|
Why Hasn't My House Sold And What Can I Do About
It?
According
to the latest figures, a record 7.3 million homes will be sold by the
end of 2005. Nationally, 40 percent of all homes on the market sold
within the first month of being listed.
So
you may be wondering…why hasn’t my home sold yet and how can
I make it sell?
Even
in a hot market, sometimes a home doesn’t sell quickly. Usually, this
is the result of one of three factors: the original list price, the
overall condition of the house, or else the marketing of your house. By
using a variety of techniques, however, you can improve the chances of
your house selling quickly.
Price
is one of the most difficult areas to judge when it comes time to put
your home on the market. If you set your price too high and then drop
your price later, potential buyers may think that something is wrong
with your house. That being said, sometimes you simply have no choice
but to drop the price—no matter what the consequences are. The key to
lowering your price is to have your agent watch the selling prices (not
asking prices) of similar homes in your area. If you find that these
“comps” are priced below yours, you may just have to bite the bullet
and lower your price.
If
you’re confident that your asking price is in line with other comps
and your home is still languishing on the market, you may want to try
looking at your home with an unbiased eye. Is your house in good overall
condition? Does it leave a good first impression? If not, minor
upgrades to your home may be
in order. Small projects such as painting, carpet cleaning, and
landscaping can go a long way in improving the condition of your house.
You may also want to visit other open houses and see what those owners
have done to maintain the condition of their homes.
Alternately,
the marketing of your home may be the cause of your house not selling.
Sit down with your agent and write up an aggressive plan. The internet
has become an invaluable tool in marketing, so always include some sort
of web promotion—preferably with pictures and lots of detail. Also,
you may want to discuss with your agent the possibility of re-listing
your home. Because every home in the multiple listing service (MLS) is
assigned an ordered number, re-listing your house will “freshen up”
your listing.
Finally,
always keep in mind that availability is important. The more you are
available to have your house shown, the better chance it will sell
quickly. Lockboxes are good, but complete availability is ideal.
Although it may be an inconvenience, having a “no appointment
necessary” attitude will definitely increase foot traffic.
Is
there ever a time to panic because your house hasn’t sold yet? No. But
make sure you talk to your agent ahead of time and make a contingency
plan if your house doesn’t sell quickly. And try to keep in mind this
bit of good news: nationally, 75 percent of all homes sold within four
months. ∆ |
