What to Do If Your Real Estate Listing Starts to Stagnate on the Market
The excitement of listing a property on the market can quickly turn into frustration if days turn into weeks, and your listing shows little to no signs of activity. If your property has been sitting on the market without attracting offers, it's easy to feel stuck. However, there are practical steps you can take to reignite interest in your property and avoid the stigma of a “stale” listing. We have some ideas to help you get your listing back on track if it starts to become stagnant. In fact, this is exactly what our Northwest Florida real estate team specializes in so let's go.
1. Evaluate Your Pricing Strategy
One of the most common reasons a property becomes stagnant on the market is incorrect pricing. The price of a home is the most significant factor in whether it will sell quickly or linger on the market. If the price is too high for the neighborhood or market conditions, buyers will be hesitant to even view the home, let alone make an offer.
Solution:
Review comparables: Look at what similar homes in your area have sold for recently. This can give you an idea of what the market is willing to pay. However, if values in your market are declining, past sold data may quickly become comparatively inaccurate. Pro Tip: Look at resent expired listings like yours to see what buyers did not want to pay. Then look only at the last 30 days worth of sold and pending listings to see what buyer resently paid.
Adjust your price: A price reduction can be a powerful way to breathe life back into your listing. Even a small price drop can make your home more competitive. For buyers who have saved your listing on-line they will see the update as well.
Offer incentives: Consider offering closing cost assistance or including furniture or appliances to sweeten the deal. When mortgage rates seem high, this is an excellent strategy.
2. Enhance Your Marketing
Marketing plays a key role in how a listing is perceived. If your home isn't getting enough attention, it could be due to lackluster marketing efforts. Simply posting your listing on the MLS (Multiple Listing Service) isn’t enough to reach today’s buyers.
Solution:
Professional photography: Listings with professional photos get more views and showings. High-quality images can make a huge difference in how buyers perceive the property.
Virtual tours and video marketing: In the digital age, many buyers want to experience a home virtually before setting foot in it. Virtual tours, drone shots, and property videos can give your listing a competitive edge. Be sure to show off the natural beauty of the Northwest Florida area.
Boost social media presence: Share your listing across multiple platforms, including Instagram, Facebook, LinkedIn, and YouTube. Paid ads can also help your listing reach a larger audience.
Collaborate with influencers: Consider working with local real estate influencers or bloggers to gain visibility for your property.
3. Reassess Your Listing Presentation
If your listing hasn't been gaining traction, it might be time to take a hard look at how it’s presented. The way your home is described in the listing, and even the quality of the photos and details, could be impacting interest.
Solution:
Refresh the listing description: Make sure your listing description highlights the property's best features in a compelling and inviting way. Consider updating the text to emphasize aspects like location, recent upgrades, or potential lifestyle perks.
Change your headline: Your headline is the first thing buyers will see. If it's not catching attention, test out a new headline that could highlight a key selling point—whether it's "Location! Walk to Beach!" or "Perfect for First-Time Home Buyers."
Focus on staging: Sometimes a home needs more than just good photos—it needs staging. Properly staged homes tend to sell faster and for higher prices. You can either hire a professional stager or do it yourself by decluttering and arranging furniture to show off the home’s potential. Current AI programs can also stage your home virtually. Our top area agents are using virtual staging with some success and the price is real low.
4. Reevaluate the Condition of the Property
Buyers are often turned off by homes that need extensive repairs or feel outdated. If your property hasn’t sold, it might be due to the condition of the home not aligning with the asking price.
Solution:
Address repairs and updates: If there are obvious repair issues (roof, HVAC, plumbing), address them before relisting or adjusting your price. Minor updates, such as fresh paint, landscaping improvements, or updated fixtures, can also make the home more appealing.
Offer a home warranty: A home warranty can ease buyer concerns about potential repairs. This can be especially attractive if your property is older or hasn’t undergone recent updates.
Pre-inspection: Get a home inspection before relisting. This allows you to fix any potential issues that might have scared off previous buyers. Offering a pre-inspection report also shows transparency, which buyers appreciate.
5. Reassess Your Target Audience
Your property may be a great fit for a specific type of buyer, but if your marketing isn't speaking to that group, it might be why your listing is stagnant. It's important to tailor your marketing to attract the right audience.
Solution:
Adjust your target audience: Think about who is most likely to buy your home. If your property is perfect for a family, highlight nearby schools and parks in your marketing. If it’s ideal for young professionals, focus on its proximity to the city or transportation options.
Host an open house or broker’s tour: An open house or broker’s tour can generate buzz and give more people a reason to visit your home. Offering virtual open houses can attract out-of-town buyers or those who are busy.
Consider niche marketing: If your property is unique (historical, waterfront, fixer-upper), target niche markets or online groups. For instance, fixer-uppers can be marketed to investors, while waterfront properties can attract vacation home buyers.
6. Revisit Your Timing
The time of year and the local market trends can greatly affect how quickly a home sells. If your listing went live during a slow season or at a time when the market is cooling down, it might be worth rethinking your strategy.
Solution:
Relist at the right time: If the current market is slow, consider taking your home off the market temporarily and relisting during a busier season, such as spring or early summer.
Monitor market conditions: Stay informed about the local real estate trends in your area. If your neighborhood is experiencing slower sales or price drops, you may need to adjust your expectations.
7. Seek Professional Guidance
If you’ve tried all the above strategies and still aren’t seeing results, it might be time to seek professional help. A fresh set of eyes and expertise can make all the difference in reviving a stagnant listing. Our top performing Destin area real estate team is here when you need assistance. We work with buyers and sellers from around the world.
Solution:
Work with an experienced local real estate agent: An experienced top producing agent can provide valuable insights and a comprehensive marketing strategy. They’ll know what works in our area and how to adjust your approach.
Hire a real estate coach or consultant: If you're selling the property on your own (FSBO), consider hiring a consultant who can advise you on the best course of action.
Get a second opinion: If you're already working with an agent, consider asking another professional for a second opinion to confirm whether the current strategy needs adjusting.
A stagnant real estate listing can be disheartening, but it's important to remember that most homes sell eventually with the right adjustments. Whether it's reducing the price, enhancing your marketing efforts, or making some property updates, there are multiple strategies you can implement to revive interest in your home. By being proactive and willing to adapt, you can overcome the challenges of a slow-moving listing and attract the right buyer. Our real estate team covers the entire Emerald Coast of Florida including, Pensacola, Navarre, Fort Walton Beach, Destin, Miramar Beach, Santa Rosa Beach, 30A, Panama City Beach and all areas in between. We do Northwest Florida real estate and handyman services. We can help you!
