Why Hasn't my House Sold?

Why Hasn't my House Sold?

Home sellers are very concerned when their house has been on the market for some time. The offers presented, if any, have been too low to even consider. The house hasn't sold. Quite naturally they want to know "what's wrong?".

That's a fair question. The newspapers say the house market is active again. Some houses in the area have sold. Now sellers are asking questions like "interest rates are down, aren't they?", "why haven't I had a serious offer?", should I take my house off the market?", "should I change Realtors?".

There is a selling price for every property. If the market is showing little interest in your property, the price is probably too high for this market.

FIRST of all, slow down. Don't panic. Take a rational look at the market and make the most of it. Smart home sellers are moving their house...and right now, today. But they recognize the market today is different from last year.

SECOND, the smart home seller comes to the obvious conclusion that with cautious buyers looking at more houses you have to be competitive, flexible, aggressive, and do a better job of merchandising to generate offers. Your home can also sell, and quickly.

THIRD, sit down with your real estate professional and rethink your marketing plan. There are a number of actions to consider to beat out your competition.

PRICE. Reviewing your asking price is the most difficult, painful and personal part of answering the question, "Why aren't we getting any action?". This is typically the single most critical element in your new marketing plan. Get fresh comparable sales in your area. Forget the asking prices of houses that aren't selling. Check out the houses that are selling. Your house must be priced to meet today's market or all the other elements of your new plan won't make much difference.

TERMS. How flexible are you really prepared to be? How big a second can you take? Can you offer a fast escrow?

MERCHANDISING. Are you offering a Home Protection Plan to the buyer? A home protection plan covers many of the important systems that can and do break down during the buyers first year of ownership. It stands to reason your house will have a competitive advantage when it includes a protection plan. Today's buyers are picky. Give them something extra. Grab their attention.

APPEARANCE. Remember the old advertising slogan, "Even you best friends won't tell you!"? Well, a good Realtor will level with you. Have your real estate professional give you a set of ideas on how to spiff up your house. Put aside what you think is nice or adequate. Listen to your professional advisor. Paint, clip, cut, clean, deodorize, send to storage, toss out, caulk, mow, paper, cement, repair, add, scoop, weed, tear down, and scrub. Little things do count. A minimum of time, effort and money spent now can bring back large rewards.

ATMOSPHERE. There are also some "do's and dont's", which can be helpful in creating a selling atmosphere. Leave the house when it's being shown and take the dog and children with you. If you must be home don't chat with the buyers, just disappear. Tune the FM radio to quiet, soothing music. Be careful of cooking odors. Turn on all the lights. Fresh flowers are always a plus. Keep the temperature at a comfortable level, open the windows and doors if weather and security permit. Pick up kid's toys. Help your real estate professional by creating a warm, pleasant, private sales enviroment.

by Phillip B. Branson

Mr. Branson, former Chairman of First American Home Buyers Protection, is a noted Real Estate author and lecturer. Formerly a consultant to major firms, he has been active in residential real estate since 1967.