Why do homes sit on the market?
Any real estate agent's goal is to get your home sold in the quickest amount of time and for the most money. You've heard this same line over and over from agents trying to earn your business. While the stars align for some agents and they sell a home in a day or two, for others it can be a matter of weeks or months. Sometimes even when you feel you've done everything right, the fish still aren't biting as ferociously as you would like.
So, why have these homes been sitting on the market for what probably feels like a lifetime to the seller? Well, it could be a number of factors. Considering there are several moving parts when it comes to getting your home listed - staging and marketing your home - and ultimately getting your home sold, pinpointing why a property isn't selling can be tricky. There are, however, a few questions that you can ask yourself to try to get closer to an answer.
A few properties in Louisville that have been on the market the longest:
- 324 E. Main Street (Fleur de Lis) - $415,000 – 1,438 days on market
- 293 Glitner Road - $309,000 – 1,431 days on market
- 1213 S. 1st Street - $299,900 – 1,423 days on market
- 1463 N. 3rd Street - $129,000 – 1,245 days on market
- 5972 Turners Station Road - $275,000 – 1,185 days on market
Is your home priced fairly?
When looking at the list, it's hard to find a common trend among the properties: the price range among the properties is as low as $129,000 and reaches up to $415,000. The areas vary from downtown Louisville to Bardstown, KY. The reason for a home being on the market and not getting sold will be different from one home to the next. Here are the questions you can ask yourself as a seller or potential seller:
- Is your house priced fairly? It's normal to want to get the most money from selling your house, but it's important to be realistic as well. Consider the area your home is located, the age of the home, the condition of the exterior and interior, and any advice your agent gives you when pricing your home.
- Is it staged as efficiently and effectively as possible? Make sure your home is clean and clutter-free so that potential buyers can get a positive impression of what it's like to live there.
- Does your house need a lot of improvements? It's best not to hide any problem with your home that can't be obviously seen. Make as many necessary improvements as possible to ensure you don't scare away potential buyers.
- Is my agent doing everything they can to market my home? It's your real estate agent's responsibility to get your home seen by as many potential buyers as possible. Ask your agent to give you updates regarding open houses, social media advertising, and circle-calling or door knocking.
- Is the market working in my favor? Although a good real estate agent won't let the condition of the market affect whether or not your home gets sold, sometimes there are aspects that can't be avoided. Ask your agent what type of market we are currently in: a seller's market, inventory is low (demand > supply) and a buyer's market, inventory is high (supply > demand).