Selling your home can be a stressful process for many homeowners. It can be even more daunting if you have already moved to your next property or have fallen in love with another home but need to sell your home prior to purchasing your “dream home”.
There are many small factors that can slow down the sale of your home but at the end of the day there are three main reasons that your home is still sitting there without an offer in sight.
The number one reason your home is likely still on the market is price. Buyers are educated and have all the tools they need online to track sales in your neighborhood and calculate fair market value. There may be adjustments that their agent will compensate for but overall overpricing your property will have the biggest impact on getting an offer. On average, homes in Hillsborough county are receiving 97-98% of list price if their home is priced appropriately. Testing the market and listing a little above where you expect to sell is understandable. Exercise caution if you choose to list well above neighborhood comps as you may end up chasing the market and ultimately selling your home for less than you would have if you started at the price you should have to begin with.
The second reason your home may not be selling is condition. You will know that you have an issue with the condition of your property when you receive feedback from potential buyers. If the same items come up several times, you likely have a condition issue. When I am representing a listing that has condition issues I almost always recommend that the Seller take care of those items as quickly as possible, if possible. You may have a $500 issue on your hands. A $500 issue that a Buyer may ask for a $2000 credit for. If you can eliminate an objection that will ultimately affect your home’s time on market and final sale price, do it! More time on market may mean lower offers and extra carrying costs for you.
The last reason your home may not be selling is totally out of your control and that reason is location. Location can be as broad as the neighborhood as a whole or as specific as the road you are on. Your neighbor down the street may have sold quicker because they back up to conservation and your home backs up to the main entrance of your neighborhood. Your home will sell, it just may take longer than the other home and yield a different return.
The one solution that trumps all other objections to why your home hasn’t sold is price. You can’t control your home’s location and if you are unable to change the condition of the home the only way to overcome all objections is to price your home in relation to its location and condition.
Are you wondering what your home’s true value is? Contact me today for your FREE Property Equity Report!