Although the housing market slowdown has spread throughout the nation, there are still some markets that are fairing much better than others. But, for the most part, it is getting harder and harder to sell a home pretty much anywhere.
If you have tried to sell your home recently, or have thought about selling it any time in the near future, there are some things to keep in mind. With so many houses on the market, potential buyers have a plethora of properties to choose from, making it difficult for a house to stand out against the competition. But, there are some things you can do to increase your odds of a faster sale.
An August 30, 2006 article by Sally Anderson of MSN Real Estate, “What to do if your home isn’t selling,” gives some tips on selling a home in a cooling market.
“Whether you’re in a bone-dry market or a sizzling selling season, if you haven’t received any offers on your home you’re probably facing the question of whether to take it off the market. A house that goes too long without selling begins to appear ‘stale’ and can actually damage your future chances of a sale.”
To prevent your home from being shunned by buyers, most experts agree that you should pull your home off the market after six months in a slow market, and if your home has not sold after one month in a hot market, you should probably rethink your selling strategies.
Before you give up all hope, there are some things you can do to spark a buyer’s interest in your home. The first thing to do is take a look at your pricing.
“Take a second look at your listing price. Visit open houses in your neighborhood. Are similar homes priced lower? Selling prices may have dropped since your first comparative market analysis. In a hot market, if you haven’t sold your home within one month, chances are good that you’ve overpriced it. If you do lower your asking price, consider a figure slightly below those of other comparable homes if you are interested in a speedy sale.”
Holding open houses and showings on weekdays will help your house stand out against the others since most open houses are held on the weekends. Also, try not to stick around during these events.
“Do whatever it takes to be away from your home during showings and open houses. The presence of sellers makes it difficult for prospective buyers to take their time or talk openly with their partner and agent. Leave some treats out to make potential buyers more comfortable: beverages, nuts, cookies — anything that won’t lose freshness or be too messy.”
Always make sure your house is extra-clean and clutter free. Also think about changing the color scheme of your home or adding special decorations or art; after all first impressions are everything in this business.
If none of these tactics work to stir-up any interest in your home, you should consider re-listing your home.
“Re-list your house to give it a kick-start. When it was listed on the MLS, it was assigned a number reflecting the date and year of the listing. By now it may appear outdated to buyer agents; re-listing will provide you with a new number. Check into the policies of your local MLS: You may need to make a change to qualify for re-listing, such as temporarily taking your home off the market, adjusting its price or changing listing agents or firms.”
If all else fails, consider taking your home of the market for the time being and re-listing it when the market warms up a bit. If you have to move right away, consider renting your home out until things pick back up.
If you have to sell your home right away, stay positive and follow the tips above and a buyer will hopefully make you an offer you can’t refuse sometime soon.