Qualified Buyers aren’t seeing your home.
The Buyers who can afford the true value of your home will never see your home, because they’re seeing your competition’s homes, as explained above. Ideally, they should be seeing your home, along with other Buyers who may find your home to be just right for them. It’s possibly just the right size, the right location, the right finishes, the right condition, but not the right price, so they won’t see it, as it never comes up in their home searches because it’s not within their price range.
Buyers that search for a home in the price range where you decided to list your home for sale, will find other homes for sale that will likely be larger and have more desirable features than your home. Why is that, you ask? It is because your home isn’t really valued at what you listed it for sale at, as you just wanted some wiggle room knowing the true value is below what you listed your home for on the market. Therefore, where you desired to place your home for sale is amongst a group of homes that are valued at a higher amount due to size, features, location, etc. With this in mind, why would a Buyer pay more for your home when they could get a nicer home at the same price; larger, upgraded features and nicer location They wouldn’t even bother with your home and remember the Buyers who would likely love your home’s “real price” and it’s features aren’t even seeing your home because you priced it too high! We buy houses Elk Grove
Talk about a huge missed opportunity in selling your home!
Buyers want to see homes right away; they’re ready to buy.
Once a Buyer has made the decision to buy a new home, they’re ready to buy now and they’re anxious to get started in their search to find that perfect home. When they are first new to the market with their home search, they’ll review a list of all of the homes currently active for sale within their price range (your competition, remember?) Then going forward, as new homes hit the market, they’ll be all over them the minute they become available to take a look at, to see, if the right home has become available for them. What this tells you is that the first few weeks that a home is on the market will bring the greatest amount of Buyer activity, as your home is fresh to them, like that vine ripened tomato!
Buyers see homes that sit on the market as less than desirable
You know what happens to the vine ripened tomato that I described above – the longer it sits attached to the vine and it isn’t picked and/or selected?! You can envision that, I’m sure. Well, a similar thing happens to a home that is no longer fresh to the market. It’s almost as if it slowly rots and with homes that rot, so to speak, they will have an attached stigma of not having sold; their perceived value begins to decline. Buyers will wonder, why your home has not sold? The mind is very powerful in what it can imagine. Perhaps something is wrong with the home, something is hidden that was discovered by another Buyer, perhaps it’s priced too high for what the home has to offer, the imagination can go on and on, as they wonder wanting to know just what is wrong with your home and why didn’t it sell within a few weeks when it was fresh to the market?
Buyers offer a substantial discount off of your home’s price in order to consider
Buyers will think that because your home hasn’t sold that you may be more desperate to sell your home and you may be more willing to take a lower price to get your home sold. Buyers will not just simply offer a price based upon your home’s true fair market value, as now your home has the added stigma attached to it from not selling. So now, when you had just wanted the higher price to leave room for negotiation, you’ll find out that Buyers also want to reduce the price for the stigma that has been attached to your home due to not selling. Did you ever think that when you wanted to price your home to leave room for negotiations that you’d also be leaving room for negotiations due to the added stigma of not selling? Don’t do it!