Update Your Listing or It Will Never Sell

Every couple of days I sift through various areas of the MLS, taking a look at new million dollar homes that have hit the market, and others that have sold. Believe it or not, there are plenty of high priced homes selling…it just depends on how they are marketed.

This week I saw two very pretty million dollar listings that caught my eye and I wondered why they haven’t sold yet. After further investigation I discovered a couple of things:

  1. Photography: Believe or not, one of the homes had ZERO interior photos. The house sits on a lake and has some great views, but after five different angles, you kind of get the picture – this house sits on a lake. What buyers really want to see is interior photos of the rooms, kitchen, and bathrooms. Now this home had just sold in early 2007, so I was able to look at the previous listing and see what the home looks like, but the public can’t view old listings. For $1.4 Million, an agent should really be getting interior photos taken of the home by a professional, even if the home is vacant.
  2. Time on the Market: Amazingly, both of these homes have been on the market since summer of 2007. This isn’t necessarily a kiss of death, but neither listing has ever expired…they both have had the same MLS number the whole time. Now one thing buyers look at is the time on the market. While the homes have been on the market a long time, a new MLS number every six months refreshes the listing and puts it back on top, so to speak. These two listings are STALE.
  3. Price Reductions: in over 450 days, neither listing has reduced their price. If you have your home on the market for the same price as almost two years ago, and you have not reduced the price (nor sold it for that matter) then you are living in la-la land. Yes, I hate to be the bearer of bad news, but someone has to speak the truth. I refuse to sugar coat the market, but the reality is, if your million dollar home has not sold in a six month period, then you MUST reduce the price.

I have to ask the question of what the agents holding these listings are doing. They don’t appear to be guiding their clients in the right direction…getting the home sold. With market conditions for upper tier homes declining over the last two years, it is amazing to see a home still on the market for the same price as in 2007.

The fact is, if you are not updating your listing to current market conditions, keeping it fresh, or having top notch photos taken of the home, then no one is going to buy your home. If your home hasn’t sold with your current agent of two years (and no price reductions) then maybe it is time to go shopping for a new agent to represent you.

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