|Tri-Cities, Wa home not selling?
5 reasons your Richland,Wa, Pasco, WA or Kennewick, WA Home is not selling:
Here are a few reasons alot of Tri-Cities, WA homes don't sell within a short period of time. Maybe its the price, look or location but here are some main reasons and solutions.
1. Your Tri-Cities, WA Home For Sale is Overpriced.
Buyers, not sellers, ultimately determine the market value of a home. You can ask for the moon and set your listing price well above comparable properties in your neighborhood, but at some point it will be up to you, the seller, to accept what the buyer thinks your home is worth.
Most real estate agents, and hence most qualified buyers, will see your new listing within 30 days. If it is overpriced by as little as 5%, it will be duly noted and interest in your property will wane, especially if you show no intention of coming off your asking price. You likely already priced out buyers who might have qualified for financing at a more reasonable price. Even if you manage to find a buyer at your inflated asking price, the property may not appraise at that figure and the financing will fall apart.
If your home remains on the market for too long, agents and buyers may begin to wonder if there are other, perhaps more serious reasons why it isn't selling.
Also, if a home doesn't sell within a month and you lower the price, many times buyers have already overlooked your home and you may loose out on many potential buyers by starting high and dropping later.
2. Your Tri-Cities, WA Home Isn't In Show Condition
Your home is competing against shiny new houses in those pristine new subdivisions out in the suburbs with their attractive prices, incentives and community amenities.
Many times what a home needs to have a small make over is cosmetic and relatively inexpensive: a new coat of paint, a few attractive window boxes, a thorough cleaning of floors and carpets. With over 21 years of experience I can advise you on where your time and money are best spent.
3. You may need to fire your listing agent.
Unfortunatly there are Real estate agents who mislead, misfire and misbehave.
Their bad advice can cost you plenty in time, money and the sheer hassle of keeping the place show-ready 24/7.
The agent from hell will allow you to overprice your home and then not market it properly, fail to screen for qualified buyers, be unresponsive to interest from other agents and keep you totally in the dark throughout the process.
A serious example is an experience I had with a past client. Thier home was listed with a different agent and was not selling. Thier agent had told them to take all artwork off the walls and make the home as plain as possible. They decided to fire that agent and hired me. I promptly gave them advice on where some key artwork could be placed and helped them stage thier home in a more appealing manner. The home sold within 3 weeks. It is extremely important to hire a realtor who has the experience to market your Tri-Cities Home, to sell!
4. You are battling competition or market conditions
We've all heard the terms "buyer's market" and "seller's market." In real estate, market conditions are affected by any number of external forces, some of them predictable and some of them unpredictable. In a seller's market, homes go fast. Inventory may be low, meaning less competition for you. Chances are better that you will get your asking price in a hot market; in fact, it is not uncommon to even be offered more than your listing price.
But in a buyer's market, sales slow to a trickle, homes on the market grow and buyers can find bargains, especially when they know the seller is motivated.
If you're trying to sell in a flat market, you're not only competing against all that vacant new construction, but against rentals as well. In this case, be prepared to settle for less than top dollar, or wait to sell until the pendulum swings once again in your favor.
5. Your marketing strategy is not working
Gone are the days when an agent could simply place your listing with the local multiple listing service, hold a halfhearted open house and wait for another agent to bring forth a buyer.
Today's top performers launch a multilevel marketing plan that includes listing tours for area agents, newspaper and even TV ads, weekend open houses, listing fliers and placements in local real estate publications.
Computers and the Internet also have changed the face of real estate. According to the National Association of Realtors, today more than one-third of all home buyers use the Internet for house hunting. The best real estate agents are computer-savvy. They have your listing in color on their laptops to show clients and communicate frequently via e-mail, a particular boon when working with out-of-town buyers.
So make certain even before you list your home that you don't make these vital mistakes. Trust our agents at Coldwell Banker to help sell your Tri-Cities Real Estate and market your home using all necessary tools.