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It can be very frustrating to put your home on the
market, expecting a fast sale, only to find that after six months
you’re still waiting
for an offer. What can you do?
First, determine if it’s a result of timing. You may have started
worrying too soon. If it has been only a month and you haven’t gotten
a bite, not to worry. The time a home stays on the market is related
to the market’s strength, which varies regionally. According to The
2003 National Association of REALTORS® Profile of Home Buyers and Sellers,
two-thirds of all homes sold in the United States in 2003 sold within
two month, with the average sale taking place within five weeks. However,
homes in the Northeast and West sold slightly faster (four weeks) than
those in the Midwest and South (five weeks).
Of course, other factors may be responsible for your home not selling.
Inaccurate pricing. A house priced at market value
piques the interest of real estate professionals and buyers, while
overpricing chases them
away. Even if the seller adjusts the price later, it’s difficult to
recapture people’s interest.
Because it’s only natural to overestimate the value of one’s home,
homesellers should depend on factual reference points, such as an appraisal
and comparables
(Comparable Market Analysis or CMA) to help estimate market value. Real estate
professionals prepare comparables by examining similar properties that recently
sold in a neighborhood. This practice is the best way to arrive at a realistic
asking price.
Insufficient exposure. If you’re selling your home
on your own, you may want to consider using a real estate professional.
As reported
in the previously mentioned NAR study, buyers were most likely to learn
about the home they purchased through a real estate professional. Sales
professionals develop comprehensive marketing strategies to sell a
home. They generally use open houses, yard signs, MLS, newspaper ads,
the Internet and brochures to give a property maximum exposure. Limited
interest and thinly attended open houses may indicate a need for more
exposure.
Condition and appearance of a home. Sellers shouldn’t
rely on buyers to use their imagination; they need to capture it.
Remember that buyers
may see seven or eight homes in a single day. The most memorable home
will be the one that seemed the brightest, the most spacious, the most
cheerful. This invariably means rearranging and eliminating furniture,
removing excess knickknacks and so on, to create an open, uncluttered
look. Outside, do a visual check of the front of the house from across
the street. Does it have curb appeal? It should look inviting, with
a trimmed lawn and a freshly painted front door. A real estate professional
can offer some guidance in this area.
Terms/conditions. Even if the home is accurately priced,
and the buyer is delighted with what he or she sees, if the buyer
can’t live with
the terms of the sale, he or she may walk away. What sort of terms
or conditions have you placed on the sale? Evaluate how this may be
affecting a potential sale.
Less-than-desirable neighborhood. Normally, there’s not much a homeowner
can do about the surrounding neighborhood. But if your home is not
selling and you’ve examined every other factor, this may be something
to consider.
For homeowners who can postpone selling and are aware
that certain issues need to be addressed on the neighborhood level,
now is the time
to join or organize a town beautification group. By the time you’re
ready to sell, today’s eyesores will have been eliminated.
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