North Georgia, Blue Ridge Real Estate, Home Values, Home Buyers, Home Sellers, Residential Real Estate
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Question: Sellers, want to know, "Why isn't my house selling?"
Answer: Usually the answer is price and most of the time price is the correct answer. Buyers think the price you want for your home is more than the value they see.
There's a lot of time and work that goes into buying and selling real estate but the economics is fairly simple. Value equals what a buyer is willing to pay and a seller is willing to accept. Determining the market price is complex. Taking time to become educated on the local market and enlisting the services of a professional agent can help you get closer to that magical sales price. However, if a seller goes with what they "feel" their house is worth, they could potentially be making a big mistake. An even bigger mistake for sellers is choosing a real estate agent solely on the basis that the agent claims she/he can sell your house for more money than other agents think.
Other common mistakes sellers make with pricing:
What a seller wants to net from the sell of a home means absolutely nothing to buyers or the marketplace.
Most sellers think their house is the best in the neighborhood, but honestly, a sellers opinion doesn't carry any weight with a potential buyer. Only the buyer's opinion matters in the end. It just doesn't matter if a seller's neighbor sold for x amount last year and you want x amount more because you think your house is better. It just doesn't matter, so don't fall into this trap; it could cost you more in the long run resulting in your home sitting on the market. Ask yourself, what were the market conditions at the time your neighbor sold compared to what they are at the time you are putting your home on the market. Did the market drop or go up? Keep emotional feelings and ego in check.
If you think that you will price higher than the market, because you believe someone will come along who just has to have your home, well, the chances of that in a down market bloated with inventory are slim to none. Buyers will think your price is unrealistic and so you probably are too and will be reluctant to deal with you. Your home lingers on the market and then buyers think there's something wrong with it.
So sellers, why isn't your house selling?
Hire the right agent, experienced and knowledgeable, one who studies the market and backs up their information with factual data.
Review a comprehensive property evaluation analysis and study the competition.
The solution is to get the price right, make it easy to show and outshine the competition or adjust the price accordingly if certain conditions cannot be met.
Price is not always the reason your home isn't selling but it's always related to the reason(s) your home isn't selling. Buyer's perception is real and if they perceive imperfections in your home, they want a discount. A buyer has to believe that your price at least equals the value they see. If there are maintenance issues, a buyer will automatically discount the price. Sellers tend to attach a much lower discount to the price than buyers.
Some of the most common reasons buyers walk away:
Buyers want to feel an emotional connection to your house. They want to connect. Many buyers will say, "I'll know it when I see it" which also means, "I'll know it when I feel it". They are looking for a house that "speaks to them" so sellers must keep the home show ready or adjust the price to compensate if you are not willing to put in the effort.
If a Buyer can't see it, a Buyer can't buy it
No doubt, selling is an inconvenience but if you want to sell, it's a necessary nuisance. If a property is difficult to show, agents tend not to show. The seller is the culprit for the home not selling.
Beyond your Control
The seller is not always to blame when a house doesn't sell. Maybe the market keeps changing or a developer is offering lower prices on brand new homes with incentives. Maybe banks are discounting distressed properties at a rate private seller's find impossible to compete with. And maybe an agent has given you bad advice.
A seller must take all of these reasons into consideration when establishing an effective marketing strategy designed to succeed in getting your home sold.
The North Georgia market is a very opportunistic market for buyers and sellers. When do you think you will be making your next real estate move? Call Donna Today ! 706-633-0644
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