Why Your House Hasn’t Sold Yet

There is one bug reason why your home probably hasn’t sold yet. The residential housing market has been hot this year. Home sales have bounced back solidly and are now at their fourth highest pace over the past year. Demand has remained strong ­throughout spring as many real estate professionals are reporting bidding wars with many homes selling above listing price. People are buying and selling left and right. But, what about your house?

If your house hasn’t sold yet, the issue could be the price.

If your home has been on the market for a while and you are not receiving any offers, you may need to take another look at your price. Pricing your home just 10% above market value dramatically cuts the number of prosp­­ective buyers that will even see your house.

If you are not seeing the results you want, it’s time to sit down with your agent and revisit the pricing conversation. Take a look at the chart below to help you decide where your price needs to be.

Bottom Line

Take into account not only the market value of your home, but all the work you’ve put into it over the years. When pricing your home to get it sold fast, think about every feature you’ve added that can increase it’s value, while being reasonable within its market value.

 

 

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