If your home has been on the market for more than six months, you are probably starting to wonder why it isn’t selling. For many sellers, this is the perfect opportunity to blame the economy or your local real estate market.
However, in most cases, this is simply not the reason that the house is not selling.
In a recent Existing Home Sales Report1 from the National Association of Realtors, the annual home sales are listed at 5.26 million homes. In order to put that number into perspective, let’s divide it by 365 days in a year and we will find that there are 14,410 homes sold every day in the United States.
With all of these homes selling across the country, blaming the economy or the local market is never going to be a strong argument. It is far more likely that you have made one or more common mistakes pricing your home. Fortunately, this is something we can control and correct in order to get your house sold!
Here are five of the most common pricing mistakes that prevent homes from selling in a timely manner:
Overpricing From the Start
It is extremely common for sellers to drastically overvalue their own homes compared to other homes in the same neighborhood and price range. It is natural for you to want to place a high value on your home because you have so many memories there, but you have to be reasonable and make sure that your house is priced competitively.
Overpricing your home is sure to scare off plenty of potential buyers.
Ignoring Search Ranges
Almost every buyer these days is searching for homes online, and when they do so they are usually listing their price range. If someone is searching for homes in the $250,000 to $300,000 price range, they won’t even see your house if it is priced at $305,000.
That means that even if your home is a perfect fit for the potential buyer, they won’t know about it even though it is only $5,000 above their price range.
You want to make sure that you are not pricing your house just outside of someone’s price range, so make sure to avoid pricing just over increments of $50,000.
Not Considering Comps
One of the most important steps in pricing your home correctly is to take an honest look at some of the similar homes in your area that have sold recently. While you may disagree with the sale prices and even feel your house deserves to command a higher relative price, these comps are what the market determined to be a fair price, so buyers will expect your price to be in the same ballpark.
Not Being Open to Offers
Just because you list your home at a certain price does not necessarily mean that you are going to be able to get that price. You should carefully consider any and all offers that come in below your asking price. Negotiation is the name of the game here, and it might be in your best interest to come down in price a little in order to get a deal done quickly.
Ignoring Your Agent
Another crucial error that many sellers make is ignoring the good advice of their listing agent. Simple details like cleaning and staging your house in the right way can go a long way to impress potential buyers, and your agent should have the experience to know exactly where your effort can be best spent here.
Despite what you might have heard at work or on the news, there are thousands of homes selling everyday in the United States. Your house can certainly be one of those, but you need to be honest with yourself and work with your agent to price your house at a number where it can actually sell.
Want your home to be one of the 14,410 homes that will sell tomorrow? Contact your local Carrington Real Estate Services agent today, and get your home priced to sell.
Source: Existing Home Sales Report