No sale is simply Rejection. But before we talk about rejection, let’s first remind Barrington home sellers that the average time on market in 2016 was 172 days for single family homes and 122 days for attached townhomes and condos. Maybe your home has not been on the market long enough. Maybe it has in which case take a fresh look at your situation.
There’s only one person that determines whether the price you ask is the price they are willing to pay and that is the buyer. One buyer will be all you need but if that buyer is all too elusive, well your home has been rejected at the price you are asking. The real estate market heats up in early spring but we already have enquiries and buyers in the market place. Maybe you should ask for a new Barrington home value opinion.
What Affects The Acceptance of Your Price
It is what it is though, and you selected it when you bought it, for good or bad. Backing up to busy roads is always a buyer concern. Close proximity to overhead lines as well. Best house in a neighborhood suffers especially if the age difference is great. The views from front and back yards can affect desirability, a commercial building or a water location are two sides of this coin. Which would you refer?
You must bear all location factors in mind when setting an asking price. Location in Barrington can also refer to which village. Be sure to find comparable sales within a mile if at all possible and in the same village.
Condition..Buyers Want Perfection
It’s been said a hundred times that kitchens and bathrooms sell houses. And it’s true. Part of the reason is that the cost to redo them is the highest inside a home. Costly exterior maintenance items that may be due in the next few years can deter a buyer. New roofs are not cheap and while you only have to have a functioning roof, a buyer is going to factor in the cost of replacing it. The same is true for windows, exterior painting or staining and new driveways. Other interior upgrades that may be imminent are water heaters, furnaces and AC units.
The choice is yours. Upgrade at your expense before putting your home on the market or reduce the price enough to compensate. Contrary to popular TV shows, you will NOT get your entire cost back on sale. What you are likely to get is a faster sale.
Establish an average market time for your neighborhood or village. Ask your Realtor to show you comparable sales that match your homes criteria. Size, age, location, condition must be similar. If your home is on the market close to this timeframe and you are not getting many showings or receiving any offers, look at your price. Pricing your home just 10% above market value can dramatically cut the number of active buyers that will see your house. See chart below.
The sweet spots are at market price and below. Your goal may be a quick sale. In which case price below market value to attract more buyers.
Buyers Can & Do Research
They say once bitten, twice shy. This is today’s real estate buyer. They watched the market tumble and became very aware of making sure they did not overpay. While our market in Barrington has recovered and sales are up, buyers will now always be cautious. The internet and real estate has reached a pinnacle in the amount of data and information available to buyers and sellers. Just 10 years ago it was barely available.
Buyers rarely view over-priced homes, especially if new to the market. They may wait for a price reduction to put your home in their target range or more likely they’ll find a home priced better.
Now Back To Rejection
You’ve got to sell your home 3 times.
- First to the buyer.
- Then the buyer’s agent will help a buyer weigh in on a suitable price.
- Finally an appraiser. Even today some appraisals are failing and sales lost.
As you can see rejection of your price comes down to more than just the buyer. Don’t fall for a Barrington home value opinion that caters to your emotional ego or pocket book needs. Always ask for supporting proof.
Finally Those Unusual Homes
There are homes in any market that do not conform. Meaning for the market they are selling in, they are the oddball property. These types of property rarely sell for top dollar, some may never sell. Emotional pricing will kill your sale. You’ve got to be realistic and patient.
Barrington Home Value Opinion
If you are considering selling and want an honest and frank conversation about your plans, goals and preparing for sale, just give me a jingle at 847-363-3686 or fill out my simple form here. I’ll stop by when it’s convenient for us both.