Because of the historic inventory shortage, competition for homes has been steep, and prices have been rising sharply in markets across the country as a result. But according to a recent report, it
This Is Why Your Home Is Not Selling
You've had it!
You had some showings at the beginning. But after the first couple of weeks, the showings dropped off to almost zero.
You have a showing here and there, still. But nobody has come back for a second look. And nobody has even made an offer. Don't they know your price is negotiable? (I mean, you don't want them low-balling you...but if they like the house, they should at least make an offer, right?)
And, you know other houses on the market are getting tons of showings. In fact, someone you knew got their home sold in the first week. Multiple offers! Over asking price! Annnnd...their house wasn't nearly as good as yours. That's why they were asking less than you are.
This sound anything like how you feel?
Maybe your agent isn't doing a good enough job.You're probably wondering if your agent is doing a good enough job.
And they really haven't held enough open houses...
Are they saying the right things to other agents and their buyers? Pointing out all of the features of the home? Saying what he should to get them to make an offer?
This house practically sells itself, if they'd just get people to come in and see it.
And every time you bring any of this up, alllll your agent does is push you to lower your price.
You're thinking about firing your agent...or just giving up altogether.
Maybe you should.
But, before you do...take this objective opinion.
Maybe your agent is right.Maybe you should listen and reduce your price.
There's a lot of reasons a home might not sell. More than we will get into here.
But the biggest, most common reason a house doesn't sell is because a homeowner has chosen to price their home too high.
There. I said it. Not your agent. Somebody that has nothing to do with your home or the sale of it.
If a house is priced appropriately within the current market, it should sell within a reasonable timeframe.
No amount of advertising, marketing, salesmanship, open houses, or Internet exposure will sell an overpriced home.
Don't feel bad. People do this all the time.
But most people get frustrated. They resist lowering their price. And they start blaming the agent, the marketing, or whatever else for the problem.
Then they decide to either fire their agent, or just let their listing contract expire, so they can hire another agent.
When they do, the next agent gets them to lower their price. Sometimes right away. Sometimes not too far along the way.
And they eventually realize that they should've just lowered their price with the first agent. They realize they shouldn't have waited so long and wasted so much time.
And their first agent has nothing to show for it, other than a feeling of, "I told you so...", which doesn't pay any bills, or put food on the table.
So, before you go and fire your agent, please take a moment to think about whether or not your price is the reason why your home isn't selling.
Then why did they let you believe it could sell for more?You might wonder why your agent would have given you any hope that your house could sell for as much as you are asking.
So here's what you should do...You should give your agent a heart attack. Reach out and say that you've been thinking. And the more you've thought about it, the more you think that the reason your house isn't selling is because it's priced too high.
Assure your agent that you're in it for the long haul with him/her. They need to feel like you will be patient and give them the time it takes. This is an important step.
Next, talk with them about whether your price really is the problem or not. It might just be that the market is slow. If nothing else is selling in the price range, then maybe it's nothing more than supply and demand. Not much you or your agent can do about that, other than be patient.
However, if other houses are selling in the price range, it probably is an issue of your house being priced too high. At least against the other options buyers have to choose from.
If your home is priced well in the market, and justifiably against recent sales, and you just can't be patient... Then, as the saying goes, price is always a solution. You can always lower your price to a point where someone will buy it.
Find more articles with useful (or just entertaining) real estate information at www.TheMeloniGroup.com
Edward is a Massachusetts native with an extensive background in the entertainment and convention services industries, where he honed his skills in promotion, production and performance. That path led....
Latest Blog Posts
Since my daughter was about a year and a half old, I began to notice that we were no longer using her changing table as much to change her diapers and she was even starting to out grow her crib. She
If you've been on the fence about purchasing a home because you're unsure of the market, it might be time for you to take a cue from the majority. According to the National Association of Realtors'