Why isn’t my home selling? This is a question often asked by homeowners whose homes have been on the market for a while. Our Flower Mound real estate agents know how frustrating it can be – and we also know the four factors which often impact how quickly you sell your Dallas home. These include location, price, condition of the home, and economic conditions.
Whether you live in Flower Mound, Denton, Highland Village, Frisco, or another area in the Dallas-Ft. Worth metro, here’s our thoughts on the four factors which influence how long your home stays on the market:
Price. Homeowners often price their homes based solely in relation to other homes in the area. Your realtor should help you understand how to price your home so that it is neither too high or too low, taking into consideration its location, condition, and the performance of the overall market.
Location. We’ve all heard it before; location, location, location. When it comes to selling your North Texas home, location is key, particularly in regards to pricing. In order to sell a home in a location considered “inferior” (such as next to a fire station or on a busy street), you may have to compensate by discounting the price a bit. On the other hand, a home with a prime location can bring more than similar homes with inferior locations.
Condition. The condition of a home is a huge factor in its selling price. It’s easy to assume that comparable homes which offer the same amenities, location, size, architectural features, etc. would sell at the same or similar price. Unfortunately, this is not the case. A home that needs painting, repair to the roof, or that the owner has decided to paint using some “wild” colors that the average person wouldn’t be happy with, will not sell at the same price. Either the price should be reduced, repairs/upgrades made, or a combination of both.
Economic conditions. Recessions and booming markets have been a factor in real estate throughout history. When the market is declining, home prices often have to be lowered a bit in order to sell. In a booming market, home owners can often price their homes higher, particularly when demand is high and supply is low.
Ultimately, your Flower Mound real estate agent should work with you and take into account all four factors when determining a price which will help your home sell quickly.
Thinking of selling your Dallas area home? Call the professionals at Team Nelson today; we are dedicated to helping you get the most out of your home!