While working on an evaluation yesterday, Sheldon thought it would be interesting to compare the absorption rate of vacant properties with seller and tenant occupied properties. The absorption rate shows how long it will take for the existing listings to sell.
In general, a vacant property does not show as well as an occupied property, but in this case the vacant properties were actually selling better. In fact, in the area we looked at the vacant absorption rate was 4 months while the occupied rate was over 8 months.
At least in part this must be due to the accessibility of the homes; it is simply easier to show a vacant home than one that is occupied, especially one that is occupied with tenants, and so I assume the vacant homes on the market are getting shown more. Now there are likely other factors at play, such as pricing, but our experience of late is our vacant properties are getting more showings.
So how can you compete if you’re living in your home while trying to sell?
First, make it as easy to show as possible. If you’re not home during the day, make sure you’re Realtor knows they can go ahead and arrange showings during certain hours without appointments – we can then communicate that to other Realtors through our MLS database so they know it’s easy to show.
Second, always be prepared for showings including short notice showings. It may seem like more work but it may make the difference in getting that buyer through who might not otherwise come back.
While you’re on the market, try to keep life simple; don’t plan big events at your home. Be prepared to eat a few meals out since many buyers will want to look after work. Have some pre-planned family activities for those emergency showings. A trip to the park, the river valley or some grocery shopping. Making it as fun as possible and being prepared will make the intrusions less stressful.
Keep in mind the average time on market is currently almost two months, so you need to be prepared for a couple months worth of regular home invasions.
