The final variable in our Sales Formula is Price. You knew that was coming, didn't you? It all comes down to price.
Look back over our formula's 4 other variables-- Location, Listing Agent, Marketing and Condition. If you have perfected every aspect of those variables, and your home STILL hasn't sold in a reasonable time, the only thing left is price. You are priced too high. For some reason, you feel your home is worth more than what buyers are willing to pay. Let me remind you of what the market value of your home IS NOT:
What you have in it.
What you need out of it.
What you owe against it.
What you want.
What it appraised for.
What your neighbor's house sold for.
Your memories and treasures.
The price of homes where you are moving.
Your home IS worth what a buyer is willing to pay for it based on:
Today's market conditions.
Today's competition and the buyer's other choices.
Today's interest rates and financing terms.
Today's economic condition.
The buyer's perception of the physical condition.
The location.
In today's buyer's market, you'll need to be realistic about your location, hire a top-notch agent, have a sound marketing strategy, perfect your home's condition inside and out, and price your home to lure the current pool of buyers. If you do all those things, I guarantee you your home will sell at it's highest value in a reasonable amount of time. And isn't that the whole point of putting a "For Sale" sign in your yard in the first place?
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