level homes, 2 bedroom or fewer homes, colorful homes (chartreuse colored exteriors, etc), and old, dated homes (1940s and earlier).
Hopefully, this isn’t the problem, but it’s always possible. Things like open houses, paid Facebook advertising, drone video, 3D Matterport tours and the like are nice, and I do most of these items myself, but don’t often make the difference between an offer or not. The most important thing your agent can be doing is making sure your home shows up everywhere that buyers are searching. Ensure your agent is listing your home to all the major search portals like Zillow, has enabled VOW and IDX on the MLS, and has inputted your property information correctly so that it is showing up in the correct buyers’ searches.
Ethical problems are also possible, and be quick to fire your agent if the situation calls for it.
Feedback, feedback, feedback. If you are getting no showings whatsoever, be sure to host an open house – especially one targeting other agents. That is a great way to at least get someone in the door and get feedback on the home itself and possibly the price. And your agent should diligently follow up with agent showings to get feedback on the home.
Lastly, get an updated market analysis to see if the market has changed since you originally assessed it prior to listing your home.
If you have concerns, talk to your agent. You should be getting updates from them on any inquiries or feedback from open houses. After a month, revisit a new market analysis in case there has been relevant activity while on the market. And if your home, market, or season lend themselves to a long time on market, be patient with it and work in those expectations early.
If you’re in the Killeen, Harker Heights, Copperas Cove, or surrouding area and interested in an agent who is attentive to the principles that get homes sold, reach out to me and get a market analysis on your home today!