Why Is That Home Still On The Market?

By
Real Estate Broker/Owner with Wheatland Realty

Have you ever watched your neighbor's home change realtor signs over and over? Have you ever wondered why one home sits for months or even a year? Or why the other home sold in a few weeks next to the one sitting for a year? Here are the top 4 things to consider about that home "sitting" on the market...

1. WHAT IS THE CONDITION OF THE HOME?

Poorly kept homes mean "work" to a buyer. Most buyers want a home with the least amount of work as possible. If the home has odor from pets, strong cooking smells like liver & onions. This can sabotage all your efforts to sell your home. They will not see your amenities, they will be focused on the odor. Strong color choices and eclectic decorating or personal items will also cause a potential buyer to focus on your things instead of the home.

ADVICE: Homes that sell are staged, odor free and neutralized sell. Listen to your agent we are trying to be objective just as your buyers ill be and do the work before you put it on the market.

2. IS THE HOME PRICED AT MARKET VALUE OR IS IT OVERPRICED?

If it's not priced correctly it won't sell. You cannot expect a buyer to spend more money to get less than something else down the road. When you were a buyer you were looking for the best home at the best price and so is every buyer.

Another key note to understand is that agents don't determine the value of a home. Just like a stock broker doesn't determine the price of a stock.  We can't make your home sell for more than what the buyer is willing to spend a.k.a.  market value.

ADVICE:  The right price attracts the right buyer. Chosing an agent and setting your price are critical decisions and they should be made independently of each other. Choose the agent you trust and then work out the pricing strategy that is in line with your market place using the facts.  The best agents are confident enough to tell you the truth about the market rather than just telling you a number you would like to hear.

3. IS THE HOME A DISTRESSED PROPERTY?

Many homes are in short sale and pre-foreclosure these days. These situations and processes take a lot longer. Some lenders can take as long at 6-8 weeks just to approve an offer made by a buyer on a short sale. Foreclosures can take many months to go through all the legal processes, so it may be sold already but just in a mound of paperwork.

ADVICE:  If you find yourself in one of these situations seek professionals services as soon as possible. Ask and allow your agent  to try and resolve issues with the bank before you put it on the market. This can help you avoid many delays, reduce stress and help ensure you come out in the best possible situation financially on the back end.

4. MAYBE THE HOUSE HAS HAD OFFERS FROM BUYERS?

You may not realize that the agent has brought offers from potential buyers to the seller for negotiations. The sign in the yard doesn't say "Got an offer today" or "This seller has had 3 offers already".  Unless you know a particular situation there could be many reasons for an offer not working out. It could be that the financing of buyer isn't very secure, it was a low ball offer, there was a contingency on selling their other home first etc etc. So really they have buyer interest just not the right one yet.

ADVICE:  Before you sell make sure you are really ready to move. Sometimes it's not the right offer for many reasons mentioned above but sometimes the seller is really not that interested in moving.  If you are just kicking the idea around hold off for 6 months and you will surely know if it's what you really want to do.

Buying or Selling your home is a big decision and there are many variables to consider be sure you choose an agent with your best interest and knowledge to support you in any situation.

All My Best,

Nicole Tudisco

Broker/ Owner

Wheatland Realty

630-973-8932

www.Wheatland-Realty.com

 

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