It can be increasingly frustrating selling your home and seeing minimal activity. If your home has sat on the market for what seems like a long time and has yet to receive an offer it may be time to have a conversation with your agent to evaluate why your house still hasn’t sold. There are numerous factors that could be affecting the sale of your home.
The first factor you should consider is what the current market climate is. When you are listing your home, you can discuss what the average days on market are for your area with your agent. Are you still within a reasonable amount of that time? If so, it may just be that the market is not moving as quickly as you would like it to. The market fluctuates throughout the seasons and years, so it could just be a slower market. Ensure your agent is marketing your listing through all viable channels.
For the showings you have had, your agent can reach out to the other agents for their client’s feedback. It may help to determine what potential buyer’s impressions are and if anything about the listing should be adjusted. Try and look at your listing objectively, if there are no offers and it is being marketed well, then price could be the problem.
When a property is priced right for the market, it will sell. No offers mean the price is not one that potential buyers are willing to pay. It is important to consider the comparable homes that have sold; this is something your agent will discuss during your listing appointment. Sometimes though, you may still price above market value and if you are overpriced it can affect the number of showings you have, or if you get any offers.
Does this mean you have to drop the price? No, but it may be a very long time before you see an offer and even then it may not be what you were hoping for. Talk to your agent to see if the comparable homes have changed. Just because you drop the price does not necessarily mean you will receive an offer. If you drop the price but are still above market value, you may still not see any offers. You don’t want to go below what you own on your loan, so if the market doesn’t support the price you need, you may need to consider paying the difference, waiting on the sale until the market goes up, or even consider a short sale.
While the sale of your home may not happen in your ideal time frame, a home with the right price and marketing strategy will eventually sell.
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