Here's a new technique if your home has not sold ... how about raising the price!
Anybody who has followed the Tallahassee Real Estate Blog for any time knows that I do not pull punches when it comes to some of the shenanigans pulled by "professionals" in our industry.
Well today I'll do my quick mini-rant on behalf of all those home sellers who are getting horrible advice from real estate agents who have recommended that they raise their price.
Why Your Home Has Not Sold
First of all, you have to wonder why your home has not sold. Perhaps buyers think it is too good of a deal, and maybe if you raise your price they will think it is more fair that way. {Sarcasm}
Or maybe everybody looking for a home like yours would have never thought to look in a lower price range. {Sarcasm}
More likely, your home has not sold because it does not compare favorably with other homes being marketed at the same price.
See, that's really it. When they look at a list of homes for sale all priced like yours, they like the other ones better. Yours is over-priced and must be reduced (or you need to wait for the market to catch up to your price). So why on earth would you raise the price and make it compare even less-favorably than it already does?
What To Do When Your Home Has Not Sold
If a real estate agent recommends you raise your price, you have to ask them why? If you've added a pool since you first listed it or perhaps added onto the home during the listing, maybe that could make sense (but who does these types of things when they are trying to move?).
If you get a crazy answer like "let's shake up the market," fire your agent. Immediately.
If you get an answer like "supply is running low, you can get more" then ask them why you are not getting offers (showings?) at your current price. When you don't like their answer, fire your agent. Immediately.
If you are interviewing agents for the job of selling your home, after having been on the market with a previous agent, don't let them price it higher. They most likely are doing that to "win the business" and then will encourage you to reduce the price so that it can sell.
Any time a home has not sold, you only have to ensure that it was exposed to the full market before deciding upon price as the culprit. If the real estate company you chose does a poor job marketing the home on the internet, then maybe you missed a substantial pool of homebuyers. But I suspect you will find it is the market rejecting your price.
The NAR did a survey of home sellers and found that 64% hired the first agent with whom they interviewed ... shame on them. Take the time to research and hire the best agent you can get, you'll end up putting more money in your pocket then you will hiring one who is not the best.
If you would like more information on selling a house in 2013, just drop me a note and we can schedule a time to review your personal situation and ensure that you do not end up with a home that has not sold.
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