The Nashville Real Estate Market continues to thrive. When you combine low rates, the shortage of inventory and a stable booming local economy you end up with a Sellers Market. Yes Sellers have been seeing reduced time on market, stronger offers and in some cases bidding wars. So if the Market is so HOT then why has my house not sold?
Fact: From June to November of of 2016 over 631 homes expired or were withdrawn from the market in just West/SouthWest Nashville and Williamson County. So let’s take a moment and examine why homes may linger and not sell at all even in a hot tight housing market….
The Aggressive Pricing Strategy backfired– Sellers have a natural tendency to desire to get the highest price available for their home. This thinking encourages the “ask high and accept less”. The “I am not going to give my home away” attitude can be the kiss of death. When a home is priced beyond the comps, it becomes compared with the more expensive properties on the market. The property is perceived as over priced and inadequate compared to the surrounding listings. Many times the overpriced home actually sells the other homes on the market. Why is that? Because they are perceived as a better value..they are larger, have more amenities and a better deal for the buyers dollar. After all have you ever met a buyer that wants to overpay? This ends in frustration for all involved.
Underestimating the sophistication level of modern buyers–twenty years ago buyers either had to use multiple brokerages and/or wait for the monthly housing magazine to review local inventory. Buyers today have up to the minute knowledge at their fingertips. Buyers are on line morning, noon and late at night. There are hundreds of websites they can search for the homes they want to see. Some websites even quote a value for the listing. Frankly the buyers today may know as much as their agent.
Neglecting Maintenance Items–They don’t look like this on House Hunters! If I had a nickle for every time these words were spoken. Fix the roof, repaint if needed and please attend to all odors. No one wants your dirty carpet and messy baths. I tell sellers.. Soap is Cheap…Clean it up!
Lawn Abuse!–Buyers today find your home on line, then they do a quick drive by. If they like the look and the location, then and only then will they contact an agent. The buyer drive by has become the first showing. Mow the lawn, trim, remove weeds and place fresh mulch out. Never forget the importance of Curb Appeal!
Buyers today seek VALUE. Price it right from the start, take care of maintenance items and pack your bags.
Remember…No amount of advertising, Open Houses or incentives will sell an overpriced listing.
Price it right from the beginning.