We've been on the market almost a year and only had one offer! Last month there were 17 showing and we wonder where all those buyers went? Could we have some more ads run? It looks like all the buyers who have looked at our house are buying other houses and not our house! We want more newspaper ads please... so they might buy our house soon!
A year on the market is definitely painful, when the average time in this market is more likely to be 135 days. To have an average time on the market you need to have the home also fall within the average range for what buyers are expecting to see in that price range. Over that year, I am sure your Realtor has asked for price reductions. More often, a common reply might be you aren't quite ready yet to drop the price. Prehaps you had more invested in the house than that suggested price and if you didn't recover that investment, than you just could not move. Will it be STAY or GO, the choice is yours. The unfortunate thing is those reason won't have any influence on what price you get for the home. The market will always set the price for the home and not the Realtor or Seller. It just won't sell until the market catches up to that price or the home is improved to the level that meets the market's expectation of condition in that price range.
There are only three major selling factors: Location, Condition and Pricing. If you compare these three factors with the other homes in the same neighborhood, you may quickly see how your home stacks up to the competition. Most likely it is not the quantity of Ads or time the home was held Open that is preventing the home from selling at all, but the Location, Condition or Pricing that is keeping it from being marked SOLD.
Location is something that cannot be controlled, so pricing and condition are critical if the location is not well match for the primary use. For example if you have a residential home with all bedrooms on the second floor, it's more likely it will appeal to a family with children than a senior buyer. A home on a busy main street could also have value as a business location providing the local zoning would allow this. There is a best use for a property and location is most always about the best use. It can influence the price either up or down depending on where it is, what is next door or nearby and what is known that may happen soon that will change the location or use.
Condition is something sellers, and only the sellers have complete control over. This facet of selling ones home is limited only to the seller's pocketbook and ability to afford what repairs or decorating is needed. Often it comes down to, if the seller is willing to work and maintain the appearance of the home so it becomes easier for the agent to get the home sold. Even if the home is not the best on the block, clean homes sell fast! Neutrally painted and staged homes are easier to sell then homes with loud paint color choices, homes that are extremely personalized with large amounts of collectables, or homes that are just dirty and unkempt. Odors are another very likely reason ones home could be on the market for a very, very long time, cats, dogs and cigarettes will kill the sale faster than any other condition in the home.
Price it almost always comes down to price. You can Price your home to stay or you can Price your home to move. The market will always set the price. What you want, need or believe it is worth makes no difference to the market. If you have had 25 showing and no offers it is the price, if you have not had any showings it is the price and lastly if all the buyers who are looking are buying other homes, you need to recognize it is the price that is keeping the home from selling. If the house is not in the best location, the best condition then the price will need to reflect this. The price will then need to be slightly adjusted to just below the completion to attract new buyers to the home. If the price is still too high after all that time on the market it may be time to take it off the market. Thus waiting until the market catches up to your expectations. Another possibility if a homeowner can afford it, is to add value to the condition of the home thus bring the home in-line with market price for those home in that conditions. So you see, running more print ads or posting the home in more places around the Internet without adjusting the price or the condition after so much time on the market is not likely to guarantee a sale on your home. More than likely it will guarantee that the Realtor is advertising an overpriced listing, buyer will look again, and many will buy some other home, so deal with it or have no deal at all.
Are you searching for homes to buy in Viroqua or Vernon County Wisconsin
call Mary Strang therteam.com RE/MAX Hill Country Realty 608-606-2999
About the author:
Mary Strang is the Broker-owner of RE/MAX Hill Country Realty located in Viroqua, WI. Home to Organic farming, a small rural city population of about 4000 and a great place to live! Copyright © 2009 by Mary Strang. All rights reserved... "We think more Ads will do it!: the blog post was written by Mary Strang is believed accurate but may not be guaranteed.