We are seeing a change in the market. We see some homes sell in days. We see some take weeks and others that have not sold yet. The amount of homes for sale is rising slowly and the amount of buyers has slowed slightly. Home Owners whose homes are on the market, can be wondering why they have not sold yet. Why they are not getting a lot of showings or why so many showings yet no offers?
The fact is home buyers are not over paying for homes. Values have risen, however not by the same amount for all homes, for all neighborhoods or all towns. If you have not got an offer, your home may be over priced. If your home needs work and you have not received an offer, your home may be over priced. If you have received double digit showings without an offer, your home may be over priced.
Many sellers have wanted to list their homes higher and higher than what has sold. The media tells them to. Other real estate agents tell them to. Their friends and family can also tell them to. The response is "no offers" by those buyers ready, willing and able to purchase. Even I will agree to list a home slightly higher than market values, but usually for 2 weeks. Within 2 weeks if we do not have an offer, we tried, but now the price needs to go where it should be. Some homes do sell at the higher prices, but often are the one's in like new condition.
Many sellers ask why their home is worth more or less than what else has sold. FIRST, is location. The homes that sell the most in this area are those on streets with low to no traffic. Cul de sacs continue to lead the way in higher value. Traffic and noise are leading reasons why.
SECOND, is condition. The homes selling the quickest are move in ready, they need nothing. Homes that need some work though are still selling, but for less than those in move in condition. Worn carpets, rooms that need paint, unfinished work, old roofs all can reduce the amount of potential buyers who are interested in your home.
The solution to this issue is to replace, repair and make the home move in ready. Or to reduce the price to accommodate that work needed.
The biggest question I hear is "WHY does the buyer not just make an offer then?" With an increase in homes for sale comes increase in homes the buyer can choose from. Many will all flock to the home needing nothing first.
All hope is not lost, many buyers want a specific neighborhood, love a style, love a home and when the asking price comes down to reach the most potential buyers for that home, there will be offers.
We are facing market factors that make this a unique market. The spring market is over. The uptick in rates over the spring forced many buyers to jump off the fence and buy already. Summer typically sees a slow down in sales.
The fall market can see an increase in buyers and sellers. Low interest rates are keeping the buyers coming. The time to re-price a home is now as the fall market arrives. Over priced homes are just not selling in this market. If your home has not sold, chances are it is over priced.
The lesson is that through feedback and market studies we can see what values and trends we are experience. This is why a Buyer or Seller should not choose just any agent, choose the BEST agent for the job. My philosophy is simple, provide more personal and professional service to guide my clients through each step of the buying or selling process. All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest. Those that hire me, find a dedication like no other.
About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. Proud to be locally owned and operated with 30 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area.We are Full Time Agents ready to serve all of your Real Estate needs. Servicing Hillsborough, Rockingham, Merrimack and Belknap counties.