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There
are more homes on the market this summer than there were
last year at this time. Some homes are taking longer to
sell and price reductions are more common. If you're
having trouble selling, what should you do?
Be
realistic about the time frame. If your home has only been
on the market for a few weeks without offers, don't panic.
But do be in touch with your agent. Find out if market
conditions have changed. If a lot of listings like your
home have come on the market recently, it will probably
take longer for you to sell than it would have if you were
the only game in town.
Get
feedback from your agent about buyers' reactions to your
home. Your agent should call agents who showed your home
to find out why their buyers didn't make an offer. What
did they object to about your home? If they bought another
listing, find out which one.
Ask
your agent for a list of all the homes like yours that are
currently on the market and also those that recently sold.
For each listing that sold, find out how close the sale
price was to the list price? Did the seller's discount
their price to get their home sold? How long did it take
to sell? Are there other listings similar to yours that
are priced more competitively? Examining comparable
listing and sale information will help you to determine if
you need to adjust your price in order to facilitate the
sale.
FIRST-TIME
SELLER TIP: Sellers often wonder how long they should wait
before making a price reduction. The time frame will
differ depending on current market conditions in your area
and on how well priced your home was to begin with.
Pricing homes is not an exact science; there is a bit of
guesswork involved. If you guessed wrong about the list
price of your home, and the feedback is that your home is
priced too high for the market, you should adjust the
price right away.
Some
sellers object to reducing the price of their home too
soon after it's offered for sale. Keep in mind that homes
are most salable when they're new on the market. This is
when they usually receive the most showing activity.
Recently
Oakland home sellers effectively reduced their list price
early in the marketing effort. They listed their home at
what they thought was an attractive price. But the
inventory of homes for sale swelled just as this listing
came on the market so buyers had plenty to choose from.
The home in question was cute but it had a couple of
defects. It was located on a busy street and had a sizable
termite bill. Although there were lots of showings, no
offers were made. The sellers decided to reduce the price
to undercut the competition. Their home sold quickly for
more than the new reduced price.
Price
is not the only factor. You may need to revamp your
marketing program. If you've refused to have a public open
house or a For Sale sign, reconsider. These two marketing
tools have worked effectively to sell homes for decades.
Prospective homebuyers drive neighborhoods where they want
to live. A sign in front of a home that's for sale is one
of the best forms of advertising. It also lets neighbors
know that your home is for sale. Neighbors often have
friends who want to move into the area.
It's not uncommon for buyers to find the home
they buy at a Sunday open house.
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