When you’re Selling in a seller’s market, it’s pretty safe to assume that your home will sell quickly.
But that’s not always the case…
That’s IF you price it right and list it in good condition.
So, what if your home is one that doesn’t sell quickly? You’re left baffled and wondering why your home is different from all the rest. In this post, we’ll offer up some tips for when you’re struggle to sell your West Knoxville home.
Step One: Really Assess Price
Price is the most important part of selling your West Knoxville home. If you’re struggling to sell your home, price is probably the thing that is hurting you most. When the price is right, buyers can accept pretty much any aspect about a home including a poor location, small backyard, or urgent need for repairs.
Your realtor can help you take a look at your price. They can let you know what is selling in your area and what is currently for sale. Then, they can help you account for how your home fits into the equation. If your home lacks a significant feature (i.e. a bedroom), then your home probably isn’t worth what homes are selling for in your area.
Sometimes, it can be hard to hear the price a realtor suggests for your home. This is oftentimes why homes get overpriced. A seller thinks their home is worth more than it actually is, so they list it high and it sits on the market. This often requires multiple price drops to get the home sold. Ironically, if the seller had just listed their home competitively it would have sold for more money and in less time.
Step Two: What Are People Saying?
Feedback goes along way when you’re trying to figure out why your West Knoxville home isn’t selling. Sometimes feedback can be hard to hear and take to heart. But, when you’re given it, you should really try to assess what you’re hearing and take it to heart.
The two most important people you’ll hear feedback from is buyers and your agent. The most important feedback you’ll receive is from buyers. There’s a lot to be learned from what is said and also what isn’t said. If you’re constantly receiving feedback, that your home is overpriced or that your backyard is too small, you should really hear what buyers are saying to you. It ultimately goes back to price. While you can’t change your backyard, you can always drop the price to compensate for that.
In addition, if you’re not getting any feedback from buyers that says a lot, too. If you’ve listed your home and aren’t getting any showings, buyers are telling you something as well. It’s that your home is overpriced and it’s not worth looking at with the current price.
If you’ve also asked your agent what they’re thoughts are, you should listen as well. If your agent is telling you that your home is overpriced or may need some work, that’s something to consider too.
Step Three: What Are Your Options?
Finally, when your West Knoxville home isn’t selling, it can sometimes put you in a precarious situation. On one hand, you want to move on from your home. On the other, there may be financial reason why you’re still holding out and not dropping the price. Ultimately, you’ll have to explore what options may work best for you.
You generally have a few options to consider when your West Knoxville home isn’t selling.
The most common is just cutting your loses and moving on. Drop the price low enough and you’ll generate enough attention to receive an offer. If you’ve got a mortgage, you’re paying to live there and to maintain a home, so it’s costing you money to keep the home. At some point, it just may be easier to cut the cord and move on from it. If you’re financially able to do this, it may be your best option.
Another option would be to keep in on the market. Consider dropping the price a bit to get some attention. If you’ve got the time to wait and see what happens, there is nothing wrong with waiting it out. Just keep in mind, the longer your home sits on the market, the more likely you are to have to drop the price to get attention.
Are you thinking about selling your West Knoxville home this year? Please let us know if there is any way that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at 865-696-1888 or via email at [email protected].