Selling a home requires patience, even in a seller’s market
Q: I’m trying to sell my house and when we first went on the market we had multiple offers and lots of interest. I accepted someone’s offer and we went through the inspection process, and then the buyer walked away. They were a first-time buyer and seemed pretty skittish about owning a home which was older. Now that we’re back on the market, we’re getting showings but the house is just not selling. How can this be after all that great activity in the beginning? What should we do?
A: This is a very common situation, but that doesn’t make it any less frustrating. You get the most activity and visibility when you first go on the market. All of the people who have been searching and know how little is out there are watching the market daily to see if there’s anything new. So, when a new house goes on the market there’s a flurry of activity with the buyers who are most eager to find something. The offers come in and naturally you pick the best offer with the most qualified buyer. But getting the buyer is just the first step. Now it’s time to move forward with the rest of the process.
As you’ve learned, a buyer has the right to walk away from a house based on inspections. Then you’re faced with going back on the market. Of course, this time the activity is slower because the backlog of buyers has already seen the house. But there’s another issue, too. Now you have to disclose everything you’ve learned about the house from the inspections, and buyers become a bit suspicious of the house and sometimes the seller when they see a house has gone off the market and come back on. They don’t know if you had a “skittish” buyer or, if you, the seller was being unreasonable about repairs. So, the house becomes a little harder to sell.
Now all you can do is market the property just like you would have before: make sure it’s priced right, and shows easily and well. That said, sometimes, even after the above asking price offers in the beginning and good comparable sales in the area, you’ll end up having to lower the price and wait for the right buyer to come along. Hang in there. It’s still a good market to be a seller (generally) and your buyer will come along.