So you have your house on the market. You chose a trusted Realtor who came highly recommended by your family and friends. He put your home in the Multiple Listing Services. Submitted it to all the online real estate websites. Created a beautiful virtual tour and implemented social media as well.
Six weeks have gone by. You’ve had a dozen showings but no offers. So what gives?
Well when your Realtor listed your property he advised you to list at an aggressive fair market price. You decided to go $20,000 over his recommended listing price to “test” the market. He also advised you to make sure that your home was staged to sell and that it should be move-in condition. You responded by saying that you would fix the items that needed repair if the buyer requested them to be done.
But here are the problems. You hired a professional Realtor that you are going to pay thousands of dollars in commission. This professional knows what it takes to sell a home in a saturated, declining market. He advised you what you needed to do to sell your home but you chose not to take his recommendations.
The feedback that you are getting from buyers is that they feel that your home is over priced. Their Realtor did a Comparative Market Analysis and the comparables indicate that your home is indeed over-priced. They also mention that they are concerned with the leak under the sink and the toilet that keeps running.
As a seller, you figure that they can “at least make an offer.” Unfortunately this has not happened due to the fact that these savvy buyers have decided to keep looking at the many other homes that are listed at fair market value and require less work.
Don’t get me wrong. They will probably still consider your home. After all it's in a great location. But for now they are going to take a pass and take the “wait and see” approach if the seller will eventually adjust their price.
This can be extremely detrimental to the sale of your home. The first two weeks when your home is listed is the most crucial time. Your home is new to the market and everyone is talking about it. It’s in these first two weeks that getting an offer is crucial in selling your home.
Sellers must realize that there are many qualified buyers looking for homes right now. They have to put their trust into their Realtor and let them market their home competitively in today’s real estate market. Your home most likely will sell within 120 days if it is priced correctly and is in move-in ready condition.
For more information about the Seekonk real estate market, visit my website at www.SeekonkRealEstateNews.com.