Are you sitting on a stale listing in a seller’s market? There are not many homes on the market. You would think that any home listed for sale would immediately have multiple offers. That has not been the case this spring and early summer. Buyers have been picky and if a home is priced over the market value it will not draw offers. Buyers see any inventory on the market for a month or longer as stale. Stale listings are sitting waiting on savvy buyers.
I compare the situation of stale listings to a chocolate cake that sat on the counter until it dried out. It still looks tasty but when a customer checks the expiration date they know that it has been passed by many times by other shoppers.
Some buyers start to see the value of a stale listing as the list price is dropped. They watch the micro-movements of the market and pounce when the price reaches a threshold they can justify. These value buyers put aside emotion and look at the possibilities of a stale listing.
Where other buyers see dirty torn carpet – value buyers see an opportunity to replace the carpet with one of the new hardwood flooring products or a ceramic tile that looks like hardwoods.
Where other buyers see some godawful wallpaper colors and designs – value buyers see and opportunity to create some sweat equity in their new home by removing the wallpaper and painting with one of the new designer colors.
Light fixtures are affordable and some handymen can do the job themselves – another opportunity for value buyers.
If you are a seller with a stale listing – keep dropping the price until you hit a list price where buyers find economic value in your home.
If you are a buyer – stale listing offer a great opportunity to create some sweat equity in your new home.