Why Nice Homes Don’t Sell

Naturally, sellers are emotionally attached to their property — it’s the place they’ve called home. When deciding on a listing price, their sentiments can lead them to overvalue their property. That’s why working with a trusted and experienced real estate professional is essential for setting a price based on your home’s actual merits rather than how much you love it, or how much the house or condo down the street sold for.

A home that isn’t priced right simply will not sell. While deciding on the appropriate asking price is not an exact science, there are a few key factors that determine the market value of your home:

• Location (of course!) – It may be the single most important thing affecting value. Factors such as proximity to transportation, quality of schools, and local amenities are critical to determining the ultimate worth of your property.
• Competition – Buyers will compare your property to others available in the same market. While you can’t change the competition, you should be aware of it.
• Timing – Is the current real estate market up or down? Depending on timing, it may be a “buyers market” or a “sellers market.” And what time of year is it? While conventional wisdom says you shouldn’t list your house during the holidays, keep in mind that people looking at that time of year are serious buyers. An individual marketing plan for your property will make the most of your timing, regardless of markets and seasons.  
• Condition – The overall condition of your home—inside and out—has a major impact on both price and speed of sale. Make sure to stage your home carefully to create the best possible impression and maximize perceived value.