A property for sale that has been sitting on the market for a long time without any offer is generally considered to be a stale listing.
One of the main factors affecting the length of time on the market is pricing. It is not uncommon to see properties for sale where a ‘how much can I get?’ pricing mentality is applied instead of following the very basic principles of supply and demand.
The selling process of an overpriced property may take a very long time. When an offer is finally received, the seller is often forced to make big concessions including the price itself. A stale listing is a big mistake.
It is very crucial that the listing price of a property for sale is realistic and is based on the true and current market conditions. More effort put into the valuation process generally yields a higher likelihood of receiving a good offer. Realistic pricing with proper marketing and targeted advertising will most likely translate into a successful sale.
With the abundance of information today, most buyers are astute and well informed. It would be prudent to take property valuation more seriously before placing it on the market. If during the listing there is no interest from buyers, the listing should be adjusted.
The best strategy to get a property sold and avoid a stale listing is due diligence with a comprehensive plan for feedback after each showing and a smart real estate broker.
---
List your property with us, we will sell it in the shortest time possible CLICK HERE
