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 an bite, not to worry. The time a home stays on the market is related to the market's strength, which varies regionally.
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 the 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 Buyers are most likely to learn about the home the purchased through a real estate agent. Sales assocates 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 housesmay indicate a need for more exposure.
Condition and appearance of the 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. As a real estate professional, I can offer guidance in this area.
Terms & Conditions.... Even if the home is accurately priced, and the buyer is delighted with what he/she sees, if they can't live with the terms of the sale, they 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.
