The pandemic brought on a sharp decline in the spring housing market, but it quickly rebounded with a significant drop in mortgage interest rates. Now we are seeing low inventory, more buyer demand, and increasing home values creating a hot seller’s market.
Here are some reasons that homes go unsold, even in a seller’s market.
Price
Yes, homes are selling for higher prices and some are entering bidding wars and even selling above list price, but a home that is priced too high from the start is not going to generate buyer interest. It is important to do your homework about the fair market value of your home before setting a list price.
How much you want to make off the home, how much money you spent on renovations, and what you feel the price should be matter very little, a home is only worth what a buyer is willing to pay. An experienced agent can help you go over the current local market conditions and how that will play a big part in pricing your home at market value. Homes priced accurately sell more successfully.
Related: A Guide to Selling Your Hollywood Hills Home
Presentation
Today’s buyers are much savvier and many of them are looking for homes that are turn-key or have very little work to be done to turn it into something that meets their tastes. If your home is out of date or not well maintained, fewer people will be interested in it. The presentation is important. This can include decluttering, immaculate cleaning, current yardwork, and staging.
According to a study conducted by the National Association of Realtors, two-thirds of sellers’ agents reported that clean and staged homes sell faster and 77% percent of buyer’s agents said staging helps their clients to visualize themselves living in the home.
Marketing
A home that is well-staged, and priced right still needs to be seen by buyers to get sold. Working with an experienced agent is going to really help with marketing your home so that more buyers see that it is for sale. An experienced realtor will have a successful marketing plan already in place that gets homes seen and helps them sell. It is a good idea to interview prospective agents about their marketing plans for your home.
For help selling a home in Beverly Hills and surrounding areas and taking advantage of today’s seller’s market please contact me anytime.
More Advice for Homeowners:
Do you need a Zoom Room When Selling?
7 Exterior Remodeling Ideas to Boost Your Curb Appeal
How COVID Has Affected the Hollywood Hills Real Estate Market
