Monday, December 2, 2019 / by Kylene Emery
So, you’ve listed your home for sale, and it’s been showing, and showing, and showing, and…not selling. That means it’s time to make some changes, especially if your home has been on the market more than 30 days.
Having your home sit on the market is more than just frustrating—it’s probably costing you money. In the U.S. housing market last year, homes that sold in the first seven days sold for the list price, while homes that sat for 30 days sold for 4% below list. The longer a listing sat, the more the sale price fell below list price. So, every day that your home isn’t selling, it is, statistically, going to sell for less. But don’t panic! With some changes, you can bring in the buyers again. Here are the most likely reasons your home isn’t selling.
The Price Is To High
When it comes to reasons a home isn’t selling, if it’s not condition, it’s always price, and in fact, it’s usually always price. This is often hard for sellers to hear, but the really supports this. Pricing a house too high is a common mistake. Pricing a home for sale can be tricky. There are a lot of ways to slice the data to determine your home’s fair market value. And while data, usually from sales of comparable homes in the area, is important, a top agent’s experience can be invaluable when building a pricing strategy.
How do you know if your home is priced too high? If you priced the home yourself, consult a real estate agent for advice. A top agent should be able to tell you at once if your asking price is too ambitious.
Another way is to listen to the feedback you’re getting from people at open houses and showings. You can even just browse local listings. If your home is priced higher than comparable properties in your area, your problem is probably price.
What’s the fix?
Time for a price drop. While it’s no fun to realize your home isn’t worth what you thought it was, you’re not alone. In 2017, 22% of sellers reported reducing the asking price of their home at least once, according to the National Association of Realtors.
So how much should you drop the price. A significant price reduction is probably called for. As your realtor what they recommend and them to show you comparable in the area. If you are going to reduce the price of your home significantly, you want to make sure you have all the information backing up the need to do so!