The US is experiencing a good level of real estate sales recently with nearly 15,000 homes selling each day across the country. Locally, we are selling 20-25 homes per day.
However, there are some homes that are on the market but are not participating in the buying party. Almost any home that is not distressed should be getting serious action in a market like we're in. Owners of the homes that are not selling should understand that the likely cause is the asking price of the home.
The National Association of Realtors recently reported that there is a 4.2 month supply of homes on the market. A six month supply is considered a balanced market or normal market.
This means there aren't enough homes available to feed all the buyers, yet some homes remain on the market longer than they should.
The simple answer to this is that buyers are looking at value for money. If a house needs work, is cluttered or needs to be cleaned, it's hard for buyers to see the value.
If a house is sitting on the market but is super clean, updated, and remodeled, the answer has to do with price. The amenities the house offers is not competitive with other homes in that price range. If the home is price properly in a market like this, you'll get multiple offers very quickly. If it's over-priced, it will sit on the market while buyers seek better value for their money.
All sellers want the best price for their home possible. That's only natural. However, pushing the upper limits of the price/value ratio can leave you high and dry.
If you need some help in this regard, please call me at 419-779-6229. Thanks!
Kelley Knitz has been a RE/MAX agent for over 26 years and is in the RE/MAX Hall of Fame and is a long time member of the Toledo Board of Realtors Million Dollar Club.
1911 Indian Wood Circle
Maumee, OH 43537