Today I have three reasons that your home may not be selling in our hot market.
Why isn’t my home selling? This is a crazy question only because we are in probably the best real estate market the Washington County has ever seen.
While many people will say that 2005 to 2006 was a hotter market, it wasn’t. Much like when you go on a road trip and eat a lot of junk food only to feel like you need real food, 2005 and 2006 were a junk food market. People were buying homes without seeing them and lying about their income to qualify for loans. Now in 2018, we have a healthy market full of people who qualify for loans necessary to buy a home.
So, why isn’t your home selling? In the last six months, there have been 2,170 homes, condos, and townhomes sold in Washington County. It is so hot that I put my friend Charlotte’s home on the market last week and we received five offers before selling the home for $12,000 over asking price.
While over 2,000 homes sold in the last six months, 712 didn’t. They went unsold for three reasons.
1. Price. I know a lot of people don’t want to hear this, but in 80% of the cases where the home didn’t sell, it was because it was priced outside of the market. Even though the market is fantastic, it is a market and there is a certain price that you are willing to pay or not pay.
2. Condition. You probably have a home that needs to be updated with new carpet, paint, landscaping, etc. You need a good agent to tell you the truth about what you need to do to spruce it up so you get the most money.
3. Marketing. This is not usually the primary issue; however, if your home is not marketed fully, it is very easy to fall back on the mentality of “Well, it’s a hot market.” Just putting it on Craigslist or Zillow is not enough.
The reality is that poor marketing and poor condition could actually be costing you $15,000 to $20,000. Meanwhile, the wrong pricing strategy could cost you a sale entirely.
If you have any questions about this or buying and selling in general, please feel free to contact me. I look forward to speaking with you soon.