When a home sits on the market for weeks and months, many homeowners get frustrated and rightfully so and either say “it’s the market”, it’s the winter, it’s the agent, the lenders guidelines are too tough, it’s the lack of open houses, it’s the football games on the weekend, the buyers aren’t buying, etc. When in reality, the real reason homes don’t sell is for one reason and one reason only, it’s THE PRICE. The buyers are out there, interest rates are ridiculously low. Yes, the competition is great, and they have the pick of the litter. You need to become the shiney penny of the bunch. Statistically, the average buyer views 12-16 homes before making a buying decision (although I find that number to be much higher-20-40)
When a home comes on the market, it’s showtime! You are no longer selling your home, you are selling your house, a product. You need to be competitive. If your house doesn’t have a new kitchen or baths, that’s ok, but your price needs to reflect that.
If you are on a busy or main road, near commercial, backing a parking lot, etc,. that’s ok, but your price needs to reflect that.
Hiring a professional Stager may be a good idea to get your home in tip top shape. If you put your house on the market and do not have at least 10 shows and one offer in the first 30 days, guess what, you need to re-evaluate your position in the market (if you want to sell).
Many homewoners say “Buyers can make an offer”. Yes, they can, but probably won’t, they’ll just move on to the next home. Buyers are savvy and know the market better than you think. They study the internet, sometimes 3-6 months before actually beginning their search. They know when they walk through the door if your home is priced competitively.
By putting a unrealistic price on a home, you are helping to sell your competition and become the “pinball listing”. Agents may show your house to prove the next home is worth the asking price.
There is no second chance to make a first impression and the first question a buyer asks is “How long is this house on the market”. You don’t want the agents to say 4, 5 or 6 months because the first thing a buyer thinks is “What’s wrong with the house?”
Your goal is to create a sense of urgency and demand from the onset of the listing in an effort to generate immediate traffic and multiple offers.