Home Not Selling? It's Not Personal, Its probably Price

 

Home Not Selling? It's Not Personal, It's Probably Price  

By Marie Zorn

Prudential Page Realty  

Home not selling? It's nothing personal, it's probably price.

 Home sellers face a new reality as they look to move up, down, in or out of their American dream in today's market. Consumers, particularly those who purchased their homes within the last five years, often find their options limited by a lack of equity. And then there are sellers who have been in their home for 10 years, more and home not selling? It's nothing personal, it's probably price! Those who can sell are sometimes numbed by deflated home prices and find it difficult to justify yesterday's valuations with today's reality. Today's reality, home not selling? It's nothing personal, it's probably price. 

Many home sellers have dug in on price hoping to lose no additional ground. Others seem to have taken this market personally, letting emotions override analysis when setting price. Maybe you paid more than your neighbor for your lot,  you feel you have the best back yard, the best kitchen, the best location, etc... but your home not selling? It's nothing personal, it's probably price. Buyer sentiment has shifted, centered on maximum value with abundant amenities - resulting in stalemates and homes languishing on the market.  Both sides should be realistic as comparable sales and local-market dynamics still determine fair-market value. Home not selling? It's nothing personal, it's probably price. 

There are compelling reasons to be realistic and make a move now. Sellers, assuming their objective is to buy another home, can capitalize on some of the lowest mortgage interest rates on record and an inventory of homes at attractive prices. So while they will sell for less, they will also buy for less and with significantly cheaper borrowing costs. 

Home not selling? It's nothing personal, it's probably price. Look to the true, local-market experts whose experience, analysis and consultation generate results in all market conditions. These agents will help set fair-market prices using factual reference points, such as an appraisal, comparables sales and personal knowledge to help estimate market value. Today, a house priced at or slightly below market value will attract the interest of real estate professionals and buyers, while overpricing chases them away. Or worse yet, an offer that seems extremely low-but maybe in reality is not low at all. Even if the sellers adjust their prices later, it's difficult to recapture buyer interest. The Moral of this- is don't wait weeks to adjust your pricing. Don't take the wait and see approach! Listen to the professional you have hired. House not selling? It's nothing personal, it's probably price.

Professionals develop comprehensive marketing strategies to sell a home and they counsel sellers on other conditions that may keep sellers' homes on the market, including:

•·         Condition and appearance. Sellers shouldn't rely on buyers to use their imagination; they need to capture it. Remember that buyers may see seven or eight homes in a single day. The most memorable home will be the one that seemed the brightest, the most spacious, the most cheerful & the most updated. This invariably means rearranging, eliminating furniture, removing excess knickknacks and so on, to create an open, uncluttered look. Outside, do a visual check of the front of the house from across the street. Does it have curb appeal? It should look inviting, with a trimmed lawn and a freshly painted front door. A real estate professional can offer some guidance in this area. Landscaping is key.

•·         Terms/conditions. Even if the home is accurately priced, and the buyer is delighted with what he or she sees, if the buyer can't live with the terms of the sale, he or she may walk away. Keep an open mind on terms and conditions and evaluate how they may affect a potential sale.

•·         Incentives. Offering incentives can be just the impetus a potential buyer needs to choose your property over others. However, it is always better to replace a worn carpet, paint, install granite instead of offering allowances. Buyers just can't overlook those cosmetic flaws. You could pay for a professional home inspection, a home warranty, or pay closing costs.

•·         Bottom line - Home not selling? It's nothing personal, it's probably price.

Indeed, real estate opportunities abound for sellers and buyers who can come to terms with today's market conditions. A qualified real estate professional will help you navigate the market, protect and promote your interests, keep you moving toward your housing dreams. Remember; home not selling? It's not personal, it's pricing. 

Marie Zorn can be reached at (508) 494-6596. Prudential Page Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.