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

Reblogger Elyse Berman, PA, CRS
Real Estate Agent with Best Connections Realty, Inc.

If you're a seller and your home hasn't sold in the market we're in - a seller's market - please take a few moments to read this excellent blog post by Nina Hollander .  Although Nina is in North Carolina, the same holds true for Boca Raton and south Florida.

 

Original content by Nina Hollander

 

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."

 

 

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

 

 Connect with me also on these sites:  

 

facebook google plustwitterlinkedinpinterest

  

                                                                                                                                          

Oh by the way, I'm never too busy for any of your referrals!

 

Search Charlotte Real Estate

 

 

 

 

 

How Much Is Your Home Worth

 

 

 

 

 

 

 

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.

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Selling
Location:
Florida Palm Beach County Boca Raton
Tags:
why hasnt my house sold
sellers in boca raton fl
overpricing in boca raton fl
sellers market pricing strategy

Spam prevention
Show All Comments
Rainmaker
2,460,253
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

What an awesome reblog from out friend Nina Hollander  you are so right Location does not matter it is the same principle....Endre

Aug 23, 2017 09:42 PM #1
Rainmaker
2,071,904
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Good morning, Elyse. Thanks so much for the reblog... I consider this a really important topic so the more it gets out, the better. 

Aug 24, 2017 04:32 AM #2
Ambassador
3,323,192
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

In most cases it is the price. Even if the condition isn't good, price can compensate for those shortcomings.

Aug 26, 2017 06:51 PM #3
Rainmaker
3,198,735
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Elyse

The choice of re-posting  Nina Hollander post is right on point when a home is not selling in a sellers market . . . . It most likely overpriced.

Good luck and success.

Lou Ludwig

Aug 26, 2017 07:27 PM #4
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
781,471

Elyse Berman, PA, CRS

Pet-Friendly Realtor, 561-716-7824
Ask me about Pet-Friendly Homes for sale in Boca Raton Now!
*
*
*
*
Spam prevention

Additional Information