If you're considering selling your home, this is something you must think about -> do you want it to sell your home quickly so you can move into your new home and get on with your life, or do you want to sit on the market, selling other homes? This may seem to be an interesting question and take on the listing market, but it's something you really need to think about. When it comes to selling your home, there are three key items you need to consider: price - location - condition.
Location, I understand, you can't really do anything about (but it is something you should consider when BUYING a home for resale purposes), but price and condition can absolutely be controlled by you.
If your home is in excellent condition in a prime location and 1. you're not getting showings, 2. you're getting showings but you're not getting any offers, or 3. you're getting showings, had a couple of offers but they're all considerably lower than list price, the problem is pretty evident. YOU NEED TO DROP YOUR PRICE!
Now, if you're in a great location and priced at average or below average for the area and still no offers.. you may want to consider the condition of your home. Is it professionally staged? Is it cluttered? Do you have your family photos everywhere? Do you make your beds when you leave? I could go on all day.. When you're putting your home on the market you need to realize this is no longer your "home," it is now a product! A product for sale that you're trying to convince others they can make it their home.
Let me give you an example.. we have a listing located at, well, let's just say 123 Main Street. This listing is an estate and the sellers are the children who have no emotional attachment to this home whatsoever and could honestly care less if it sits or sells. Where we have it priced is completely overpriced and they won't do anything about it because, really, they just don't care. A few blocks down the street is 456 Main Street. A completely renovated home with 300 more square feet priced only $10,000 more than our listing. Our listing is obviously selling the other listing. Why would anyone purchase a home that's smaller and original from when it was built in the 70's when they can have a completely renovated, larger home for only $10,000 more!? If you're more visual, then here is an example of what I'm talking about:
Would you prefer this home for $160,000...
when you can have this home for $170,000...
I rest my case! ;)