If your home has been on the market for weeks and you are still awaiting that first offer, here are some possible explanations.
Your Home Is Overpriced –
This is the most common reason a house doesn't’t move.
The phrase "There’s a buyer for every home." Often omits the
part "at the buyer’s price." Overpricing often works against
you. Most real estate agents and buyers will see your listing within 30 days.
If your home is overpriced and you have no intention of lowering your asking
price, interest may wane and you may have already priced out buyers that may
have qualified for a slightly lower price. Your house may not appraise at
the figure you are asking and financing will fall through. If your home stays
on the market too long, agents and buyers may wonder if there are other problems
with the home.
Your Home Doesn't Show Well – Since your home may be competing against new homes in new subdivisions for about the same amount of money, you may need a little makeover. A good real estate agent will be able to give you some very helpful tips in this area.
You're in a Bad Location – If your home is in a less than desirable area, you may not have as many options. A good real estate agent will focus on the positives of your home but you may have to lower your asking prices or add some kind of incentive to the buyer.
You Are Battling Competition or Market Conditions – We have all heard it's a "buyer's market" or a "seller's market", but market conditions are constantly changing. In a "hot" seller's market, the homes can go very fast and you may even be offered more than what you are asking because inventory of homes may be low. In a "cold" buyer's market, more homes are for sale so buyer's can find better deals. There is more competition and you may choose to wait until a more favorable time to sell.
Marketing Your Home – The way your home is listed has changed from years ago. Many top performing real estate agents do a multilevel marketing plan that includes listing with a multiple listing service, open houses, newspaper ads, flyers and publication in local real estate brochures. Computers and the internet have also changed the real estate market. The National Association of Realtors says that more than one-third of all homebuyers use the internet for house hunting. Check with your agent about their plan for marketing your home.
