In a competitive market with fewer buyers,Why Real Estate Listings Expire – Part 4 of 4 Articles more homes for sale and longer market times, you want to do everything you can to be sure your home doesn’t linger on the market. Listings which expire without selling and often without a single offer become harder to sell at the best price.
While you can’t control the market or the buyer pool, there are things you can control when trying to sell your home. We’ve already addressed how home condition, staging, and aggressive marketing can improve the odds that your home will fare well against the competition. The final element is setting the right price.
The key here is “the right price.” A home in perfect condition, staged well, and aggressively marketed will sell for top value when the price is appropriate given market conditions. The price will suffer if any of the three elements is inadequately addressed. However, if a home is overpriced it won’t sell, even if it is in pristine condition, shows well and is marketed appropriately.
A home’s asking price is the final determinant in how quickly it sells and whether the sale price approaches the home’s value.
A quick word about “the home’s value.” Basically, a home’s value is what two parties agree on as a selling price. It doesn’t matter what you paid for it, how much you have spent for maintenance or improvements, how much you need to get out of it, or what the county’s assessment says. Market conditions are much more important in determining your home’s worth at that moment in time. The bottom line is determining at what price range you will find a buyer who is willing to pay that amount for your home.