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WHAT TO DO WHEN YOUR HOME ISN’T SELLING

SOURCE:  Excerpted from an article written by the Realtytimes.com staff.

“When sellers start the home-selling process, no one wants to think “What would happen if my home doesn’t sell?”  Before you panic, recognize that there are many things that you can do so you don’t wind up in that position. Understanding the real estate market and the value of your home will help you avoid this dilemma.

  1. The first key point is to get educated about the market.  Read your newspapers, online real estate sites, and consult with the best experts in real estate for your area to determine the sales price.  While all that may seem basic, you’d be surprised how many sellers rely on emotion to dream up a selling price for their home.  Some have done little, if any, research on even their own neighborhood.  Their strong ties to their home cause them to imagine that their home should sell for the price they want.  Or they base the selling price on how much they owe which is, of course, of no significance to buyers.
  2. Fix up your home.  Most buyers don’t want to purchase a big list of fixes in order to live in the home they just bought…yet some sellers think that it’s a waste to spend money on a home that they’re moving out of soon.  This is quite a predicament.  Both sides have valid point, but buyers might be in a stronger position on this one.   Yes, if the buyer wants the home badly enough, they might agree to buy your home, but it’s guaranteed you’ll take a financial hit as the buyer will want to discount the price for the problems that need fixing.  In the end you might have to fix the issues before the sale anyway.  So, starting with a house that is in relatively good order is the best way to begin.
  3. If you need to sell your home, don’t pull it off the market because you think the season isn’t right.  Buyers who need to buy a home  will keep hunting through all the seasons.  There may be slow times, but if people need a house, they’ll keep looking even in unlikely times.
  4. Consider incentives.  You can make your home more appealing by tossing in some incentives.  It’s best to speak with your Realtor about which incentives are best to offer.  Even practical incentives can help get buyers to your home to view it.  These incentives can help encourage the buyer to move forward, especially if other challenges arise.
  5. Stage your home.  This is not the same thing as fixing up.  Fixing up  includes daily maintenance and repairs.  Staging your home involves using experts to make your home showroom-ready – like a model home.  If you’re serious about selling, then it’s worth at least having a consultation with an expert in the industry.  They are trained to stay on top of the trends that have mass appeal.  They offer a fresh set of eyes on your home.  They may point out something that you never noticed before because you’ve been living in your home for a long time.  They look at your home from an outsider’s perspective and that’s exactly what you need.  Taking time to at least consult with experts allows you to gain knowledge and information about your home and the market place.  What you do with that information is up to you, but it may just be the difference between a FOR SALE sign and a SOLD sign hanging outside your home.”

SOURCE:  realtytimes.com

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