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August 20th, 2007 - Homebuilders See Signs of Stability July 22nd, 2007 - July 3rd, 2007 - To Buy Or Not To Buy June 22nd, 2007 - A Successful Transaction |
Why Hasen't My Home Sold? California is in the middle of a housing market unseen since the early 1990’s: We have a large inventory without the buyers to back it up. This means that house prices may not be where they have been in past years, and homes aren’t selling as quickly as they have been of late. (But then my neighbor’s home sold in four hours just 2 years ago and it would be hard to imagine anything selling faster.) But things are starting to turn around. Newspapers say the home market is active again and maybe you’ve seen some homes in your area which have sold. Now sellers are asking questions like, "Interest rates are down, aren't they?", "Why haven't I had a serious offer?", "Should I take my house off the market?", “Should I change real estate agents?" FIRST of all, slow down. Don't panic! Take a rational look at the market and make the most of it. Smart home sellers are moving their home ...and right now, today. But they recognize the market today is different from last year’s. Pricing a home correctly initially is vital. Pricing too high and then dropping the price later can cast an unfavorable feeling over the property. This is not the time to test the market to see if you can get your high asking price!!! SECOND, the smart home seller comes to the obvious conclusion that with cautious buyers looking at more homes you have to be competitive, flexible, aggressive, and do a better job of merchandising to generate offers. Your home can sell, and quickly. Staging a home is just one great way to bring out the full value potential of a home. THIRD, sit down with your real estate professional and rethink your marketing plan. There are a number of actions to consider beating out your competition. The correct set of actions will generate the sale. There are four main categories that you, as a seller, have control over when it comes to how quickly your home sells, and what you’ll get for it. They are: PRICE. Reviewing your asking price is the most difficult, painful and personal part of answering the question, "Why aren't we getting any action?" This is typically the single most critical element in your new marketing plan. Get fresh comparable sales in your area. Forget the asking prices of homes that aren't selling. Check out the homes that are selling. Your home must be priced to meet today's market or all the other elements of your new plan won't make much difference. TERMS. How flexible are you really prepared to be? How big a second can you take? Can you offer a fast escrow? APPEARANCE. Remember the old advertising slogan, "Even your best friends won't tell you!"? Well, a good Realtor will level with you. Have your real estate professional give you a set of ideas on how to spiff up your house. Put aside what you think is “nice” or “adequate.” Listen to your professional advisor. Paint, clip, cut, clean, deodorize, send to storage, toss out, caulk, mow, paper, cement, repair, add, scoop, weed, tear down, and scrub. Little things do count. A minimum of time, effort and money spent now can bring back large rewards. ATMOSPHERE. There are also some "do's and don’ts" which can be In conclusion, don’t forget that there is a selling price for every property. If the market is showing little interest in your property, the price is probably too high for this market. Don’t be part of the problem by having your home over priced. All this will do is to create more inventory and less urgency. Be part of the solution by selling your home at today’s market value so that you can buy your new home a great market value.
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