Why won't a home sell?

Why won’t a home sell?

If a home isn’t selling - what’s the likely primary cause? Price

You may think it’s not selling because:

it’s run down,

there are structural issues,

it’s out of date,

it has strange wallpaper or wall colors,

it’s near a highway or other loud noise source, etc.

but ultimately, it’s because the price doesn’t match the circumstances or condition of the home.

A home could be in great condition in the latest style with top-of-the-line materials and amenities, and in a beautiful neighborhood, but if it’s priced too high, it could end up sitting on the market.

No matter how good the marketing is for a property, it’s not likely to overcome an overpriced home

Buyers don’t want to overpay.

Price is primarily determined by what comparable nearby homes have recently sold for. Not by what a seller has paid for it, or how much they’ve spent on improvements.

It’s something that should be researched thoroughly. If a home is priced too high it could likely sit on the market, and the seller could ultimately get less than if they would have started with a fair price to begin with.

In the words of the great western philosopher, Billy Joel:

Get it right the first time, that’s the main thing.

You get it right the next time, that’s not the same thing