So, you’ve been on the market awhile and your home hasn’t sold. “Awhile” can vary depending on whether you are a buyer or seller, and what type of market you are in. Just understand that it will vary from market to market and from perception to perception.
One thing that is consistent, however, is that whatever market you are in, the market will speak. If you aren’t getting showings, and the market is generally “normal,” then you are priced too high.
It doesn’t matter what you think of your price, if you want to sell, what is important is what the market thinks of your price. You may try to justify your price to your agent, happens all the time.
Your agent may let you run with a high price for a while, but if you are reluctant to adjust your price to the market then you aren’t serious about selling and are wasting your and your agent’s time.
If you are getting showings, but no offers, it may not be just the price, but the features, design or condition of the home can be a factor influencing the marketability of your home. We’ve said many times in this column that there are many things that influence sales, way more than pricing.
Pricing, however, if it isn’t realistic, will be a major contributing factor to stalling the sale of your home. If you are priced right, right in terms of the market and not your idea of what you want, then go deeper into the market to determine why you may not be selling.
Sometimes price points in the market freeze as that segment of society deals with whatever it is affecting them at the time. It could be inflation, politics, jobs, etc. They can be local issues, not a national phenomenon.
Is your market segment frozen, or are you the lone home not selling? If other homes similar in value and features are turning, why didn’t the buyers pick yours? Put on your buyer hat and look at your home realistically. What else is available? Which would you pick if you were buying and how much would you pay?
Be sure to keep in touch with your local market. If you follow pundits in the mass media, you can get off track quickly.
We recently saw a publication with these articles one just below the other: “Voices: It’s all over for interest rate cuts – get your new mortgage deal now.” And “These are the worst times to buy a home (even if the market looks good” we’ve all heard the phrase, “These are the best of times and the worst of times.” (Dickens, A Tale of Two Cities)
Such mixed signals in a business section is just plain ridiculous. Be realistic and you will be able to make a good plan and move forward with your real estate objectives. Every home will sell at a price.
The art is determining the optimum price to get the most in as short of time as possible. That is where a professional agent comes into play. Listen to your agent, not your ego or third party influence that has no skin in your game of real estate.
When the market shows you where you are… believe it! She doesn’t lie. Price your home according to what it is and what the market will bear. The buyers are out there – they are just smarter than they’ve ever been.
Be a smart seller and you will be a seller getting your home sold. Outline your objectives, determine what you have, what buyers want, and how it all fits together. When you look at your situation from a high overview you will gain good perspective that will serve you well.
When it comes to choosing professionals to assist you with your Real Estate needs… Experience is Priceless! Jim Valentine, License No. BS-03481, RE/MAX Gold Carson Valley 775-781-3704. dpwtigers@hotmail.com.