2 Reasons Your Home May Not Sell

by Linda

in Whidbey Island

4 evaluate houseIs your FOR SALE sign now on your spring, fall, and winter cleaning list? Has the lockbox been on the door so long that you have painted around it?

It sounds like there is a problem and it might be something you should fix NOW.

Here are the most-common reasons why homes don’t sell and what you can do about it.

1. Your home is overpriced.
Optimistic home sellers love to parrot the old adage, “There’s a buyer for every home.” But they often leave off the qualifier: “at the buyer’s price.”

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:

Most real estate agents, and 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.

2. Your home doesn’t “show” well.
Your home is competing against lots of other homes, and sellers who ave more energy than you. The power-wash, sweep the roof, clean up the trash.

Face it: Even the best old house needs a little makeover if it hopes to attract a qualified buyer.

The good news is most of the work will be cosmetic and relatively inexpensive: a new coat of paint, a few attractive window boxes, a thorough cleaning of floors and carpets. Voila! The place may look good enough to reconsider.

If you need assistance your Realtor can advise you on where your time and money are best spent.

Price and condition are two things that the seller can do something about. I always give listings a ‘must do’ list. I think paint is probably a seller’s best friend because it makes things smell fresh and look fresh. If it’s time to paint, it’s time to paint. It’s the best return on investment.”

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