If you have had your Niagara Falls or Buffalo home on the market for several months and haven’t seen much activity or any offers, chances are that one or more of the reasons below are to blame. Selling your home in the Western New York Market is not all that difficult if you understand the market, and follow some common sense. The most important thing to remember is Real Estate is local.
Reasons why your WNY Home might not be selling:
Your price is too high!
The biggest problem for WNY home sellers is is that the asking price has been set too high. The reasons for setting your price too high to begin with are many.
Ranging from over enthusiastic listing agents
Change in the market
Price your home too high, you’ve set yourself up for a number of obstacles to selling your Western New York home. 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.
Look at other homes 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 WNY home is competing against those other homes in WNY, and what buyers are willing to pay is what will determine final sales prices.
The condition of your home
There is a lot of competition out there to sell homes in Western NY. Your home has to compete against other similar homes for sale, as well as competing against shiny brand new homes. The more you can do to make your WNY home look appealing to a buyer, the better your chances for a quick sale.
Look at your WNY home with a critical eye – put yourself in the Western New York buyers position. A buyer doesn’t want to have to do anything except move in. Your best bang for the buck in improving the condition of your home are paint and flooring. Make sure that all of the paint is in great condition, both inside and out. Repainting doesn’t cost too much, and will usually make the biggest impact on buyers. Make sure all of the flooring looks good too. You may want to consider putting in new carpet. Again, it is not that expensive but it sure does make an impact on buyers coming to look at your home.
Location, location, locationn
It’s the oldest cliche in the world, but it’s true. When it comes to real estate, it is all about location! When it comes to homes, things like how good the schools are, crime rates, visual appeal of the neighborhood and noise or the smell of pollution can all effect how desirable the location is. If you are in a bad location, a good real estate agent may help to minimize some of the impact by suggesting improvements to the house. But the only really reliable way to overcome a bad location is with a lower price. Simply put, an identical home in a bad location won’t sell for as much as the same home in a better location.
Your marketing campaign is out of steam..
The best listing agents all use an aggressive marketing plan to market their listings at the beginning of the listing. If your listing agent isn’t making sure your home can be found easily on the internet, is not actively touting his or her listings to other agents in the area, isn’t running ads in the local newspapers and real estate publications, then it might be time to change agents. If all your agent has done is put a sign in your front yard and add your home to the local MLS, then that agent isn’t coming close to doing all that can be done to effectively market your home.
The market is slow
You’ll hear it described as a slow market, or a buyers market, or maybe a cold market here in Western New York. But it all means the same thing. That home sales in the WNY area, or market, are slow. That there are too many homes for sale and not enough active buyers. There are several things you can do to combat a slow market. The most effective strategy is to sell at a lower price. Buyers are expecting to find bargains during a slow market. You can also help yourself by offering to pay some concessions to help a buyer that might not have a lot of cash. The ultimate way to beat a slow market is to simply wait it out. But that is not always an option for many sellers.
Your home isn’t easily accessible
To get your home sold quickly, it’s important that other agents in the area show it to as many potential buyers as possible. When a busy agent is compiling a list of homes to show a buyer, the agent will naturally tend to show those houses that are easiest to gain access to first. Many homes on the market have lock boxes on them. The lock box is a device which holds a key to the home, that only qualified local agents can access. Homes that are listed as being lock box, no appointment needed will get shown more often than homes listed as agent has key, call for appointment. If at all possible, you should let your agent put a lock box on your home for easier showing. If not, you should do anything else you can to make it as convenient as possible for agents to show your WNY home.
You have an agent nobody likes.
Sounds almost silly, but it’s very true. If your listing agent isn’t liked or respected by other agents in your area, it could slow down the sale of your home. When an agent prepares to show properties to prospective buyers, the agent begins by talking to the buyer to find out what kind of home they are looking for. Then the agent searches the local MLS and other sources for Niagara Falls homes that fit the buyer. If there are a number of good matches to choose from, and one of them has been listed by an agent that is hard to get along with, or arrogant, or has otherwise made himself unpopular, well it is just human nature to tend to skip over someone you don’t like.
This is just a few things to think about why your home is not selling. If you are considering selling your WNY home, please call us today at (716) 650-0051 to discuss how we can successfully get your home SOLD!
How Sellers Can Prevent Making Costly Selling Mistakes
What should I do to get ready to sell my home?
Thinking of selling your Erie County home? Interested in finding out the current market value of your single family home, condo or investment property? Then call www.BestBuffaloHomes.com at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional WNY Market Area Statistics here.
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PLACEHOLDERAll Statistics are gathered from the Buffalo Niagara Association of REALTORS®. Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2014 Western New York Real Estate Information Services (WNYREIS), LLC. All rights reserved.