This is the toughest real estate market I’ve seen in over 20 years. Many sellers in the Denver area are asking “why won’t my home sell”?
Keep in mind during a slow period, homes always sell. Maybe not as many homes sell and maybe not for as much money as you had hoped, but homes do sell. So here’s my take on why your home won’t sell.
What is the biggest negative to your home? Can you fix it? Location can’t be changed, but carpet can. Does your home need a thorough cleaning or painting? Ask your Realtor to be honest with you. They may not want to hurt your feelings, but not telling you is even worse! Have potential buyers looked at your home and not made an offer? Ask them why. What have you got to lose?
A picture is worth a thousand words. If you can’t see a negative, look at photos of your house. Sometimes its easier to see without actually being in the home. Or email the photos to me or a friend. A third party can usually spot an issue and why your home won’t sell.
And if its not a negative that can be fixed, then yes, its the price. In this market buyers want a deal. No strike that. Buyers want a steal. You can’t merely be competitive. You’ve got to be a price leader. Look at other homes for sale, and homes in your neighborhood that have sold. If you want your home sold, then be at or below them. You’ve only got one shot with a buyer or they will move on to the next home. And you know they have plenty of choices right now. Value is in the mind of the buyers. It has nothing to do with what you owe, or what you think the home is worth. It is the buyers opinion that matters. If you really want to sell, listen to the buyers!
The good news is, once you sell your home, you are now in a position to be that buyer. You can take advantage of all the opportunities out there. So don’t ask yourself why won’t my home sell. You know the answer already. Make the changes and move on!
Doug is a Realtor in the Denver Co area with over 20 years of experience in good and bad markets. For more information, feel free to contact him.
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