It’s no shock when overpriced homes generate little to no interest, but here are a few surprising reasons why perfectly good properties spend more days on market than they need to:
- Underpricing – In certain circumstances, modest underpricing can be an effective sales strategy. But when you want to sell quickly, pricing too low can have the opposite effect: buyers may well avoid your property thinking there must be something wrong with it. The goal is to price competitively – not too high, not too low. Where’s that sweet spot? Ask James Bright for additional details.
- Overpricing – Making improvements with an eye to boosting your home’s value is a great, worthwhile thing to do – provided you’re making the right kinds of improvements. The wrong kinds are those that would appeal only to a relatively narrow segment of buyers (think professional-grade kitchen) or turn your property into the most expensive one on the block or, for condo owners, in the building.
- Seller sabotage – Believe it or not, sellers themselves are sometimes the reason why homes don’t sell in a timely manner – or at all. Sellers who aren’t emotionally ready to detach, for instance, might put buyers off by hovering during showings, sellers who aren’t serious about selling may make it hard for buyers to access their property by being inflexible on “appointment only” showings.
- Cosmetic issues – While it’s certainly not news to real estate sales representatives that cosmetic flaws can keep homes lingering on the market longer than necessary, sellers are often surprised to learn that many buyers simply don’t see past cosmetic flaws like dirt, clutter, or outdated decor – even if it means walking away from a home that meets all their needs.