Your house hasn’t sold yet? What I am seeing right now is that homes that are properly priced…are selling! There are buyers out there! Let’s take a look at why your days on market may be building up.
From our friends at Keeping Current Matters, a great article examining pricing and its effect on a sale:
The residential housing market has been hot. Home sales have bounced back solidly and are now at their second highest pace since February 2007. Demand remains strong going into the winter. Many real estate professionals are reporting that multiple offers are occurring regularly and listings are actually selling above listing price. What about your house?
If your house hasn’t sold, it is probably the price.
If your home is on the market and you are not receiving any offers, look at your price. Pricing your home just 10% above market value dramatically cuts the number of prospective buyers that will even see your house. (See Chart)
Bottom Line
The housing market is hot. If you are not seeing results you want, sit down with your agent and revisit the pricing conversation.