The Four Reasons Your Home Is Not Selling
LOCATION You may have heard that LOCATION LOCATION LOCATION is prime in selling any home at top dollar. The same home for example in a different neighborhood, elementary, middle or high school district or on quiet cul du sac could sell for more money. All to often sellers insist on a specific market price because they compare their homes to others outside their immediate neighborhood. Todays big name online evaluation services often times are a disservice to sellers in that those services compare valuations over to broad an area or are not as in tune to a neighbor hood as a real estate agent.
INTEREST RATES Naturally sellers may assume that if rates are low their home will sell. That may be true but a rate increase by even a quarter of a percent could knock out buyers that would normally qualify to purchase the home.
CONDITION It is “interesting” to see what some sellers consider as “market ready”. Many buyers are qualified to purchase but the property but the property does meet the qualifications for “government loans” like FHA, VA etc. Peeling paint, rotten exterior wood, not so handy person electric and more. An experienced real estate agent should be able to point out the red flags prior to putting a home on the market.
PRICE Price will compensate for the other three.A home will sell when the location is bad, interest rates are to high or the condition is bad to marginal. The price is to high if there are no showings. The price is to high if there are showings and no offers. If price is adjusted closer to what similar homes are selling showing activity will pick up. A seller should see one or more offers if price is at or below the median sale price for a neighborhood.