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When house will not sell
A big fear in the backs of the minds of most people considering selling "by owner" is what to do if your home doesn't sell? What if you list it with yourself and, despite working hard, you simply can't find a buyer?
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 three months indicates a problem.
Here are the 4 big reasons your home might not sell and what to do about them. Sometimes it helps to check these out even before your home on the market.
- Price is too high.
- Bad marketing.
- Resale market is bad.
- House shows badly.
Price is too high
Reconsider the price - The number one reason that properties don't sell, both those listed with agents and those offered "by owners" is that they're priced too high. A good way to check value is to do a CMA (Comparative Market Analysis). To learn the value of your home yourself, locate several homes in your neighborhood that are comparable to yours that are for sale or sold recently and inquire as to their selling price. You can also ask real estate professionals, hire an appraiser, or ask your title company
Reevaluate your marketing. Are you running small ads in the local paper? Do you have lots of pictures on your website? Remember, a picture is worth a thousand words. You have to advertise, list online providing pictures and details... in other words get the word out. Until people know your home is for sale, they can't buy it.
Resale market is bad
Currently real estate has regions where prices are skyrocketing. And there are other areas where the market is static or even declining. Analyze your area. Are any homes selling, even agents' listings? If the market's bad, it may simply take longer to sell "by owner." Try again.
House shows badly
Appearance, if not everything, is a lot when it comes to selling a home. What are buyer's first impressions? Have you repainted the front of your home? Have you mowed the lawns and upgraded the front landscaping? Is the driveway clean? Perhaps you've only one bath (a difficult sell), maybe you need new carpeting or paint. Remember, you never have a second chance to make a good first impression. If you're not sure what to do, ask neighbors and friends to honestly tell you what they think of the front of your home. Once they're not worried about offending you, they may give you valuable insight into correctable drawbacks your property may have, drawbacks you may be totally unaware of.
If you've considered the four main reasons a property might not sell, have taken what corrective steps you can, and still your property doesn't sell, what now?
Place your home in MLS for flat fee
It is very important for any home seller to understand that MLS still accounts for 80% of potential home buyers, especially if you decide selling your home as the owner. If you are willing to do some work and research on your own in order to save thousands of dollars selling your home then this is the correct path. There is no guarantee you will sell your home but you will have a far greater chance of success in going with our service instead of a strict “for sale by owner” route. Read our article About Flat Fee MLS Services.
Rent it out
You might get enough money to cover your monthly payment and with new financing, and you may be able to buy another home for almost nothing down. Also read our article Should You Rent Out Your Home or Sell It?.
Take your home off the market
Sometimes a property gets stale after being "for sale" for a time. Try again after a couple months.
Everybody eventually sells his home. Be patient and you will sell your home too.
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