If you’re selling a home in Aspen or a nearby community, your REALTOR® has most likely talked to you about selling it quickly. Though selling quickly is typically in your best interest (who doesn’t want to get through the selling process as fast as possible?), there’s also a strategic reason for doing so: The longer your home spends on the market without selling, the less desirable it is to buyers. The metric is called days on market, which this guide explains.
The number of days on market is typically listed on the MLS and home listing websites near the photos and other important information about your home. Though it may not seem to be a big deal to you, it is to some buyers – in fact, a lot of buyers will see that a home has been listed for a month (especially in a hot market where homes are selling in a matter of days) and wonder what’s wrong with it. The higher the days on market number is, the more buyers wonder why nobody else has made the purchase.
The bottom line is that newly listed homes get the most attention. As homes stay on the market without selling, they’re pushed down lower and lower on search results pages, eventually ending up on Page 2, Page 3 or beyond – and a lot of buyers don’t even make it that far when they’re putting together lists of homes they want to see.
Related: 3 things to fix before your buyer hires a home inspector
What Can You Do if Your House Doesn’t Sell Right Away?
If a buyer doesn’t snap up your home as soon as you list it, don’t worry – your REALTOR will still help you get it sold. Your agent may suggest that you make some improvements, such as new paint, updated floors, fresh landscaping or a new look in listing photos.
Your agent might also suggest that you rethink your price. Often, a high days on market number shows that the house was priced too high. There are two reasons that overpricing is such a big problem: One is that buyers search online in their price ranges, and if the house is priced too high, buyers who could actually qualify to make the purchase won’t ever see it. The other reason is that homes that are priced too high are competing with bigger, newer and more modern homes that are priced properly – and the overpriced homes will come up short.
Related: 3 easy kitchen improvements to make before you sell
How to Deal With a Home With High Days on Market
First things first: Things happen. Don’t be too hard on yourself if your house has high days on market. That just means you’ll have to make some adjustments to sell it. You might have to make some improvements, or you may have to lower the price – or you may have to do both. Your REALTOR will give you the guidance you need to get the job done.
Related: 3 can’t-miss landmarks in and around Aspen
Are You Selling or Buying a Home in Aspen?
If you’re ready to sell your home in Aspen, Woody Creek, Basalt, Carbondale or Snowmass, we may be able to help you.
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