It’s been a very competitive market over the past 2 years, so if your home isn’t selling, it is likely due to one of the following factors:
▪️ The Price is NOT Right.
One main reason a house is on the market longer is that it is priced “outside of the market.” If you priced your home on the high-end of market value, you are missing out on a majority of serious buyers in your actual price range. Pricing your home competitively will attract more buyers and drive up demand. The rule of thumb is that if you are getting showings (but no offers), you are 5% overpriced … if you are not getting showings or offers, you are likely 10% overpriced. Buyers in today’s market are savvy, with a lot of ways to do research; they know how much a home is worth by looking at home valuation sites with map tools of nearby sales — and they won’t even consider a home that they believe is overpriced.
▪️ You Don’t Look Your Best Online.
Your first showing is always online. If you don’t have professional photos/video, or your home wasn’t prepared well for the market, you’re not creating interest in your home!
Even in a competitive seller’s market, the more you can do to make your home look appealing to a buyer, the better your chances for a quick sale at the best price. There are a few things you can do before you list that will make a large impact in the eyes of a buyer.
▪️ Market Performance / Interest Rates.
Yes, we are seeing a cooling of the market with higher days on market in some areas — so higher interest rates are likely a considering factor, but we will see if supply can keep up with the high demand.