There are a myriad number of answers to this question, however an important factor is MOTIVATION! What is the real reason your selling? If the real reason is to truly get a different living arrangement then you should be able to sell your home. If your motivation is to get a certain price, then it may take a while to get the home sold. Your need to sell has to be greater than your need for a price in order to get the home sold. A Sellers’ motivation is a critical ingredient for selling a property!
Some other factors play a part in determining if a home sells:
1- Pricing…Price is always a factor. Here again, the motivation to sell the property has to be greater than the need for a specific price! Sometimes a Seller is between a rock and a hard place with the price and they may not be able to reduce the price because of the amount they owe on it. If your home hasn’t sold and you can’t reduce it anymore because of the amount owed or other financial reasons, then the options available to you are: 1)A short sale, 2) Rent the property out, 3) Take the property off the market and try selling when the market is more conducive to obtaining the price you need.
2- The Economy…The economy is always a factor when selling. Homes and properties sell in ANY economy though. There are always people who need to buy and people who need to sell. The economy is an outside factor that determines the price a Seller will be able to obtain. If the Seller is not in a position to get the price they need, then they need to take the property off the market or reduce the price. Motivation will help dictate the course of action here.
3- The Lack of Marketing performed…In todays rapidly changing Internet world, it is important to have an Internet marketing strategy combined with more traditional marketing strategies. The Internet marketing strategies of today commonly include “Social Media Marketing“. Many websites and mediums are now available to market a property to selected niches and markets. A full-time Realtor will be able to use the Social Media tools on a regular basis to extend the marketing of homes to more targeted markets thus creating an increased chance of selling the home!
4- The Condition of the Property…The condition of a property has to be considered when pricing the home. Many resources are available to help the Seller in selling their home: Home Stagers; Interior Decorators; Realtors; more! It is imperative that the price reflects the condition. If not, the home will sit without any offers. The market will usually indicate pretty quickly whether a home is priced correctly to reflect the condition. Here again, motivation is important. A motivated Seller will do what is necessary to get the home sold!
In summary, motivation is the key element in getting a home sold in any market! If you would like a market analysis on your home or have any other real estate related questions, please contact me at jdurso@comey.com.
