This is Part 1 of a series of posts brought to you by Performance Realty entitled “Top Reasons Why Homes Do NOT Sale”.  If you have had your Bonifay home on the market for several months and haven’t seen much activity or any offers chances are there could be only one factor or a number of factors why your home is not selling.

We see it all the time.  A house comes on the market and there is a lot of excitement from everybody involved.  As time goes by the excitement wears off.  This is why it is important to price your house right to start with.  There is a lot of positive momentum when houses come on the market.  It’s important to keep that momentum. 

No doubt about it, the most common reason for a Bonifay home for sale not selling is that the asking price has been set too high. There are many reasons sellers set the price too high, ranging from over enthusiastic listing agents to unrealistic seller expectations. Regardless of the reason though, if you’ve priced your Bonifay home for sale too high, you’ve set yourself up for a number of obstacles to selling your property. Even if you do get an offer for the overly high asking price, the deal may fall apart before closing because the buyer may have problems financing at too high a price. Deals fall apart all of the time because the appraisal comes in too low. Look at other properties for sale, ones as similar and as close to yours as possible. If they are going for less than you are asking, you may be priced too high. The fact is, your property is competing against those other properties, and what buyers are willing to pay is what will determine final sales prices.

Using comps to determine the asking price can be tricky.  If your neighbor sold their house for $185,000, that doesn’t mean they walked away from the closing table with $185,000 being the final price.  There could have been various closing costs or seller concessions involved that are not public record.  Realtors talk and find details out that is deal specific.  Another important factor is that you could be experiencing a declining market.  For example, if the market is declining a difference in 6 months could mean the difference of a 5% decrease in your homes value.  That is why it is important to hire a professional.  Professional Realtors deal with issues like this every day.  Performance Realty has full time Realtors that analyze market trends and research home prices to establish a good list price to capture the momentum of the market.  Are you ahead if you are able to sell your house for $10,000 more by holding your property a year?  On an average home the answer is no.  You have paid a year’s worth of mortgage payments and interest.  Plus, if the market has shifted and it becomes an escalating market you could pay more for the next home you purchase.  It is important to get the list price right the first time.  Call us today at Performance Realty for a Free Home Valuation, it is unlike anything you have ever seen.