Why Your Home Is Not Selling
While this title may sound a little vague, it is a very real concern for home sellers across the Nation.
Everyone that lists their home for sale dreams about a quick and easy sale with no concerns arising during closing. This does indeed happen, some of the time. Then again, sometimes homes sit on the market for months, even years without any action; so where does the blame sit? This is something that is hard to say as homes each have their own individual concerns and qualities. It could be the location, your agent is bad, or your home simply isn’t showing well.
But what’s the number one reason why your home may not be selling?
The fact is, buyers – not sellers – ultimately determine the market value of a home. You can ask for the moon and set your listing price well above comparable properties in your neighborhood, but at some point it will be up to you, the seller, to accept what the buyer thinks your home is worth.
Overpricing is the most common reason homes don’t sell. When you ask an unrealistic price, it sets in motion a process that often works against you. Here’s why:
The First 30 Days Are Paramount
Most real estate agents, and hence most qualified buyers, will see your new listing within 30 days. If it is overpriced by as little as 5 percent, it will be duly noted and interest in your property will wane, especially if you show no intention of coming off your asking price. You likely already priced out buyers who might have qualified for financing at a more reasonable price. Even if you manage to find a buyer at your inflated asking price, the property may not appraise at that figure and the financing will fall apart.
Mistakes In Pricing Can Be Costly In The Long-Term
If your home remains on the market for too long, agents and buyers may begin to wonder if there are other, perhaps more serious reasons why it isn’t selling.
It becomes shopworn, the same as a jacket hanging in the store week after week. People are aware that it has been on the market a long time and agents stop showing it.
Then the price reductions start and at this point you may also run into the trouble of people wondering if there is something wrong with your home as the price has been reduced. This is a common concern with reduced homes.
There is really nothing wrong with them, but buyers will always wonder why a home does not sell and then has it’s price reduced. Be careful when pricing your home, you may have a lot of good memories and time invested in your home but buyers will only be interested in the home itself and not your history there.
Sell your home quickly and at the best price!
Contact one of our real estate agents today. They know the neighborhood.