What to do if your home isn't
selling
From rethinking your color scheme to holding open houses
on weeknights, here are 10 tips for sparking interest in
your home.
By Sally Anderson
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.
How long is too long? It's not an exact science, but there
are some helpful indicators. In a dry market, a sales period
of six months to one year isn't unusual. Look at recent
sales reports of similar homes nearby to determine a reasonable
selling interval. In a hot seller's market, a house that
hasn't sold within one month indicates a problem. In either
case, there are several steps you can take before putting
up the white flag.
10 tips to improve your selling karma
- Videotape your house, inside and out, and watch the
tape as if you were a prospective buyer. Is
the lawn weedy or the garden bare? Is your home uncluttered
and spotlessly scrubbed? Sparkling-clean houses sell
faster than those that look too lived-in or show an abundance
of the owner's personality.
- 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. (See recent home sales in
your area here.)
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.
- 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.
- Ask your listing agent to talk to buyer agents in his
or her firm who have shown your home. The feedback from
their clients can guide you in making home repairs, toning
down your décor, making landscaping improvements
and the like.
- Hold an open house on a weeknight. Competition is lower,
and you'll attract the interest of buyers who can't make
weekend appointments because of other commitments. (Read
more on whether an open house makes sense for your home here.)
- Take out some extra online ads or print ads, even
if your agent is doing a good job with promotions. Look
for out-of-the-ordinary places to advertise, such as
trade magazines, company newsletters and other alternative
resources. You can even offer perks to buyers, such as
a cash bonus or a season ski pass.
- Neutralize your color scheme. Most buyers prefer pale,
neutral colors that make it easier to imagine a new home
as their own. Houses with white exteriors are the highest
sellers; for interiors, try whites, off-whites or pale
grays. (Read more tips on preparing for an open house here.)
- If you've had offers but you considered them too "lowball," try
readjusting your sights. Determine the lowest price you
find acceptable, and consider anything more as icing
on the cake. In a longstanding dry market you may even
have to sell at a loss, so it's important to take every
offer seriously. You don't want to alienate a potential
buyer who has solid financing because you've set your
sights unrealistically high.
- Is your listing agent giving your house adequate attention?
If not, start by having a candid talk. If there's no
change, discuss the problem with the firm's broker. As
a last resort, wait until your listing agreement expires
and find an agent with a proven track record in your
area. On the other hand, if you have a fabulous agent
but the market is underwater, consider offering an increased
commission or a bonus for your listing agent as extra
incentive. If you do sweeten the pot for your agent,
amend your listing contract to reflect the change, and
be sure it's added to the Multiple Listing Service (MLS)
book -- buyer agents will also be inspired to give your
house extra attention.
- Relist 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; relisting 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 relisting,
such as temporarily taking your home off the market,
adjusting its price or changing listing agents or firms.
Taking your house off the market
f you've tried the tips above, you're confident that
your asking price is competitive, you have an ace agent
and you're still not getting any action, it's probably
time to take your house off the market. Here are some
ways to make the most of it:
Choose your selling season. If you
can afford to do so, relist during a more dependable
selling season. After warming up in late winter, the
market typically starts to peak from the ides of April
(yep, tax season makes a difference) until June, when
longer days and splashes of garden color make homes
look their best. In summer, the market slows to a crawl,
followed by a second peak from September to Thanksgiving.
From then until January, the market tends to be as
cold as a Midwestern winter, but it can also be advantageous
to list while the competition is sleeping. Research
the trends in your area: If you live near a winter
resort, for example, winter may be the savviest time
to sell.
If you're a senior, consider a reverse mortgage.
Designed to help seniors who have more home equity
than they do cash, a reverse mortgage is a loan against
your home. The money is disbursed as either a single
payment or a monthly sum, and the loan comes due (with
interest, of course) only when the house is sold or
upon the death of the owner. (Read more about the
special issues facing seniors selling their homes here.)
Rent out your home until the market bounces
back. If you must leave your home because
of a job transfer or other extenuating circumstance,
renting is an excellent option as you wait for the
market to regain some heat. If you don't have the
time or the talent it takes to be a good landlord,
contact a reputable company that specializes in screening
applicants and managing properties.
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