While this title may sound a bit nebulous, it is a very real concern for home sellers across the Nation. Everyone that lists their home for sale dreams about a quick and easy sale with no concerns arising during closing. This does indeed happen, some of the time. Then again, sometimes homes sit on the market for months, even years without any action; so where does the blame sit? This is something that is hard to say as homes each have their own individual concerns and qualities. There are, however a few things that can be generalized when homes don't sell.
One of the biggest and most common reasons that homes do not sell is the fact that they are overpriced. Before listing your home a realtor should perform a CMA on the home to find out what the comps are selling or have sold for. Comps are homes in your area that have been sold recently and offer a similar package to what you home offers. These homes will help to dictate an appropriate price range for your home sale. Of course there are modifiers that will change this asking price such as renovations, and extras that your home offers. Do remember however, that there is a price range for your neighborhood and pricing your home outside of it (on the high side) will almost ensure that your home does not sell quickly.
If your area is a hot selling area currently, overpricing can be disastrous as buyers will look to lower priced homes before looking at the higher priced options. If your home is overpriced then it is possible that the area could lose it's buzz by the time you lower your price to be more in line with the other homes. At this point you may also run into the trouble of people wondering if there is something wrong with your home as the price has been reduced. This is a common concern with reduced homes. There is really nothing wrong with them, but buyers will always wonder why a home does not sell and then has it's price reduced. Be careful when pricing your home, you may have a lot of good memories and time invested in your home but buyers will only be interested in the home itself and not your history there. Mistakes in pricing can be costly in the long-term.
Source: http://www.ArticlePros.com/author.php?Bob Nachman
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