What to do when your home doesn't sell
Your home's been on the market for months with hardly a
nibble. So, what's the problem? It could be one of a number of
factors. Fortunately, turning things around may be easier than
you think.
Problem: The price isn't right
If your house hasn't been getting any action, it's very
likely overpriced. Homes that are competitively priced usually
get snapped up quickly in a good market. The question is how do
you determine its fair market price?
A good place to start is to ask a few real estate agents for an
independent appraisal. Request a comparative market analysis
(CMA) to find out what comparable homes in your neighborhood are
currently selling for. Visit a few open houses and see how they
compare to your listing. Factor in the economy and current
interest rates. You may also want to talk to a real estate
lawyer about creative financing options that could make it
easier for first-time buyers to make a down payment.
Problem: Bad timing
Your problem may just be that you put your home on the market at
the wrong time. Unfortunately, you can't always have the
luxury of choosing when to sell. Nor can you know when similar,
neighboring homes are going to be listed. But, if you can, wait
until the spring or autumn when there are usually more buyers
and your home is more likely to show well. It can be more
difficult to sell your home during summer or winter holidays.
Not only will you encounter fewer buyers but you may also have
to contend with heat, cold or snow.
Problem: Lack of curb appeal
We all know that you shouldn't judge a book by its cover. But
when it comes to buying a home, curb appeal is an important
factor. The exterior of a house is the first thing people see
and it usually sets the tone for what's inside.
If shingles are falling off your roof and your front yard is
overgrown with weeds, chances are buyers will assume your house
is shabby on the inside, too. Fortunately, sprucing up the
outside doesn't have to cost a lot. All you have to do is put
your best foot forward. Start with the following:
- Mow the lawn, rake the leaves, weed the garden and trim
overgrown trees and shrubs.
- Add fresh sparkle by cleaning the windows.
- Give an old door a new look with a fresh coat of paint and
newly polished hardware.
- Avoid having your house labeled a "fixer-upper?by
attending to obvious needed repairs.
Problem: Interior design
Put aside your personal style and preferences. Make your home as
appealing to as wide an audience as possible. Most people
can't visualize beyond what they see. So while you may love
the look of crimson red walls in your dining room, it may be
scaring off buyers who are more conservative and can't get
past the dark walls. Here are some other things to look out for:
- Clean clutter and dust for cobwebs to keep your home
looking like a showpiece.
- Remove overly personal items like photographs (it's
easier for the buyer to picture themselves in your home if
they don't see you).
- Paint overly dark or bright walls with a light, neutral
color.
- Touch-up nicks on walls and molding.
- Make sure your home is well aired and free of any
unpleasant odors. Don't smoke indoors and avoid cooking
foods with strong smells, like fish or curry when potential
buyers are expected.
- Start baking -- especially before an open house. There's
nothing like a home that smells like fresh bread. If
you're rushed for time, create a similarly enticing aroma
by boiling a pot of cinnamon and water.
Problem: Poor marketing
Not getting many people to come and view your home? Maybe the
problem has nothing to do with your home and everything to do
with how it's being marketed.
If you're acting as your own agent, you're cutting out a
huge number of potential buyers from finding out about your home
through your local real estate board's Multiple Listing
Services (MLS). You may sell faster for a better price by
listing with a local REALTOR ?/sup>.
Perhaps the problem is you have an ineffective REALTOR ?/sup>.
If so, once your contract is up, consider hiring another REALTOR
?/sup> who comes with a great record and can provide you
with references from satisfied clients. Make sure you also find
out how they handle open houses and multiple offers. (Follow the
link below for help in getting matched with a REALTOR ?/sup>
in your area.)
If you do decide to go it alone, in order to reach as many
prospective customers as possible, advertise in your daily
newspaper, online and with local flyers. Be descriptive and be
sure to feature an exterior photo. When it comes to signage for
your lawn, invest in a professional-looking sign that tells
buyers you mean business.
Use our free mortgage payment calculators:
1.How much do I have to earn?
Not sure how much money you'll have to earn to afford your house payment and accompanying expenses?
2.Mortgage payment calculator
Want to know how much your monthly payment is for your mortgage?
3.Bi-weekly mortgage calculator
Want to know how much time and money you'll save paying off your loan on a bi-weekly payment plan?
4.Additional payment calculator
How much do you save by paying more or making additional payments than your initial mortgage terms?
5.How much can I borrow?
Want to know how big of a mortgage you can take on?
6.Should I pay discount points?
Not sure if you should pay discount points on your mortgage loan?
7.How much will I save by refinancing my loan?
How long will it take to recoup the costs of refinancing my home mortgage?
8.How much will my tax deduction be?
Want to know how much your home mortgage will save you in taxes?
9.APR calculator
To find out the annual percentage rate of your loan, enter the loan amount, interest rate, points, other costs and year-length term.
10.Interest only monthly payment calculator
To find out the monthly savings you could gain from an interest-only payment plan.
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