If Your Home in Land Park Doesn’t Immediately Sell
It’s pretty frustrating in a seller’s market for a seller to wonder why all the houses around his house are selling but his is not. Especially a gorgeous home in Land Park, listed by a Land Park agent. There are basically 3 reasons why a house doesn’t sell:
If the location is questionable or of concern to a buyer, then the price needs to be adjusted accordingly. It’s difficult to get the same price for a home like that as compared to a home in a highly desirable location, but sometimes you can.
The trick is to correctly position that home among the others offered for sale. A seller might want to think like a buyer before putting his home on the market. He should look for trends in the marketplace such as how long does it take each home to be exposed to the market before it sells? This is known as Days on Market. Any Land Park agent will know the approximate days on market when asked.
But more important, the seller should examine the competition, just like his Land Park agent will do. For example, if he were a buyer looking, say, in the $350,000 to $400,000 range for a home in Land Park, what else is available for sale? What can he buy for that price? How do those homes compare to the one the seller intends to put on the market? If his listing is the only available listing, he will get a lot of action, maybe even multiple offers, even if his home is not in the best location.
I’ve seen this happen over and over. Might have a home that sits on the market for a few weeks with no offers but generating a lot of showings. Getting showings tells this Land Park agent the buyer’s agent put the Land Park home on a tour for a reason. Was it the first home or the last home? Is the buyer’s agent using that home as the bad house nobody would ever buy? Agents often show a bad house to use as comparison. We might have no offers but one day three offers show up. If I were to check MLS, it would probably tell me there was nothing left to buy. Not in Land Park, nor Curtis Park nor East Sacramento, which are three areas a Land Park buyer might look if she wants to buy in Land Park.
Sometimes, your number just comes up. But wouldn’t it be easier to just reduce the price in the first place?
If you’d like to chat with an experienced agent who lives and works in Land Park, call Elizabeth Weintraub, at Lyon RE, 916.233.6759.