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Selling a
home in a cooling market
By Melissa Wirkus |
Although the housing market slowdown has
spread throughout the nation, there are still some markets
that are fairing much better than others. But, for the
most part, it is getting harder and harder to sell a home
pretty much anywhere.
If you have tried to sell your home recently, or have
thought about selling it any time in the near future,
there are some things to keep in mind. With so many houses
on the market, potential buyers have a plethora of properties
to choose from, making it difficult for a house to stand
out against the competition. But, there are some things
you can do to increase your odds of a faster sale.
An August 30, 2006 article by Sally Anderson of MSN Real
Estate, “What to do if your home isn’t selling,”
gives some tips on selling a home in a cooling market.
“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.”
To prevent your home from being shunned by buyers, most
experts agree that you should pull your home off the market
after six months in a slow market, and if your home has
not sold after one month in a hot market, you should probably
rethink your selling strategies.
Before you give up all hope, there are some things you
can do to spark a buyer’s interest in your home.
The first thing to do is take a look at your pricing.
“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. 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.”
Holding open houses and showings on weekdays will help
your house stand out against the others since most open
houses are held on the weekends. Also, try not to stick
around during these events.
“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.”
Always make sure your house is extra-clean and clutter
free. Also think about changing the color scheme of your
home or adding special decorations or art; after all first
impressions are everything in this business.
If none of these tactics work to stir-up any interest
in your home, you should consider re-listing your home.
“Re-list 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; re-listing 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 re-listing,
such as temporarily taking your home off the market, adjusting
its price or changing listing agents or firms.”
If all else fails, consider taking your home of the market
for the time being and re-listing it when the market warms
up a bit. If you have to move right away, consider renting
your home out until things pick back up.
If you have to sell your home right away, stay positive
and follow the tips above and a buyer will hopefully make
you an offer you can’t refuse sometime soon. |
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