Everyone keeps telling you how great the real estate market is but now that your home is for sale, you aren’t so sure. You did everything you real estate agent suggested before you listed your home for sale but 60 days later, you have had no offers and only one showing. The one person that looked at it said it was fine, but they found another house they liked better. While it’s possible and maybe even likely there are better homes available then yours, how do you know if there is more to it than that?
Without prospective buyers looking at your home, it’s hard to know what is wrong with it, if anything. Here are some things to consider. If you have strong showing activity, but no one has made an offer, review the feedback you have received from showings. Is there anything negative that you can do something about like a yard that needs work, carpet that needs to be replaced or a front door that needs a fresh coat of paint to improve your curb appeal? No one expects you to make a house new, but some things are easier and less expensive to fix than others.
Take a look at your competition and see what those houses offer. If your neighborhood has three other homes listed in your price range and they all have one more bedroom than you do, that may be a sign you need to look at the price. Unless your home is unique, you should have had some showings. If you haven’t, the price is likely the culprit.
Even if you priced your home exactly where your agent suggested, if it has been on the market for a while, take a fresh look at your competition. Every time another property is listed, the perspective of your home is affected by the new listing. There are times that your home may be correctly priced, but if another seller is in a situation where they need to sell right away, they may underprice in comparison to the other homes on the market so they can sell faster. This can cause a problem for you immediately as well as adjust the value of homes in your area over time since your value is based on the most recent comparable sales.
When you are discussing price with your agent, have them look at how long it is taking other homes to sell. If homes are taking longer to sell, your price may be just fine, but if most homes are selling in the first 30 days and your home has been on the market for 65+ days, it may be time to think about a price reduction so your home will get the attention it deserves among its competition.