Wondering Why Your Home Is Not Selling?
May 24th, 2008 Categories: Hot Local Topics
If you need to sell your house, first let me dispel some rumors about the present value of your home.
- Your home is not worth what your appraiser said it was worth 12 months ago… or even 6 months ago.
- Your home is not worth what the tax assessor indicates as the ‘value.’
- Your home is not worth more just because you upgraded the bathroom.
- Your home is not valued based upon what your neighbor’s home sold for last year, or even last fall.
- Owing $275,000 on a home does not mean it is worth $275,000 in the present market.
- Your home is only worth what a buyer is willing to pay for it.
The Wall Street Journal reported today on falling home sales, falling selling prices, and increasing inventories:
“Existing-home sales fell a second month in a row during April, while inventories surged and prices dropped sharply from a year earlier.”
Read the entire WSJ article.
Why Aren’t I Getting Any Offers on My House?
Today’s market, reflected in the article referenced above, requires an astute and/or informed seller, and agent, to illicit the best possible results in the shortest time. If your home is on the market and not selling, here are a few reasons why your home may not be selling, in no particular order:
- Location, Zoning. Not everyone wants to live next door to a llama ‘ranch’ or a dairy, or Bubba’s Junkyard Auto Parts, regardless of the views. Many do not even want to drive by such surroundings on their way home.
- Junk and/or Clutter. Put your junk in the trunk and take it away.
- Condition. Ripped screens, chipped paint, tile and grout, dirty floors, old carpet, Fluffy’s catbox. Do not make potential buyers visualize what the place could look like if it was cleaned up and in good condition. What might cost you $3,000 to fix and spruce up, could end up costing you $10,000 off the selling price if you chose not to fix/spruce up.
- You insist on being present when potential buyers are looking at your home. Leave!
- You insist on being present for Brokers Open Houses. Get out!
- Staging. People need to picture themselves in your house; they don’t need to see your family photographs and ceramic rooster collection. Clean the yard. Get the tarantula terrarium out of your son’s bedroom.
- You make it difficult to schedule showings.
- Pricing. You think your house is the only house that is special enough to be overpriced.
- You have chosen a bad agent.
Watch a Staging Your Home video here.
See my Haywood County, NC Archive of Market Reports.
Search the Haywood County, NC MLS.
Broker/Realtor
It seems so self-evident, doesn’t it? I continue to be amazed by the arguments sellers use to justify inflated prices. And yet, I’m even more amazed by listing agents who agree with them.
Keep saying “over-priced”, Susie; and so will I.
“Your home is only worth what buyers are willing to pay for it.”
I think this says it all! And buyers are smart. They know if your home is over-priced. If visitors aren’t coming to any of your showings, it’s not because they’re trying to save on gas…it might just be because your home is overpriced.
Talk your REALTOR today and get an updated CMA on your home. Call Susie and she’ll get you started