A home languishing on the Lee’s Summit real estate market is one of life’s more frustrating ordeals. Especially if you’ve owned the home for some time, there’s that emotional attachment that tells you, “Hey, this is an incredible Lee’s Summit house. It should sell really fast!”
If you’re under contract on another home or if you need to relocate there is also the need for speed.
There is no reason, at least not in the current Days on Market, that a home in good condition and in a desirable area shouldn’t sell. Homebuyers are clamoring for these homes.
There are several common reasons that Lee’s Summit homes don’t sell and one of these may just be the solution to your problem. If your home is past the Lee’s Summit zip code “Days on Market” (DOM) statistic, then you need to review the following talking points.
1. The home is overpriced for your neighborhood
The most common reason a Lee’s Summit home sits on the market is because it’s overpriced. Asking too much for the home could be a result of:
- you ignoring your real estate agent’s pricing advice, or
- an error on the part of your real estate agent, or
- because the market corrected and your agent didn’t notice, or
- your agent agreeing to your price just to get the listing.
Regardless of the reason why, you’ll need to drop your price, as soon as possible, to renew interest in it and get it sold.
Truth hurts, but do you prefer to be lied to? Or do you prefer market stats (numbers don’t lie) and honesty?
In a nutshell, homes sell for what buyers are willing to pay, not what sellers hope to get. The only way to know what a Lee’s Summit buyer is willing to pay for a home like yours is to check the sale/sold prices (not the asking price of active listings) of Lee’s Summit neighborhood homes similar to yours.
Similar includes square footage, rooms, closest to you, textile finishes, style of home, age, most recently sold, etc. You can’t ignore the ones you don’t want to use.
If it’s less than what you’re currently asking, I urge you to drop the price. The price reduction may just be the key to getting more buyers through the front door and, thus, to the home selling.
2. Your Lee’s Summit home needs work
We’ve noticed that the Lee’s Summit homes that sell the fastest are priced right and they’re in good condition. What do I mean by “good?” They have curb appeal – the exterior reflects Lee’s Summit pride of ownership, not necessarily opulence. The trim is painted, the siding is in good condition and the landscaping is tidy.
Consider some planting some flowers, potted plants, or evergreen bushes that add color spotting, dimension and color to the landscape.
Inside, the paint is fresh, the carpets clean and the house is neat. The buyer has the impression that he or she can move right in and not have to work to make the home livable.
Because we tend to be “married” to our homes and don’t notice their flaws, the ideal way to get feedback on its condition is for your agent to solicit it from the buyers’ agents who’ve brought their Lee’s Summit clients to the home.
If your agent isn’t doing this, he or she is doing you a disservice. Ask your agent to do the follow-up – you are, after all, paying him or her. Which leads us to reason number 3 that your home isn’t selling.
3. You have a lousy real estate agent
Your real estate agent’s primary job is to market your Lee’s Summit home. If it’s priced right and in good condition, the next biggest reason it’s not selling is because you have an agent who is failing at the marketing game.
You have to know your neighborhood average days on market. If you are expecting to sell your home in 30 days, but the average is closer to 100 days, your agent needs to tell you that off the bat so that you have realistic timelines and expectations of the sale and your agent’s efforts.
Get together with your agent and find out what is being done to market the home. If the only marketing that’s been done is a sign in the front yard and an MLS listing, consider finding another agent. It’s a lesson many Lee’s Summit homeowners learn the hard way.
4. Are You Available to Show?
If you follow numbers one and two, above, and you are convinced your agent is doing a stellar job, ask yourself if you’re flexible enough in showing the home.
The first showings are always the most important. You may have turned a sale away if you weren’t available to show, as they may have found another home that was available to show on the same day.
We know from our own Lee’s Summit listing clients that the worst part of selling the home is having to keep it in model-home condition despite life continuing to happen – kids, pets, guests and all of that.
Buyers work too, and often the only time they have to look at homes is in the evening or on weekends. Accommodating last-minute requests to see the home earns bonus points (at least with us!) and gets you even closer to selling the home.
Even in the hottest sellers’ markets there are slow periods, so if you’ve done all you can to ensure that your Lee’s Summit home is competitive, relax and give it more time. Again, check the average Days on Market for last sold and your zip code, and heed your agent’s advice.