Listen to the market…
If your house has been on the market two weeks and you don't have a
lot of appointments, the market is telling you something.
The number one thing you can do to avoid the slow-seller trap is to
agree to the right price for market conditions. Many sellers erroneously
think they can always drop the price after the listing appears, so they
leave themselves more bargaining room than they need.
The problem with this approach is that by the time the price drops to
market value, the listing is not enjoying the attention that a "new"
listing generates. Buyers are wary of a house that's been on the market
too long. Many buyers in your price range may not have heard about or
seen your home because the inflated price put it outside their search
criteria.
Agents aren't inclined to recommend houses to their clients that are
priced above fair market value. So if your house isn't selling, move
quickly to re-market it at a competitive price. Be sure to work with
your sales representative to schedule fresh open houses and ample appointment
opportunities.
You Have to Show to Sell…
If you are committed to selling your home, you will have to make sure
it's convenient for potential buyers to gain access. Schedule liberal
time for open houses, make daytime viewings possible through using a
key box, and be accommodating in appointment scheduling. The short term
inconvenience will pay long term dividends with a quick sale which will
ultimately curtail the long term disruption of being on the market for
months.
When you own a rental property…
Giving tenants adequate notice and controlling the appearance of the
dwelling can be a challenge. Some times it's worth the short term loss
of revenue to terminate rental agreements and market the house vacant.
This opens your home to potential live-in buyers as well as income investors
who may wish to renovate the property and select their own tenants.
It also simplifies closing issues.
Not a Drive By…
You've probably seen the following phrase in the real estate pages of
your local paper: "Not a drive by."
If your home is lacking curb appeal, do what you can to boost it. Fresh
exterior paint, flower plantings, and removal of all debris will help
improve curb appeal.
Implied in "Not a Drive By" is the idea that the house is
great inside.
Make sure yours is. Follow your sales representative's advice on home
improvement tips and keep your home spotless for showings..
You may even wish to have a professional home inspection to identify
areas that may be making purchasers wary.
Remember: Early Offers Are Often The Best…
Most real estate sales professionals know that early offers are often
the best offers a property will receive. That's because the "newness"
of the listing inspires people to act fast. But many sellers like to
wait and see if there are higher offers to be found. Sellers should
fight this impulse, because once a property has been on the market a
long time, purchasers are more inclined to look for deep discounts.
So give serious, objective consideration to early offers and provide
give reasonable counter offers.
Unique Homes Need Unique Buyers…
If you're confident you and your sales representative have priced your
home competitively; if you've addressed any repairs or impediments to
showings, maybe you have one of those properties that needs to wait
for the right buyer.
This is often the case in luxury homes, which have a smaller target
market, or homes with unusual features, such as an abundance of land
with a modest home. In cases such as these, your home may require longer
exposure on the market to find the right buyer.
