Today’s real estate market is what is called a Seller’s Market. A Seller’s Market is when there is an insufficient supply of homes available for sale. According to the National Association of Realtors, currently we have a 3.8 month supply of homes on the market. In normal times, there is a six month supply.
Also, according to the National Association of Realtors, on average, each and every day 15.014 homes sell. If your house is for sale, was your house one of the 15,014 homes that sold yesterday? If not, why not?
I hate to be the bearer of bad tidings, but the reason it didn’t sell was not because your agent didn’t advertise it enough. And it wasn’t because the open house signs didn’t have balloons.
The reason it didn’t sell yesterday was probably because the asking price is too high. Hey – don’t shoot me, I’m just the messenger.
In a Seller’s Market, if a home is priced properly it sells. And as in any market, if it’s priced too high it doesn’t sell.
I know, you’ve always heard that in real estate the key is location, location and location. Well that’s true. But a good location reaps a higher price, and a poor location brings a lower price. The same is true of condition. If buyers look and determine they need to spend a lot to bring the condition to be equal to other homes in the same price range, they will reduce the price they’re willing to pay. So if you need to upgrade your home to compare to other similar, available homes, either spend the money or reduce your price.