As we approach the end of the year, many homeowners find themselves asking the question, “If we’re currently in a strong real estate market, why won’t my house sell?” Below are the 5 most common reasons why a listing contract will expire:
1. The Price Sometimes when the market is hot, homeowners attempt to set their listing price higher. Their hope is that a motivated buyer will be willing to pay any price for a house in their desired neighborhood! Sellers must remember, though, that in today’s market a house must be sold twice; first to the buyer and then to their bank. A buyer can agree to pay the homeowner’s asking price, but after the bank conducts their appraisal, the price might need to be adjusted. The bank will only give the buyer a mortgage for the value of determined in the appraisal. Sellers must also keep in mind that today’s homebuyers are well-educated. Before they look to buy a house, they have already seen many houses online. They’ve done their research on the neighborhoods they are interested in, including information on the school districts in the area. They will know if your house seems overpriced and will not waste their time considering it. This is why it’s so important to make sure that your home is priced right from day one on the market!
2. The Condition of the House In many areas, builders are taking advantage of the lack of inventory of homes for sale by building new houses. These newly constructed homes create competition for existing homes in the market. For this reason, many homeowners are making renovations and updates to their homes to compete with the new construction in their marketplace. Most agents recommend that homeowners declutter their houses before putting them on the market. Buyers want to be able to imagine themselves living in the home instead of focusing on the current homeowner’s decor. It’s important to take care of the small problems like dripping faucets and torn screens, while also remembering to remove any posters hanging in your teenager’s bedroom. Making sure your home is in perfect condition will make buyers fall in love with it and will ultimately help you get the right price for your house!
3. Seller’s Motivation Why did the seller put their house on the market in the first place? Is the seller’s motivation still the same as it was when they first listed? If homeowners are really motivated to sell, they will make sure their houses are both priced right and in good condition. The seller’s motivation will push them to consider all offers and help them make the right decision for their family’s future.
4. Marketing Plan Having a marketing plan is important! According to NAR’s 2018 Profile of Home Buyers and Sellers, 95% of buyers searched online for a home last year. The days of looking for a newspaper ad or yard sign in your preferred neighborhood are over. If you want to sell your home, you need a real estate professional who understands your local market and knows how to promote your home online. Something as simple as using pictures taken by a professional photographer can make a huge impact in advertising your home!
5. Lack of Communication with Your Agent Keeping an open line of communication with your agent is crucial in getting your home sold with the least amount of hassles, in the right amount of time, and for the right price! From the beginning, establish a continuous line of communication with your agent, and make sure you review your agreement often to see if any changes need to be made. For example, adjusting the selling price! Bottom Line There are houses selling every single day because they are listed at the right price, they have the right marketing plan, and they are staged for the sale. If for some reason your home didn’t sell and you’re still motivated to get it sold, let’s get together to figure out the reason your house isn’t selling!
Did you know that South Carolina, and specifically, Charleston, are typically at the top of national lists of best places to retire from the military? Find out just what makes this area such a great option for so many. Why is Charleston SC Great for Military Retiree? Money is a big concern for any new retiree, so let’s start there. South Carolina Tax Breaks on Military Benefits If you have a military pension, you need to know that different states will tax that income at different rates. South Carolina happens to be at the head of the pack when it comes to giving tax breaks to veterans drawing a military pension. The tax exemption was passed in 2016, allowing veterans to "deduct up to $17,500 of their military retirement income from their total South Carolina taxable income. The deduction increases to $30,000 once the retiree reaches age 65. Surviving spouses receiving military retirement income attributable to their deceased spouses will also be able to claim this tax credit." This advantage alone makes South Carolina a preferred destination over other southeastern states.
For many service members, retiring from the military and assimilating back into civilian life is a complicated matter. Aside from all the mental and emotional challenges that stem from such a big transition, military retirees also must solve the riddle of finding a new home to settle down in after years of a nomadic lifestyle. Relocation often requires a complex evaluation of a range of factors, including state tax policies on military benefits, the strength of the local job market, the overall veteran-friendliness of the community, and much more. With a Military Relocation Specialist agent on staff and years of experience serving active duty service members and veterans, Charleston Welcome Home Real Estate knows a thing or two about the challenges new military retirees face.
Wallethub conducted a study that ranked all 50 states according to their overall friendliness to retiring veterans. That study found that South Carolina was the No. 5 state in the country for military retirees. To come up with the rankings, Wallethub gave each state a rating in three individual categories: "Economic Environment," "Quality of Life," and "Health Care." South Carolina was above average in all three categories and ranked all the way up at No. 4 in quality of life. Looking specifically at Charleston, you could argue that the Holy City has an even stronger case as a destination for military retirees than the state as a whole. The economy and quality of life are both incredibly influential in Charleston. And, with the Ralph H. Johnson VA Medical Center located in the heart of the city, access to veteran-specific healthcare is better for locals than it would be for people in other parts of the state.
As a military retiree, you have a complicated decision to make about where you’ll go and what you’ll do next. With a Military Relocation Specialist agent and full-service staff experienced in the needs of veterans, Charleston Welcome Home is your trusted source of real estate advice. Call or text 843-793-4023 to speak with us about Charleston Real Estate for military retirees!