What Should You Do If Your Home Isn?t Selling?

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: http://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

---

Investing in Real Estate Profitably: Eliminating the Need for Mortgage Insurance

In an earlier article, we presented various options for ensuring... Read More

Fixer Uppers: Dont Make This Mistake

Making money with "fixer-uppers" isn't about repairing drywall or planting... Read More

Do Open Houses Work?

What are the odds that you'll find your dream at... Read More

I Believe God Wants Me To Tell All In Real Estate

After years of experience in the real estate industry I... Read More

Title Insurance Protects Your Financial Investment

You purchase homeowners insurance to protect yourself financially in case... Read More

What Are the Pitfalls of Marketing a Property Before Its Ready?

Selling quickly is a high priority for some home sellers.... Read More

Prepare Your Rental Property for Occupancy

Among your many responsibilities as a landlord, the law provides... Read More

Dealing With Dual Real Estate Agents

Historically, real estate agents have represented the seller of a... Read More

For Sale By Owner: The Inside Scoop On Selling Your Own Home

If you're thinking about selling your home perhaps the 'for... Read More

Home Appraisal Values Are Critical

To most, owning a home is a necessity, but sometimes... Read More

Home Buying: Things To Keep In Mind

So you've decided you want to own a home and... Read More

Product Review of Carelton Sheets No Money Down Course

Real estate continues to be a very important part of... Read More

Relocation Humor: Why I Bought A House

The Rental Experience in South FloridaReaders: This is based on... Read More

Saving for a Home

So you want to buy a home? This is a... Read More

Top Tips for First Time Home Buyers

Advice to Help When You're Buying a HomeFirst time home... Read More

Real Estate Bubble: Fact or Fiction?

The real estate market buzz across the country these days... Read More

What To Expect In Closing Costs On A Home Purchase

Many are taking advantage of this year's low mortgage rates... Read More

The Real Estate Cycle

The real estate cycle, like the business cycle, refers to... Read More

Home Buying Checklist ? Windows

If you are in the market to purchase a home,... Read More

Buying A Home ? Zoning and Architectural Review Board Restrictions

When you buy a home, you need to be aware... Read More

Negative Gearing ? It?s Not to Your Benefit!

The concept of negative gearing has been originally developed to... Read More

3 of the 5 Ways Real Estate Can Take Advantage of Blogs and RSS

Earlier this month, Realtor Magazine announced that they would be... Read More

Important Facts For Home Buyers

If you are considering buying a home or have spent... Read More

How Do I Fix Up a Home to Sell?

The first thing you need to do is stop thinking... Read More

Real Estate Season is Here

Yes, it has finally arrived. This is the time of... Read More

Finding Southern California Real Estate Foreclosure Property

Southern california real estate foreclosure:If you want to find southern... Read More

Home Staging: How to Make Your Tract Home Stand Out in the Crowd

Home sellers who wish to market their property in development... Read More

Real Estate Investing Contracts on Toilet Paper

Even if your real estate contract has been written on... Read More

Real Estate Investors: How to Get a Powerful Marketing Education for Free

I am a total geek.A few weeks ago, late at... Read More

The Value of Building Home Equity

There are numerous advantages to owning a home. One of... Read More

Property in Northern Spain

If you're looking for the 'real' Spain where the culture,... Read More

Real Estate Investing Requires Education

I really believe in getting an education in real estate... Read More

Land Subdivision - $1.2 Billion Dollar Developer Tells You How To Do It

Land subdivision is a bit like helping Mom slice up... Read More