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's 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 2000
National Association of REALTORS® Profile of Home Buyers and
Sellers, in 1999, homes in the Northeast took eight weeks to
sell, while in the West, homes took just four 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 going it alone, you may want to reconsider using a real
estate professional to sell your home. As reported in the previously
mentioned NAR study, "Buyers [in 1999] were most likely to
learn about the home they purchased through a real estate
agent." Sales associates 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 she sees, if she can't live with the terms of the sale,
she may walk away. What sort of terms/ 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.
If you have questions about this or any other
home buying or selling subject, confer with the real estate
professionals who can help provide you with more detail…
We
can be reached at (310) 265-2130
Prudential California Realty is an independently owned and operated
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|of The Prudential Real Estate Affiliates, Inc., a Prudential
Financial company.
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Opportunity
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