It's A Seller's Market... Is Your Price The Reason Your Home Hasn't Sold?

By
Real Estate Agent with RE/MAX Executive | Charlotte, NC
http://actvra.in/56Gp

 

If your home hasn't sold in what is arguably a seller's market with more demand than supply and home prices increasing monthly, maybe you should check your price. The most common reason that homes don't sell is due to price. At the right asking price, location and condition don't matter.  Keep in mind that in June 54% of homes sold in under 30 days, nationwide. Is price the reason that yours didn't sell in 30 days or less? Statistics show that a home priced within 5% of its actual value is more likely to sell within 30 days than the same home overpriced by 10%

 

If your home has been languishing on the market and isn't selling, here are...

 

15 Telltale Signs That Indicate Your Home Is Priced Too High

 

Is Your Home Priced Too High?      Price May Be Why Your Home Isn't Selling     Is your home priced right to sell?

 

  1. Showing activity and internet traffic on your home has been slow. 

  2. Showing activity and internet traffic have been good, but you've received no offers.

  3. You've received offers, but they are much lower than your asking price.

  4. Feedback on your showings indicates that prospective buyers and their agents think your home is priced too high. 

  5. Feedback on your home is highly critical about your home's condition...  it's just another way of saying your home is overpriced.

  6. Yours is the highest priced home in your neighborhood.

  7. Newly listed homes in your neighborhood are selling quickly, while yours continues to sit.

  8. Your home is priced for unique amenities or upgrades that are out of the norm for your neighborhood or don't have broad appeal for the typical buyer for your neighborhood.

  9. Your neighbors' homes that came on the market after yours did sold, while yours continues to sit on the market and showings dwindle.

  10. You selected your listing agent based on who quoted the highest price (and now you're paying the price) instead of the agent who provided a top marketing plan and reasonable pricing strategy.

  11. Your home's asking price was determined without a comprehensive comparative market analysis or based on what you thought you need to get "out of" your home's sale or because you thought you'd "test" the market because you were in no rush to sell or didn't "really" have to sell.

  12. Your home is competing with nearby new construction (buyers do pay a premium for brand new) or you are competing with your own builder in your neighborhood which has not yet been fully built out.

  13. Your agent is hosting open houses and you have little to no traffic. Or are prospective buyers attending, but making comments that they've seen other homes in the area that appear to be a better value?

  14. You have been reducing your home price, but are now just "chasing the market" and these incremental reductions somehow never really catch up with the market.

  15. Your offered compensation to buyer/selling agents is too low and agents are not rushing to show your home. 

 

Did you know that pricing your home just 10% above market value dramatically cuts the number of prospective buyers that will even see your house? See the chart below which measures the impact of asking price on visibility and the percentage of buyers who will look at property when it's overpriced.

 

 

Impact of asking price on a home on visibility and sales

 

 

Dangers Of Overpricing Your Home

 

  1. First and foremost, your home doesn't ever sell and your listing expires. You continue to relist and rack up the cumulative days on market.

  2. Buyers start thinking there is something wrong with your home because it's not selling, while others do, leading to either no offers or low-ball offers.

  3. Buyers start thinking you may be desperate to sell and make lower offers than they would have earlier on in the sale process. (Homes that sell quickly after first listing sell at a higher price and closer to asking price.)

  4. Showings of and/or inquiries about your home fall off even more dramatically.

 

If you're in a seller's market and your home is not getting offers, it may just be time to revisit the pricing strategy with your agent.

 

If you are wondering if your home is priced right for today's market, contact me for a no-obligation home value analysis.

 

If you are considering selling your home in the Charlotte metro area, I would love an opportunity to earn you business, exceed your expectations, and to prove to you that:

"The Right Broker Makes All The Difference."

 

Posted by

 

SEARCH ALL CHARLOTTE METRO AREA HOMES HERE

 

Nina Hollander, Broker, Realtor / REMAX / Carolinas Realty Partners / Ph: 704.779.0813 / F: 704.341.3346 / E: Nina@NinaHollander.com / W: www.GreatHomesInCharlotte.com

Nina Hollander
Broker, Realtor, CRS, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with RE/MAX Executive Realty
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: http://activerain.com/blogs/ninahollander
Search for Charlotte Area Homes: www.HomesInCharlotteArea.com

2007 - 2016 Charlotte Magazine 5-Star Customer Satisfaction Award Winner

 

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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

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Re-Blogged 9 times:

Re-Blogged By Re-Blogged At
  1. Bob "RealMan" Timm 08/23/2017 11:29 AM
  2. Jeff Dowler 08/23/2017 06:08 PM
  3. Debbie Reynolds 08/24/2017 01:00 PM
  4. Elyse Berman, PA, CRS 08/23/2017 09:02 PM
  5. Michelle Carr-Crowe-Top 1% Diamond Certified Real Estate Team Sells Cupertino San Jose Homes-Just Call 408-252-8900 08/24/2017 12:00 AM
  6. Roy Kelley 10/26/2017 01:00 AM
  7. Stavrula "Sam" Crafa, RNC,GRI, CDPE, PSA 08/24/2017 09:01 PM
  8. Linda Metallo DiBenardo 08/26/2017 10:18 AM
  9. Gabe Sanders 09/03/2017 11:45 PM
Topic:
Home Selling
Location:
North Carolina
Groups:
Advice for Sellers
Inspiration Station
Tags:
is your home priced too high
is your home priced right
15 signs your house may not be priced right
price may be why your home is not selling in a sellers market
how to tell if your home is not priced right

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Rainmaker
1,936,235
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Kathy Streib ~ hi Kathy... I've lost my share of listings over the years to agents who "bought the business," which I won't do. And then ultimately, I see those houses selling at what I initially told the sellers they would sell for.

Aug 25, 2017 04:21 AM #82
Rainmaker
1,936,235
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Gabe Sanders ~ hi Gabe... those are the sellers I politely dismiss in terms of doing business with them. Just too frustrating in the end.

Aug 25, 2017 04:22 AM #83
Rainmaker
2,558,201
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

Nina, Similar to what I wrote this morning...Bottom Line - Price it right and it will sell!

Aug 25, 2017 04:41 AM #84
Rainmaker
1,936,235
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 ~ hi Sheila and Larry... that is always my message to prospective sellers, as well. But then, there are those sellers who sit and sit and sit on the market and just don't get why their home hasn't sold... and usually it's due to price.

Aug 25, 2017 04:47 AM #85
Rainmaker
166,100
Ronald Gombach
The Gombach Group - Morrisville, PA

When I sell, it will be more about convenience an no-hassle than $. Therefore I suspect I'll be dealing at the bottom of that pyramid. (Having been in this home 30 years, one will have to make it easy-peasy to get me to move on.)

 

Aug 25, 2017 05:06 AM #86
Rainmaker
258,975
John Wiley
Jones & Co. Realty - Cape Coral, FL
Lee County, FL Real Estate GRI, SRES,SFR,PSA

This information on Price, is so well done.

It should be a part of a listing presentation.

You nailed it!!

Aug 25, 2017 05:18 AM #87
Rainmaker
1,823,735
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

This is excellent information. I see so many over priced homes lately. Sellers think because other homes are selling fast they can ask more.

Aug 25, 2017 05:53 AM #88
Rainmaker
1,936,235
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Sharon Tara ~ hi Sharon... I've been seeing the same here... sellers start "running away" with themselves in pricing their homes because there's so little inventory.

Aug 25, 2017 05:56 AM #89
Rainmaker
1,936,235
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

John Wiley ~ hi John... thanks... actually I do have a handout that reads "how will you know if you overpriced your home" to give to sellers.

Aug 25, 2017 05:57 AM #90
Rainmaker
1,936,235
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Ronald Gombach ~ hi Ronald... I'm actually always reminding people that they have more objectives than just price when they are selling their home and pricing has to support those objectives.

Aug 25, 2017 05:58 AM #91
Rainmaker
528,856
John Marshall - FORE!
The K Company Realty - Cherry Hills Village, CO
Specializing in Golf Course Properties

Nina,

  this is a great list and I assume it is part of your listing presentation, I will be sharing with my agents, thank you for your wonderful contributions to Activerain over the years.

Aug 25, 2017 08:17 AM #92
Rainmaker
1,936,235
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

John Marshall - FORE! ~ hi John... thanks much for the kind comment. I share a list with sellers about the dangers of overpricing. This I use more when sellers come to me asking why their home hasn't sold.

Aug 25, 2017 08:18 AM #93
Rainer
266,833
Linda Metallo DiBenardo
Re/max Impact, Lockport, Illinois - Lockport, IL

Brava Nina!    You have perfectly explained why homes "sit" not "sell" in a hot market place.   May I re-blog this?

Aug 25, 2017 08:31 AM #94
Rainmaker
1,936,235
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Linda Metallo DiBenardo ~ hi Linda... absolutely reblog... I'd be honored. And thank you. I like the term sit not sell and will steal it from you. I always say to sellers I'm their to sell their house, not to list it and now I will add the sit not sell comment when sellers get silly about asking price. 

Aug 25, 2017 01:01 PM #95
Rainmaker
42,398
Christine Kankowski North SD and Temecula
House Match Inc - Poway, CA
Excellent Sales and Property Management

THe price is the biggest block to getting the house sold.  It can be the best house ever, but if it's priced too high, the showings, offers wont happen.

Better to price it right from the start and then hold form on negotiation, than to start too high, knowing you will  have to drop the price. 

Aug 25, 2017 01:32 PM #96
Rainmaker
1,936,235
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Christine Kankowski North SD and Temecula ~ hi Christine... wouldn't argue with you for one minute that you're better of pricing it right up front and selling it quickly. The problem in convincing some sellers is that there really is not a ton of empirical data easily available to prove what we as experienced agents know.

Aug 25, 2017 02:05 PM #97
Rainmaker
2,477,835
Sally K. & David L. Hanson
Keller Williams 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce - Short Sale

Pricing isn't rocket science....leaving a house on the market at the same price that the market has rejected....is well.....no science at all.

Sep 04, 2017 04:42 AM #98
Rainmaker
3,771,752
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Good morning, Nina Hollander ... even in a seller's market, it's all about the price..... sellers are always fearful of leaving money on the table... but  waiting for the market to catch up to a price on an overpriced listing makes no sense.... 

Sep 04, 2017 05:09 AM #99
Rainmaker
1,936,235
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Sally K. & David L. Hanson ~ hi Sally and David... no kidding! And yet how many stubborn sellers do we see whose agents can't get that message across!

Sep 04, 2017 05:13 AM #100
Rainmaker
1,936,235
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Barbara Todaro ~ hi Barbara, waiting for the market to catch up to an overpriced listing makes no sense in a seller's market, a buyer's market, or a balances market. It's always like chasing your tail.

Sep 04, 2017 05:14 AM #101
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