Talk to a real estate professional to get their expert opinion on what will happen when your home stays on the market for a few days or weeks.
Here's a week-by-week timeline of what you can expect when you sell your home.
Week 1
"During the first week on the market, your home is likely to attract a lot of interest from potential buyers who are eager to get a first look," says Neha Gharpande, a real estate expert with Elite Realty New York." Make sure to keep your home clean and tidy at all times and be ready to receive potential buyers at a moment's notice."
Think of your home's first week on the market as a first date.
"Making a solid first impression is crucial," says Ryan Fitzgerald, a Raleigh, N.C., real estate agent and owner of Raleigh Realty." This means packaging the property and setting a competitive price that reflects the local market."
Also, try to keep your schedule open. When your new listing hits real estate websites (such as Realtor.com®) and social media platforms, there will likely be plenty of viewings.
First week tip: Take any feedback from potential buyers and their agents to heart.
"Reviews can help identify areas of your home that may need improvement, or get an idea of what buyers are looking for in your price range," adds Gharpande.
So if you've received some negative comments about the neon yellow paint in the downstairs half bath, now might be the right time to quickly repaint it (in a more neutral shade!) before other potential buyers come along. .
Week 2
If your house hasn't sold after the first week, now is not the time to panic.
"It's common for houses to stay on the market for weeks or even months, depending on local market conditions," says Gharpande.
In the second week of your house being sold, you can expect to continue to receive requests to view it. So, although it can be difficult, keep your house tidy and uncluttered. And be prepared to take your children and pets out at any time. Your agent will be more likely to view your home when you agree to a last-minute viewing.
Tip for week two: chat to your agent about the ways in which agents try to cast a wide net for potential buyers.
One strategy I use successfully is to hold a themed open house, such as a weekend brunch or a wine and cheese night," says Fitzgerald.
To increase the visibility of your home, you can also share your listing on social media and ask friends and family to do the same.
Week 3
By the third week, if your home is reasonably priced and in good condition, buyers are likely to have fallen in love with your home. If this is the case, you can expect an offer and earnest money to come in.
The earnest money is an upfront cash payment, usually 1 to 2 per cent of the purchase price, but it can be much higher.
"It's a way for the buyer to say, 'Hey, we're serious about buying your place'," Fitzgerald explains.
A home inspection is the next step after making an offer. Before that, make sure that every area of your property is accessible. And be prepared to do some negotiating.
If any potential problems are found, "there could be some back-and-forth negotiations about fixing things and maybe even changing the price," says Fitzgerald.
Week 3 tip: Take all offers with a pinch of salt. Sometimes buyers will back out and take their earnest money with them. So talk to your agent about ways to reduce the chances of this happening.
For example, you could conduct a title search in advance to ensure there are no issues that would cause a buyer to back out.
Week 4
"The one-month milestone is a critical time in the home sale process," says Gharpande.
If you haven't received any offers on your home, your agent may suggest changes to your marketing strategy. This could include adding new photos or virtual tours and hosting more open houses.
"If you've been putting off renovating your house or making minor repairs, now might be the time to rethink it," says Fitzgerald." Sometimes a small investment can make your house look more attractive."
And ask your agent if it's time to adjust your pricing strategy. For example, you may want to reduce the price, especially if it's higher than comparable homes in the neighbourhood.
Week 4 tip: Sometimes, you can take your home off the market for a while.
"This can reset the 'days on market' and get rid of the bad impression that comes with taking too long to sell a house," says Fitzgerald.
Remember, these are general guidelines, not rules. Every seller's experience looks very different.
"That's why it's so important to have an agent who knows the local market and can give advice that works for you," adds Fitzgerald.