On average, since the fall of the housing market, homes take longer to sell today. Locally, it just depends on the location, price, and how many homes are on the market. The main reason for sluggish sales is that there is a surplus of homes on the market, with too low a demand from buyers. Financially, this can be a big problem for sellers.
So, if you’re a seller in this market and you’re having a tough time getting your home to sell, what are your options?
1. Price - First, it is important for you, as a buyer, to come to terms with the fact that average property values have declined in the last 7 years; that is, your home may not be worth what you think it is or should be worth. Buyers today, more than ever, are very aware of the risks present in buying and selling a home in today’s market. Buyers won’t overpay for your home, so it is important that you set a realistic price for your home from the start.
To determine what a reasonable price is for your home, it is helpful to talk to a real estate agent. An agent will then look at comparable homes in the area that are for sale and are sold. You will want to select a price for your home that is within 5-20% of comparable homes that have already sold in your area. If you are unwilling to list your home for a reasonable price, you should take your home off the market and wait until the market is better for sellers. If you continue to let an overpriced home sit on the market, it is likely that you will lose money and gain a reputation for being an unrealistic seller.
NOTE: If your home has been on the market for more than 6 months and hasn’t sold, you need to reassess your price.
2. House needs work - Price may not be the only thing preventing your home from selling. Buyers in today’s marketing are typically looking for move in ready, minimal to no work homes. This includes not only repairs but updating as well. Now, this does not apply to all Buyers, some are looking for a fixer upper. The price has to be right to attract these types of Buyers.
If your appliances or your home in general are out of date, you may need to consider updating or even upgrading certain amenities and aspects of your home. To prevent further financial loss, it is recommended that you remove your home from the market while you’re making modifications to your home. Once your home is updated/upgraded, you can reassess your listing price with the help of your real estate agent.
If you put time and money into repairing, painting, cleaning, staging, and pricing your home, you have a much better chance of selling your home quickly.
There may be other reasons why your home is not selling. Talk to an experienced real estate agent to get more details from them. They can shed light on why your home did not sell and what you need to do, realistically, to get it sold. You might even try interviewing other agents as well to get a second and third opinion.
Read the original article from Inman News here.