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Below are the 5 most common reasons why your home isn’t selling:
Sometimes when the market is hot, homeowners attempt to set their listing price higher. Their hope is that a motivated buyer will be willing to pay any price for a house in their desired neighborhood! Sellers must remember, though, that in today’s market a house must be sold twice; first to the buyer and then to that buyer’s bank.
A buyer can agree to pay the homeowner’s asking price, but after the bank conducts their appraisal, the price might need to be adjusted. The bank will only give the buyer a mortgage for the value of determined in the appraisal.
Sellers must also keep in mind that today’s homebuyers are well-educated. Before they look to buy a house, they have already seen many houses online. They’ve done their research on the Knoxville neighborhoods they are interested in, including information on the school districts in the area.
They will know if your house seems overpriced and will not waste their time considering it. This is why it’s so important to make sure that your home is priced right from day one on the market!
In many areas around Knoxville, builders are taking advantage of the lack of inventory of homes for sale by building new houses. These newly constructed homes create competition for existing homes in the market. For this reason, many homeowners are making renovations and updates to their homes to compete with the new construction in their marketplace.
Most agents recommend that homeowners declutter their houses before putting them on the market. Buyers want to be able to imagine themselves living in the home instead of focusing on the current homeowner’s decor.
It’s important to take care of the small problems like dripping faucets and torn screens, while also remembering to remove any posters hanging in your teenager’s bedroom. Making sure your home is in perfect condition will make buyers fall in love with it and will ultimately help you get the right price for your house!
Why did the seller put their house on the market in the first place? Is the seller’s motivation still the same as it was when they first listed?
If homeowners are really motivated to sell, they will make sure their houses are both priced right and in good condition. The seller’s motivation will push them to consider all offers and help them make the right decision for their family’s future.
Having a marketing plan is important! According to NAR’s 2018 Profile of Home Buyers and Sellers, 95% of buyers searched online for a home last year. The days of looking for a newspaper ad or yard sign in your preferred neighborhood are over.
If you want to sell your home, you need a real estate professional who understands your local market and knows how to promote your home online. Don’t settle for someone who will just put your house on the MLS and leave the rest up to luck!
Keeping an open line of communication with your agent is crucial in getting your home sold with the least amount of hassles, in the right amount of time, and for the right price! From the beginning, establish a continuous line of communication with your agent, and make sure you review your agreement often to see if any changes need to be made. For example, adjusting the selling price!
There are houses selling every single day because they are listed at the right price, they have the right marketing plan, and they are staged for the sale. Also, keep in mind that some price points sell much faster than others, and while it might be a strong real estate market for entry level or trade up homes, it might not be for luxury homes (for example as of right now in Knoxville, it is a seller’s market for entry level and trade up homes, and a buyer’s market for luxury homes). If for some reason your home didn’t sell and you’re still motivated to get it sold, let’s get together to figure out the reason your house isn’t selling!
Have questions or want to talk about your situation? Call me, Troy Stavros with Gables & Gates, REALTORS today at 865-777-9191 to setup a time for us to talk. I look forward to hearing from you!
Every homeowner wants to make sure they get the best price when selling their home. But how do you guarantee that you receive maximum value for your house? Here are two keys to ensuring you get the highest price possible.
This may seem counterintuitive. However, let’s look at this concept for a moment. Many homeowners think that pricing their home a little OVER market value will leave them room for negotiation. In actuality, this just dramatically lessens the demand for your house (see chart below).
Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so that demand for the home is maximized. In that way, the seller will not be fighting with a buyer over the price, but instead will have multiple buyers fighting with each other over the house.
Realtor.com, gives this advice:
“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”
This too may seem counterintuitive. The seller may think they would net more money if they didn’t have to pay a real estate commission. With this being said, studies have shown that homes typically sell for more money when handled by a real estate professional.
Research posted by the Economists’ Outlook Blog revealed that:
“The median selling price for all FSBO homes was $210,000 last year. When the buyer knew the seller in FSBO sales, the number sinks to the median selling price of $151,900. However, homes that were sold with the assistance of an agent had a median selling price of $249,000 – nearly $40,000 more for the typical home sale.”
Price your house at or slightly below the current market value and hire a professional. That will guarantee you maximize the price you get for your house.
Here are the most recent (April) statistics for the Knoxville and Farragut TN real estate markets.
Here are the Knoxville TN real estate market stats through April. The highlighted stats are:
Here are the Farragut TN real estate market stats for April:
The Knoxville and Farragut TN real estate markets are humming along and now in full swing as we enter the Spring selling season. Home sales and home prices in both Farragut and Knoxville keep trending upward, and while inventory levels in Knoxville as a whole have bumped up a few percentage points, Farragut is still struggling with a low supply of homes for sale (decreasing to only a 4.05 month supply when a healthy market is 6 months).
Homeowners considering selling a home in Farragut or Knoxville should know that there is no better time to be on the market then right now. Between the seller’s market being created by the low inventory situation and the fact that we are entering the highest demand time of the year for buyers (May, June, July, August), if you are thinking of selling, do it now! Watch my recent video here explaining this in more detail. Also sellers become buyers so read below for more important information.
Yes, the low inventory situation can make it a bit harder to find a home, and competition may be fierce, but now is the time to buy. Why? Recent reports have shown us that both prices and mortgage rates are on the rise. These two factors will decrease your buying power, the longer you wait. If you find a home to buy now, you will be getting more for your money than if you wait. Watch my recent video that explains this in more detail here.
Have questions about the market or anything Knoxville or Farragut TN real estate related? Want to sit down over a cup of coffee and discuss? Contact me, Troy Stavros with Gables & Gates, REALTORS and I’d be happy to get together with you and answer any questions you might have. I look forward to serving you! If you are interested in a free, no obligation analysis of how much your Knoxville or Farragut TN home is worth CLICK HERE.
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