Trouble Selling Your Home? Consider These Factors

Elizabethtown PA Real EstateIn the current real estate climate, even in Lancaster County Pennsylvania real estate,  there are many factors as to why homes stay on the market as long as they do.  The easy thing for home sellers to do is blame the real estate agent they’re working with and switch to another.  While this may make sellers feel better in the short term, inevitably they run into the same problems they had with their previous agent.

The reason:  There are many factors beyond a real estate professional’s control that contribute directly to the length of time a home may stay on the market.

Knowing and understanding these factors will give you more realistic expectations of your home selling process.   Here is a short list to help you:

1) Banks Aren’t Lending

In this recession economy, banks just aren’t as willing to lend money as they were in years past.   Lending requirements for banks are much more strict and in general people just have less money to spend.   The end result is that larger down payments and higher credit scores are required of buyers to get a home loan.

2)  High Unemployment

Your home may be in an area with high unemployment.   The impact of business closures or down-sizing goes beyond job loss…home values in the area are negatively affected, as well.   It’s also tough to attract home buyers to an area with high unemployment because most people simply want to live in an area where there are more employment opportunities.

3)  Neighborhood

Let’s face it, some neighborhoods just aren’t what they once were, and the indicators of decline are there for you to see:

  • High number of  foreclosures and/or short sales in the area
  • Area schools in decline
  • Businesses closing down

Look realistically at your community if you’re looking to sell your home.  Even if your area is in decline, the right price will sell your home.  However, this may lead you directly to factor #5 below.    A good real estate agent can help you price the home right…even if it’s unfortunately not what you were hoping to get for it.

4)   New Construction

I include this on the list simply because there are things like home repairs, staging, landscaping and removal of as many personalized decorative pieces as possible that a good real estate professional should address with home sellers.   The problem is too many sellers don’t want to bother with these things and are convinced that they can sell their home “as is.”   The result?  A buyer would rather buy a new home (even at a higher price) than be bothered with things like repairs and landscaping before the ink is even dry at the closing table.  Like it or not, your home will be compared to new construction and it’s important to present it as close to pristine as possible.

5)   Unrealistic Home Value

Your home just may not be worth what you think it is or want it to be.   Sometimes neighborhood decline is the reason, though the housing bubble’s unnatural inflation of home values is the most common factor.   Even though this isn’t the news you want to hear, it’s the truth…but a good real estate agent is not going to price your Lancaster County PA home at bottom dollar just to get a sale.   This isn’t helpful to anyone involved.   Use the Internet…it’s easy to find out what homes in your area are selling for and get a realistic idea of what ballpark your home value will be in.  A good real estate pro will guide you through this process and help it all make sense.

For more tips and hands-on help with Lancaster County PA real estate , give me a call at (717) 413-2749.

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~ by bobenglishsellshomes on December 27, 2011.

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