When selling a home, two situations may occur which are red flag indicators of a lengthy time on the market. Each requires the property owners’ attention in co-operation with their real estate agent, and involves either the price or condition of the home.
The first involves a home that has been on the market for 60 to 90 days, but has been shown only once or twice. More buyers are beginning to enter today’s real estate market, and homes for sale should be attracting a number of prospects.
When buyers choose not to tour a home, the reason is often the price. Homes that are attractive, but not being shown, are often priced “above” the market. The key to increased showings, then is to re-evaluate the market price of the home, then adjust the price.
The second “red flag” occurs when a home is being shown often, but neither sells nor attracts offers that are anywhere close to the asking price. The home’s condition is often the culprit in this situation. Buyers learn the price, then drive by, making a judgment that it is an attractive home. Once they see the interior of the home, however, their interest evaporates. Buyers will often estimate that the needed repairs will be $10,000 when in actuality the seller could correct the cosmetic repairs for as little as $3,000.
The solution can be a critical “walk-through” by the sellers with their agent to identify needed repairs and cosmetic improvements. Until corrected, traffic is likely to remain high, while the chances of selling remain low. Remove these red flags and prepare for a sale!
Contact the Kathy Henne Team RE/MAX FINEST by calling (937) 778-3961.