Is Your Home's Listing Price Keeping It From Selling?
When you place your home on the market, you hope that it quickly sells. The reality is that some homes sit on the market for months and longer. At some point, you have to re-evaluate your home and the asking price and determine whether or not it should be lowered. If you are thinking of lowering your home's asking price, here is what you need to know.
What Does It Mean When Your Home Does Not Sell?
There are a number of reasons that your home is not selling. The most likely is that your home does not compare to the other home's in your listing price range. In other words, potential buyers are finding other homes at the same listing price that offer more.
Another possible reason that your home might not be selling is simply that the market has changed since you listed your home. If the market has shifted, your home might not be thought of as good of a value as other homes in the area.
In addition to these reasons, your home might simply be overpriced. Instead of relying on experts to help with setting the listing price, some homeowners are turning to online real estate sites to help set the listing price. Unfortunately, those sites do not always have all of the information needed to make a solid estimation of the home's value. As a result, you could inadvertently list your home for far more than it is valued.
What Can You Do?
It is your responsibility to determine which reason is the cause of your home's inability to sell. One of the places you can start is by looking at the homes that are on the market in your area. Do not look solely at those which are still on the market. Also pay close attention to those that have had their prices reduced and those which have sold.
You need to find out which features those homes have that yours does not. You can determine if your home needs to be updated or if your home's listing price needs to be lowered. For instance, if other homes in the area have updated kitchens, you might need to shell out the money to update yours.
You also should talk to potential buyers when they tour your home. Do not attempt to pressure them into making an offer, but ask questions to find out whether or not there was something about the home that was unappealing. The more you know about what buyers are and are not looking for, the more you can understand why your home is not selling.
If you are working with a real estate agent, such as those found at Sager Realty, he or she can help you determine the right listing price and determine if there are any changes that need to be made to make your home more appealing to potential buyers.
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