Why do some houses sit on the market month after month while others have multiple offers on the first day they are listed?
If there is one guiding principle to selling ANY product, regardless of whether the market is steaming hot or icy cold, it is this:
The only reason a house does not sell is that it is priced too high.
That is to say that the actual value of the property considering all its intrinsic qualities does not support the price being asked.
Which leaves the seller of an unsold property with ONLY two options:
The seller must lower the price OR increase the value of the product.
Of course, there are certain property attributes that a seller cannot change: These include location, schools, and the condition of proximate properties. Negative incurable qualities can only be compensated for by price.
The other thing a seller can do is increase the value of the property by improving its condition. But sellers need to to be aware that NO amount of money spent will increase the property significantly beyond the value of other nearby houses that have recently sold. There is a threshold for updates and improvements beyond which the return on investmest is negligible.
There is a fine line between being market savvy and market stubborn. But the lesson is taught every day a property languishes on the market:
There is still only one reason a house does not sell!