In today's market, listings sell quickly. Often there is a flutter of activity and numerous offers. Sometimes this isn't the case. If the latter is true and you find that your home isn't selling, try to find out why, then plan a course of action.
Most often, a listing that doesn't sell tends to be priced too high for the market. Buyers tend to pay fair market value. A buyer might pay more than the seller's asking price if the home is priced competitively. Even in a sellers market, it's rare to see multiple bids on home's that are over priced.
When selling, it can be difficult to determine a realistic value for your property. This is due to pride of ownership and your emotional attachment to the property. Consulting a real estate agent who's knowledgeable about home prices in your area would be a wise decision.
Base your list price by other home sales in your neighborhood. Any good agent can supply you with an assessment of how your home compares to those recently sold in your neighborhood, and in the local market.
Although the seller should select the list price, try not to let emotional attachment and/or wishful thinking cloud your judgement. If your price is too high, buyers and agents will move on to other listings.
If you've had your home listed for a few months and you notice that agents and buyers are losing interest, talk with your agent about it. Your agent should be able to tell you what other agents (who have shown your home), received for feedback from prospective buyers. If the general feeling is that it's overpriced, maybe you should reconsider lowering the listing price as soon as possible.
When the price is reduced, have your agent launch a new marketing campaign to spark the interest of those who passed due to it's high price.
An agent should keep you informed on the various efforts made to market and sell your home. If your agent hasn't been keep you informed, ask the agent for a detailed list of what has been done to market the home. Remember, if you feel that your agent is not providing you with the level of service you expect, you can always change agents at the end of the listing period.
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