Nashville’s real estate market has continued to grow over the past several years. It is most definitely a seller’s market in Nashville. More and more people are flocking to Nashville, and the market cannot keep up with the demand. However, just because the market is hot, doesn’t mean your house will automatically sell.
If you find yourself in a hot seller’s market with your home languishing away on the market, there are five possible reasons.
No matter if you’re in a hot market, making sure your home is in tip-top shape before you put it on the market matters. Check out comparable houses in your neighborhood area and see what they have sold for and what amenities they have. To get the most money out of the sale of your home, you need to get it ready to compete.
Create a budget and speak with a realtor about home improvement priorities like updating to stainless steel appliances versus updating your flooring.
We’ve all heard the stories of multiple offer situations within a home’s first 24-hours on the market. It does happen, but if you don’t experience this multiple offer situation and you do get an offer, speak with your realtor about how to meet your prospective buyers halfway. If you refuse to negotiate at all, you might lose your buyers!
3. Poorly Priced
Regardless of a seller’s market, you still need to price your home to a fair market value. If you price it far beyond the limits of the value of the home and neighborhood, your potential buyer’s banks won’t approve their loans.
If all the other houses in your neighborhood have sold, and your home remains on the market – compare your pricing, amenities, square footage and lot size. Trust your realtor to help you navigate the right price for your home.
4. Don't be Lazy
In a seller’s market, it is easy for homeowners to become lazy and overconfident that their home will sell with no effort on their part. If you are already planning on being out of your home when it goes on the market, prepare your budget for the potential of two mortgages for a short period of time.
You need to prep your home well for selling – not just in pricing and upgrades – but stage your home to sell. Whether you need to declutter and put items into storage while you sell or bringing in staging items for an empty house, helping prospective buyers imagine how they will use this space is crucial.
5. Your Agent
If you’ve ticked all the other boxes, your issue might not be your house at all, but a realtor who isn’t fighting for you and your house. If they aren’t providing advice and working hard to market your home, it might be time to select a new realtor to help you sell your home!