Every day, on average, 15,014 homes get sold according to the National Association of Realtors. If your home is currently for sale, why did it not sell yesterday? Will it sell today?
The National Association of Realtors also reports that there is currently, in the United States, a 3.8 month supply of homes that are for sale. A six month supply of homes is considered a normal market. This means we are in a seller’s market, as there are not enough available homes to satisfy the demand from buyers.
So – why wasn’t your home one of the homes that sold yesterday?
Odds are good the reason your home didn’t sell is that the price is too high. If your asking price is in line with comparable homes in the area, then the buyers that are seeing it think they need to spend too much to bring it up to the competition’s standards. If this is the case you have two choices. The first choice is to spend money to upgrade the house. The other option is to reduce the asking price.
As an example – we had a listing, the price was in line with the comparable properties in the area. But it was an upscale home, in the $700,000 price range. While the house was very nice and in good condition, it had the original 20 year old kitchen, with plain white cabinets, older appliances and Formica countertops. The house had some nice hardwood floors, but the carpets that were older, worn and dirty. The house didn’t sell until we reduced the price by $40,000. We estimate the seller could’ve invested $30,000 to upgrade the home and it would’ve sold.
Now we realize that your home is probably your biggest investment. And you want the largest possible return on that investment. But with the busy seller’s market we are in the midst of, if your home hasn’t sold you should think about adjusting your asking price.