What Should You Do If Your Home Isn’t Selling?
by Neda Dabestani-Ryba
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.
Neda Dabestani-Ryba is a licensed Realtor in Maryland. She
is a member of the President's Circle of Top Real Estate Professionals. She can
be reached at (800) 536-3806 or visit her website for more information:
neda.dabestani.pcragent.com/ Prudential Carruthers REALTORS
is an independently owned and operated member of Prudential Real Estate
Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity
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