If you have a home for sale, but no one is looking at it, it can mean many things. Before making your real estate agent panic, research the possible causes. Sometimes, it is not your home; that is the problem.
In recent years, the real estate industry is showing a remarkable recovery. Low-interest rates are making it a lot more affordable for home buyers. Thanks to the one-year extension provided by the government, the recent fiscal cliff problems have been avoided. Housing prices are not the lowest ever, but they are still low compared to previous years. All in all now is a good time to buy. So why does no one seem to want to see your homes for sale?
One of the reasons buyers hesitate is their fear of foreclosure. Even if they are sold short, the prospect of losing their homes will stop them immediately. Even if they have a stable income, they will hesitate to buy a house because they are worried about future instability. At the minimum, they are postponing their buying plans.
An additional factor why your homes for sale are still in the market because buyers are waiting for the lowest price. This is somewhat related to the previous foreclosure. The current median selling price is a bit high; after all, it is still a seller’s market. Given the recent threat of the fiscal cliff, people are making sure that they can afford the price of the home they want to buy. They may be waiting to sell suitable houses that fit their budgets.
Some buyers deliberately wait for their houses to grow old. If your home stays on the market long enough, you will have to lower the house price. Prices can be tricky, and you may need the expertise of a real estate agent. There are several factors in setting the right price for your house. You need to view current trends, housing conditions and other real estate market statistics. Before selecting a price, think twice to attract buyers-they should choose to visit you.
Homebuyers may also be waiting for “shadow inventory.” These refer to houses that are about to be foreclosed. The waiting game is a valid reason to get your homes available for sale to stay in the marketplace for as long as possible. Even though foreclosure is tedious, it does provide a
lower selling price. In addition to short selling, several houses can offer better deals.
The real estate market brings about all these reasons, and you may want to know how to compete. It will be complicated, but you must wait patiently for the right buyer to arrive. Don’t be satisfied with buyers trying to buy a home at a price much lower than its actual value.
Ultimately, you need to understand real estate trends to help you make better options for your homes for sale. Your real estate agent can help you with excellent marketing campaigns to eliminate the fear of home buyers.
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