This is a question I hear from time to time, and it usually happens around the first of the year: “why can’t (or couldn’t) I sell my home”. Some agents want to give you an all inclusive answer; something that the consumer may have heard about, but doesn’t really understand. The truth is, there isn’t just one answer for why your home isn’t selling. The reason or reasons your home isn’t selling can be found through a formula that requires attention, market knowledge, and effort on your Realtor’s part. If your Realtor cares about you they will take a moment to research before they answer your question too quickly, as one can’t simply blame it on the season or the neighborhood without first looking into it. Here’s an example:
“You listed in the fall / winter and that is the worst time to sell a house”
Really? I would say it depends on which Louisville housing market you are talking about. I certainly wouldn’t tell the 61 people that successfully closed on their Highlands homes between 11/1/13 and 1/4/14 that winter is a bad time to sell a home.
+ 23 of those 61 homes sold in 10 days or less (37.7%)
+ 13 of the 61 homes sold in 11 – 30 days (21.3%)
+ 7 of the 61 homes sold in 31 – 60 days (11.4%)
+ 10 of the 61 homes took longer than 100 days to sell (16.3%)
Now let’s change markets… Only 29 people closed on their Middletown homes between 11/1/13 and 1/4/14.
+ 6 of those 29 homes sold in 10 days or less (20.6%)
+ 4 of the 29 homes sold in 11 – 30 days (13.7%)
+ 2 of the 29 homes sold in 31 – 60 days (6.8%)
+ 10 of the 29 homes took longer than 100 days to sell (34.4%)
These numbers tell me that the Highlands market has moved quickly this winter while the Middletown market has moved much slower. Does that mean it’s impossible to sell a home in Middletown in the winter? Absolutely not, but it does mean that I will change my marketing plan and other strategies based on the knowledge of this information. Now you see how knowing the market is crucial in selling your home. This is only one aspect of so many more.
If you live in the Highlands and your home didn’t sell this winter, it could be priced outside of the current market, or maybe your home is not getting enough market exposure, either way the responsibility lies squarely on the shoulders of your agent and not the season. 43% of Highlands homes sold during June and July of 2013 were sold in 10 days or less, compared to 37.7% in November and December. I would say that is pretty close. Now, if your home happens to be $1 million or more, there is a much smaller buyer pool for your property, and you may just need to wait for the right person to come along.
What’s my point? My point is this: Don’t settle for standard excuses or “reasons” that you hear about, and read about regarding the failed sale of your home. Don’t let your agent fall back on any of these excuses, either. Instead, ask an expert. Make sure your Realtor cares about you, and has the market knowledge necessary to properly price and sell your home.
I would be honored to take a look at your home and give you my honest opinion on what needs to be done in order to sell, and in which price range we can expect to sell your home. If you don’t like what I have to say, we part as friends, otherwise we will come up with a strategy for selling your home.
You can call me at 502.509.9278 or email me at firstname.lastname@example.org with any questions you have.
You can also get an idea of what other homes in your neighborhood are selling for by checking out our Market Insider.