Life is zero fun right now
Here is Jane’s story.
Jane’s agent said that the home is worth $276,000, though the comps placed it at $245,000. They hired an appraiser who valued the home at $225,000 and they currently have the home on the market at $220,000.
They have had 23 showings in the last month. Jane lives in a seller’s market (like Nashville) that has more buyers than homes for sale.
The home has been on the market for six months and Jane has no idea why it is not selling. They’ve had one offer and it was way low.
Jane’s only solution has been to lower the price when recommended by her agent.
Sounds like a nightmare right?
There is no reason why Jane should have to suffer like this in a market where they hold all the cards.
Without first hand knowledge of the home and market, I can’t diagnose the exact problem. However, there are gaping holes in the information that she is sharing in her story.
Here’s what I see:
- They initially listed their home 12.7% higher than what the comps said was the market value for the property. It’s ok to stretch a little over market value. When you reach too much, it typically results in very few showings and no offers. This was their initial experience.
- They have had 23 showings in the last month. That’s pretty good and it tells me that the price is now close to the market value.
- After 23 showings, they only received one offer in the last month and it was less than $200,000. In a low inventory market, they should have received more than one offer after that many showings.
Without seeing the home, I’ve concluded that the problem now is not the price, but it is likely something with the home that they have overlooked or not addressed.
That’s why Gretchen and I spend so much time helping you to prepare your home for sale. The additional days on the front end usually result in less days that your home is on the market.
That means you have fewer headaches with getting your home ready to show, less interruptions for last minute showing requests, and more time to make life fun before you move.
If you want to talk about preparing your home for sale (without the typical sales B.S.), then give me a call at 615.519.0983.
The Daily Deal in Nashville is a beautiful, updated ranch home in West Meade and it is listed for less than $410,000.