Why isn't my home selling?
Your home has been on the market for 3 months with little to no interest.
Showings have been few and far between.
Feedback was glowing about the condition of the home and how well it showed.
There were no offers.
The open house was a bust.
Your agent is sending you information about homes that are selling around you for less than yours.
The real estate market is an ever changing force that is MICRO-LOCAL...HYPER-LOCAL...ULTRA-LOCAL (yes, I made up all of those terms but I'm trying to make a point!)
By MICRO-, HYPER-, ULTRA- Local, I mean that within 1 mile of your front door is what constitutes the real estate market for your home and includes only those homes that have SOLD in the last 6 months.
That's a very small area and a very small window of time. Notice that I didn't say that the market for your home included your friend's house in the next county, your cousins house in the next state or even your Grandma's house in the subdivision just 3 short interstate exits south.
A good, proactive real estate agent will keep you aware of the shifts in the MICRO-Local market surrounding your home so that you can make informed decisions that will help you sell your home for the most money in the shortest time possible.
YOU MUST BE WILLING TO LISTEN TO WHAT THE MARKET IS TELLING YOU.
No one likes price reductions, not sellers and not agents.
You may ask yourself, "What changed?"
You clearly remember sitting down with your listing about 90 days ago and going over the comparable properties. You examined active listings, pending listings and sold listings and based on that information you arrived at a list price for your home.
Many things can transpire over a 90 day period in the real estate market. Those listings that were pending have now closed revealing significantly lower SOLD price to list price ratios. Over 90 days, these new sales have replaced the older ones. Comps that were 6 months old, 3 months ago are no longer valid.
Many factors can impact the need to make price adjustments to sell your home, a good listing agent will make you aware of those factors on an on-going basis.
I provide weekly updates to my sellers. I want my sellers to know what is happening around them so that they can react in an informed and timely fashion.
There's nothing worse than wishing you had known something 6 months ago!