When the housing market has limited inventory, one would think almost all homes will sell at the right price. The only question is, how many offers will there be?
However, the reality is that there are always homes not selling in any type of market due to various reasons. It might be priced too high, in an undesirable location, or it might be one of the following reasons.
#1 Not Every Pocket Sees The Same Trend
Not-so-good listings without marketing can get multiple offers in specific areas, while homes in different regions get few or none. What happens in one real estate market does not apply to all of them. For this reason, you need to work with a real estate agent who understands how the real estate market in your town is and how to market your home to the right buyers.
#2 Addressing Issues
Every home for sale is a product, and if it's not selling, it's safe to say there is an issue that needs to be addressed. Some issues like location, lot size, or easements cannot be quickly fixed. However, most problems can be dealt with by hiring a good handyperson, landscaping company, or cleaning service.
#3 Targeting Quality Buyers
When marketing your home, the goal should not be to expose the listing to the highest possible number of people. Your goal should be to position your home within a targeted market to showcase it to the most qualified buyers. To do this, you and your agent must think about the home's features, neighbourhood, and nearby amenities. Is your home a family house or a bachelor pad?
The housing market is always dynamic, and no one can guarantee that your home will sell for exactly what you want. However, having a real estate professional by your side who knows the market will be your biggest asset to make the best decisions.
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