How To Recover From An Expired Home Sale
So your home has been on the market for three to six months and for whatever reason did not sell within that time frame. The current seller’s market means homes are selling briskly in many markets with more buyers than there are home sellers so given the right conditions homes are selling. Homeowners needs to set their home up under the right conditions as well in order to get sold. Often times those homeowners who try to sell their home in haste without full preparation will find themselves behind the curve when compared to other homes. That combined along with a mindset that is not exactly willing to adapt and change as needed means the home will sit on the market with little to no interest from homebuyers.
Failure In Home Preparation
One of the more common areas where a home does not sell during its listing period is due to inadequate home preparation. There are many steps that need to be taken in order to get a home ready for sale. Depending on the age of the home and the time the last update was made in the home there may be a lot of improvements needed in order to bring a home up to current market standards. A majority of homebuyers are looking for move-in ready homes. A home is move-in ready when a homebuyer can purchase the home, move all their furniture and belongings in and not have to worry about making any updates for a number of years to come.
Therefore homeowners need to take the proper steps to make sure their home is move-in ready if they...
How To Make Your Luxury Home For Sale Stand Out Against The Competition
As is often the case there are a multitude of luxury homes available for sale on the market. As a result the luxury homeowner who is able to make their home stand out has a better chance of being noticed by buyers. By being noticeable for a home’s features or price means buyers will be ready to take the next step and visit a home in person which in turn increases the chance of a home selling. This article explores some excellent tips for how luxury homeowners can help their home shine above other homes on the market.
Pricing Is Critical
Getting the price of a luxury home correct is probably the most important thing a homeowner can do. If a home is overpriced homebuyers will not be interested in making an offer regardless the amount of marketing done for the home. Luxury homebuyers (and most homebuyers in general) are very judicious with their money. They do not want to overspend on a purchase where they don’t have to. The luxury homebuyers are also looking at multiple houses to see what can best fit their needs and therefore understand where homes are overpriced and where homes are correctly priced.
One of the best ways to obtain the value of a home is to have a third party appraisal done. With an appraiser providing the value of a home there is less likely for there to be the chance of a real estate agent inflating the price as a business acquisition strategy. An overpriced listing is not likely to sell very quickly...
Selling a luxury home involves more than just listing the home on the Multiple Listing System (MLS) and hoping it will sell. This listing presentation is presented by Luxury Realtor Paul Sian and shows the way I will assist luxury homeowners to help sell their home.
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Ready to get your home sold? Please contact me using the form below or call or text me at 513-560-8002 or email me at Paul@CinciNKYRealEstate.com.
What Can Happen When You Get The Price Wrong On Your Luxury Home
Setting the right price for a luxury home is one of the most critical aspects of selling a home. Setting a price too low and the homeowner is walking away from money they could have otherwise added to their own pocket. Setting a price too high and no amount of marketing will help get that home sold. The price of a home is determined by what a ready, willing and able buyer offers for the home. The amount invested into a home, the amount originally paid for a home or the amount owed on a mortgage does not really play into the actual price a home will sell for. Sure those items may factor into the homeowners equation as to whether it makes sense to sell the home or not, but it does not set a home’s price.
Take for example a high end luxury home purchased for over one millions dollars and located on a hillside with a great view of the city. If the home has been kept in excellent shape, updates been made as needed, repairs done on a regular basis then the home still will only fetch what the current market indicates. If the real estate market is strong and there are plenty of buyers then the chance of the home selling for more than it was purchased for may be good. On the other let’s say that same home had one quarter of the house shift downward resulting in major structural issues due to improper construction on the hill side. The home may have been purchased for more than one million dollars but due to the current condition no one will pay that much. While the hillside...
The real estate market continues to show signs of softening as pending home sales all over the US are on a downward trend. Even with interest rates as low as they are home inventory remains tight and it could be possible that buyers are beginning to also pull back and wait until housing is more affordable. Millennials with their current debt levels and attitudes that are not necessarily for homeownership could play in to the coming months as the real estate market sorts itself out.
An interesting article about homeownership in Australia tells of homeowners who could not afford an extra $100 in mortgage payments if interest rates were to rise. The same could happen in the U.S. if interest rates were to rise which would cause pressure on those with adjustable rate mortgages (ARM) and limited time interest only mortgages. The Federal Reserve has indicated a desire to raise rates but whether they are actually able to do so remains to be seen. Higher priced luxury homeowners who are looking to sell should try to sell now rather than waiting to see if buyer interest comes back.