Real Estate

My House isn’t Selling in a Seller’s Market

 

Our market is currently moving at a fast pace, especially for homes less than $200,000. Currently, as of this writing, there are 3292 active single family listings in the Multi-Listing Service (MLS) and 1512 listings sold in the last 30 days.  Meaning that we currently have 2.18 months worth of inventory. Since a balanced market is six month’s worth of inventory, you can clearly see that we have a strong seller’s market.  However during that same time frame we also had 439 homes which were removed from the MLS by expiring or being released or withdrawn. So if the market is so strong why are so many homes not selling.

I believe the expectations of sellers is that since there is so little to buy on the market and homes are going so fast that you can throw anything out there and it will sell.  The homes that are not selling are not priced right or correctly marketed in my professional opinion.  Several of these homes need repairs or a good cleaning. Most buyer’s want something that is move in ready.

Buyer’s are shopping on the internet and want to see a home virtually prior to taking their time to visit the house in person. They are drawn to properties with good pictures and aerial shots if the property warrants it. Although you need to know when to use aerials and when not to.  They want good floor plans, and updated features. And of course they are looking for a great price or at least a fair one.  If the price is out of whack they won’t make an offer.  If the home has outdated features like wall paper and a lot of gold fixtures then the buyer’s are wanting to reduce the price to compensate for the work.  And for the most part these buyer’s are over estimating the cost of these updates.  Too much HGTV in my opinion, or they just don’t know who to call to get a good price on making updates.

Sometimes Sellers seeing other homes in their subdivision selling quicker than their home start to question what their realtor is doing or not doing to get their house to sell.  They demand more open houses, another broker’s open, more fliers.  Surely more marketing will do the trick. Let me assure you that when a realtor, any realtor, enters the listing into the MLS it goes to all the different websites.  There are hundred’s of them that pick up the listing and help to market it. So if your realtor has inputted everything correctly and uploaded great pictures (I use professional ones) people are going to see it. The true issue is most likely price or condition.  And any condition can be fixed by price. Because if it is cheap enough someone will see value in it and buy it.

So if your house hasn’t sold and it is currently off the market and you would like some advise, please feel free to reach out to me. Sandi Walker 405-213-2992 or visit my website http://www.equityhomesteam.com.   This is not intended as an advertisement to list a property currently on the market with another realtor.

 

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