How Long Should You Keep Your Home on the Market?

I came across this oldie post from an old blog of mine and thought it would be good to update it for today’s market. Many a home seller has been there-the house has been on the market for months and there is no sign of a sale.  At what point should you pull the house off of the market, assuming it is even an option for you?  When you start to feel like you are getting nowhere, it’s important to step back and consider the facts of the situation before you make any decisions about how long you should keep your home on the market.

 

Is The Season A Factor?

If your house has been on the market through the summer and well into fall, and the holiday season is approaching, you may feel there is no point in keeping it listed through the winter.  You may be right.  The holiday season is a notoriously difficult time to sell, and you yourself may want to just take a break and enjoy your holidays without interruptions from agents and potential buyers.  If you can take a step back and resume your efforts to sell in the late winter or early spring, doing so is usually a wise choice.

However, if your house went on the market after the holidays and the spring selling season is in full swing, as it is currently, you may want to step back and take a look at your current agent’s marketing strategy. If you house is in good condition and priced right, there is no reason for it to be on the market more than 65 days. As of this writing, according to the Knoxville Area association of Realtors, for the month of March 2017, residential single family homes in Knox County were on market an average 65 days.

 

Are You Asking Too Much?

Before you consider pulling the house off the market, take an honest look at your asking price.  If it is unrealistic and you have been holding off from dropping it, going to a lower asking price before you give up on selling altogether might be the wiser course of action.  Giving up on what you feel your house is worth is difficult, but the reality is your house is only worth what someone is willing to pay for it (and the lenders appraiser agrees).

 

Is the Condition of the House Good?

In today’s market, if your house isn’t in good condition, it will most likely sit on the market. A fresh coat of paint, updated lighting fixtures, updated plumbing fixtures, and some curb appeal goes a long way! Also clearing out all the extra furniture so that rooms look big helps tremendously.

 

Making the decision to pull your home off the market is difficult, and you should never do it without looking at all the details and discussing it with your REALTOR®.  In some cases, however, it will be the wisest course of action and result in a sale for more money down the line.

 

Selling Your Knoxville, TN Home: Why You Need a Realtor®

It’s spring and selling your home crosses your mind. The temptation to save yourself the cost of hiring a real estate agent when selling your home can be overwhelming, and with more websites, books, and other resources popping up that claim to give you all the know-how and tools you’ll need to sell your home yourself, why should you consider hiring a REALTOR® at all?  Like any job that requires a lot of insider knowledge and experience, hiring a REALTOR® will ensure that you are getting the best price for your house with the minimal amount of work and worry.  Not convinced?  Here are just a few of the best reasons why no homeowner should sell their home without one.

 

Real Estate Experts Are Just That

Would you represent yourself in court, or prescribe yourself medicines? Then why would you sell your greatest and most valuable asset without an expert.  Selling your home requires considerable knowledge of the housing market and real estate law, among other things, and you’ll want to know your investment is well represented.

 

REALTORS® Know What Your Home Is Worth

The “for sale by owner” sign is often seen as an easy mark by some serious buyers.  When selling your home you want to get the best price possible, and knowing more than your bidders is the best way to ensure that you are on the winning end of the deal.  Your REALTOR® knows exactly your home’s potential worth, and can help you get that price.

 

REALTORS® Know How To Market Your Home

Getting the best price for your home and having it sell quickly requires more work than simply putting up a for sale sign on the front lawn.  REALTORS® know how to market your home, and have resources available to them that you as an individual seller do not.  They can also give you the best advice on anything you may need to do to prepare your home for its highest possible resale value.

 

REALTORS® Know The Business Of Selling A Home

REALTORS® can prepare you for all the business and legal requirements of selling your home, and can make the actual work simpler and quicker. One of the most difficult tasks for FSBO’s was “understanding the paperwork.”*

 

Though you may think that saving the commission cost of hiring a REALTOR® to be in your best interest, the fee that REALTORS® earn can in many cases be less than what you would have made without them. It is certainly worth it, considering the time and effort they can save you and the know-how they can contribute to the sale of your home.

 

If you are thinking of selling your home, call me today – Chiara Petro with Realty Executives Associates at 865-588-3232 – and lets start moving!

 

*Source: 2016 National Association of REALTORS® Profile of Home Buyers and Sellers

Knoxville Home Sales: February Market Update

I can’t believe we’re already past the middle of March. I finally had a chance to take a look at the Market Summary for February 2017. This is for all Single Family homes that our MLS (Knoxville Area Association of Realtors) covers.

  • Active listings: 7502
  • New listings: 2018
  • Pended listings: 1621
  • Sold listings: 1154

 

Now to look more closely at Knox County alone (year to date – 1/1/17 through 3/21/17).

  •  Active listings: 1712
  • New listings: 2201
  • Pended listings: 1153
  • Sold listings: 1337

 

The average sold to list price for Knox County is running at 97%. But with all the multiple offer situations that are going on, you should expect to pay full list price for any house that has been on the market less than 2 weeks.

 

Again, our bottom line is that buyers need more choices! If a house in good condition with updated features and is priced well comes on the market, it will not last very long! Anecdotally, one couple that I am currently working with lost out in multiple offer situations 3 times before having an offer accepted on their Dream Home. They did listen to me and were putting in full-price offers, but cash is still king.

 

If you are thinking of selling your home, call me today for a free consultation. If you are looking for your Dream Home, call me today – Chiara Petro with Realty Executives Associates at 865-588-3232 – and let’s start searching!

 

*All information taken from Knoxville Area Association of Realtors MLS on 3/21/2017

Knoxville Home Sales: A Market Update

I get asked nearly every day, “How’s the real estate market?” Yes, it’s a favorite question. The short answer is, it’s crazy! On a national level, we are getting the same news, check out this article published (literally) just a few hours ago: American’s buy existing homes at fastest pace in a decade.

 

Let’s get back to our area.

 

For all of the Knoxville Area Association of Realtors,  take a look at what we are seeing.

  • Active listings: 7679
  • New listings: 1928
  • Pended listings: 1419
  • Sold listings: 1094

 

Let’s break this down a little further, just for Knox County, TN. As of this writing, year to date (1/1/2017 – 2/22/17):

  • Active listings: 1695
  • New listings: 1351
  • Pended listings: 1001
  • Sold listings: 718

 

Those are some amazing numbers, let me tell you! The spring selling season hasn’t even really started, which makes these statistics even more amazing.

 

The bottom line is buyers want more choices. If a house comes on the market that checks most, if not all, of their needs and wants, that house will go under contract quickly.

 

If you’ve been thinking of selling your house, call Chiara today — 865-588-3232 and let me help you with all your real estate needs.

 

*All information taken from Knoxville Area Association of Realtors MLS on 2/22/2017

Top Three Reasons Your Knoxville TN Home Did Not Sell

If you are thinking of selling you will want to avoid the most common mistakes when selling your home. If your home has been on the market for some time and you haven’t had any offers, you might want to think about these. Here are the top three reasons your Knoxville TN home did not sell.

 

Home Is Priced Too High

This will certainly turn buyers off, and you may have to make several contingencies or offer incentives in order to get buyers even interested in making an offer. While you may feel your home is special, asking more than the fair market value will usually get you nowhere.

You will want to price your home for sale at or below market value to get in the most buyers. The more people who look at your home, the better your chances are for an offer.

 

Home Is In Bad Condition

While your home in its current condition may work for you and your family, if there are obvious repairs needed, or it is terribly outdated, fixing these problems will not only make it easier to market your home, but will also increase its value.  In most cases this increase will be considerably greater than the money you put into making the changes.

 

Home Is Being Marketed Incorrectly

When selling your home, there are no guarantees that the ultimate buyer will simply walk through the front door.  In many cases you may have to bring your home to the buyer.  Effective marketing will help ensure that your property receives maximum exposure to attract a ready, willing, and able buyer in the shortest period of time.

 

By adhering to the advice in these simple tips, you can avoid the biggest mistakes homeowners make when selling their homes, and the process will be smoother and more profitable in the long run.

 

If you are considering selling your Knoxville home, call Chiara today at 865-588-3232 and let me help you with all your real estate needs.