Why Hasn't My House Sold?

You Haven't Priced Your Home to Sell!

Sellers say, "But I don't want to give away my house." Of course, not. You want to sell it. To sell your home, the price must be right. Don't "test" the market or ask an inflated figure because if you do, your home will probably sit on the market and the days on market (DOM) will continue to tick. Dated listings don't generally sell for list price.
To avoid overpricing your home, examine the sold comparable sales. Adjust for square footage, if necessary. If your home has a bad layout or is located in bad location such as next to a school, on or near a busy street or bordering a liquor store, you're not going to get the same price as homes with a good layout and in a good location.
For example, if the last three homes sold at $400,000 but you feel they are not comparable to yours because they don't contain updates -- but they were located on a quiet street and your street is noisy -- your home is probably worth about the same. A plus-$50,000 adjustment for the updates could wash out the minus-$50,000 for the busy street.
In a buyer's market, price your home a minimum of 2% less than the last comparable sale. If you can't live with that price, then don't put your home on the market and set yourself up for disappointment. Overpricing is the worst mistake a home seller can make.

Want answers to more of your questions? Contact Mike at 916-425-6066, michaeloday@greatwestgmac.com or Pat at 916-956-8928, patrickryan@greatwestgmac.com or visit our website, www.primohomesearch.com