Do you have a home for sale in Portsmouth or the New Hampshire Seacoast and it hasn’t sold after a couple of months? If so, you definitely need to revisit your asking price.
The Portsmouth and NH Seacoast market is hot with market absorption rates under 4 months which indicates a fairly robust seller’s market.
This pricing chart illustrates what percentage of home buyers will look at a home for sale at, above, and below the market value for that home. Even at the current market value you’re only attracting 60% of available buyers. Go 10% over that that drops to 30%. 15% over the market value and you’re now down to attracting only 10% of available buyers. That’s way too low and that’s why your house is likely still for sale.
It’s time for a ‘sit down’ with your listing agent to have a frank discussion about what is going on with your house and why it’s not selling. Have them prepare a current market analysis and look at your competition; what’s for sale. Look as home many comparably priced homes have sold since yours came on the market. Look at the pending sales which are a short term indicator of where the market is right now. You can get an instant updated valuation for your house here. Bear in mind this is just an estimate. Your Realtor can fine tune these numbers to focus on your unique house. If your listing has expired and you would like a professional analysis of your home we’re happy to provide that.
Finally, discuss the feedback you’ve been getting from showings. Do they have a common thread? Do buyers hate something about your house? Paint colors? Condition? Location? Whatever it is needs correcting immediately! If it’s something you can easily correct like fresh paint, do it. If it’s something big you either can’t fix or can’t fit it into your budget you must make a price adjustment to compensate for it.
Homes in Portsmouth and the New Hampshire Seacoast are selling and if yours isn’t one of them it’s most likely your price.
My partner Ann Cummings and I each have over 35 years of experience selling homes just like yours. If you want to sell give us a call at 603-436-1221 and let’s talk.