The Secret To Selling Your Home Quickly

Home sellers’ guide to competitive pricing in the current market. 

At a recent client event, I had the pleasure of hearing from many of you, and I was also asked this question: Why do homes not sell sometimes? If you have a home that isn’t selling or are considering putting your home on the market, it's essential to understand what’s happening in your neighborhood and the broader market. While inventory remains low, making it a seller’s market, we’re also experiencing lower demand. This creates a unique "bridge market" where some homes sell quickly while others linger or expire. Today, I will talk about the three possible reasons why a home isn't selling: 1. Pricing. The first and most crucial factor is pricing. Are you pricing your home appropriately for the current market conditions? In 2021 and 2022, there was little competition, and sellers could essentially create the market. Now, it's about interpreting the market and adjusting accordingly. A comparative market analysis (CMA) by your agent can help you understand your competition and price your home to stand out. In today’s market, you need to beat your competition in pricing, not follow them. Ensuring your home is priced right is the first step towards a successful sale.

"Re-examining the critical factors of your home sale will help you pinpoint what needs to be changed."

2. Condition. The second factor is the condition of your home. Feedback from showings is invaluable, as it can highlight what buyers liked about competing properties. Sometimes, buyers may not be entirely truthful about why they didn’t choose your home, but persistent questioning can reveal the truth. If your home needs a new paint job, do it. If repairs are necessary, take care of them. With higher interest rates, buyers often have less money for repairs, needing more funds for their down payment to make their monthly payments affordable. Additionally, any costs related to agent compensation could fall on the buyer, reducing their available funds. Making your property as move-in ready as possible can make it more appealing and accessible to buyers, increasing showings and offers, and ultimately, the sale price. 3. Marketing strategy. The third factor to reevaluate is your marketing strategy. What is your agent doing to market your home? Are they relying on outdated methods from 2022, where simply listing a home and waiting for buyers was enough? Or are they proactive and pleasantly aggressive, staying ahead of the market? A successful agent should be leveraging a robust marketing strategy, including an online presence and a large database of potential buyers. With a shrinking buyer pool, it’s crucial to work harder to attract interest to your home. I hope this information is helpful. If you have any other questions, please feel free to reach out to us. Just call (615) 315-9223 or visit our website at www.fykesrealtygroup.com. I look forward to hearing from you!