If you have had your home on the market for several months and haven’t seen much activity or any offers, chances are that one or more of the reasons below are to blame.

Your Price is Too High.

In today's Market, the most common reason for a home not selling is that the asking price has been set too high. The reasons for setting your price too high are many.  The most common however, is an unrealistic expectations. During the Boom Times a few years ago Sellers were seeing hugh profits on their homes and it is very hard for those in the current market to understand why they can't get the same kind of profit from their home.  It is hard for them to accept that  markets change and market conditions today are much different than they were a few years ago.  An overly enthusiastic agent will still take the listing at the higher price but the chances of that home selling, or perhaps even getting any attention in today's market are slim.  

An overprice listing has a number of obstacles to overcome and should be addressed from the onset. 

First, even if an offer is made for the high asking price, the buyer may have problems acquiring financing to purchase the home. An appraiser is going to look at other homes that are for sale or have sold,  and if the prices are not comparable the lender is going to be told this.  The seller will then have a choice of meeting the appraised value or losing the sale.  Sometimes the buyer may be able to meet the price by putting additional cash in to the transaction, but buyers today are too wary of overpaying for property to do that. Values have dropped so much, and is some places continue to drop, that buyers want to underpay for a property rather than over pay.  Also many government loan programs such as FHA or VA will not allow the buyer to pay over appraised value.  Appraisals are conservative today so a seller should be aware of that from the onset. 

Second, sellers should also keep in mind that many of today's buyers are doing their own searches on the internet before they ever start looking at homes.  The buyers in today's marketplace have access to a lot of information about properties and they have a good idea before they ever start looking at homes what kind of an offer they might make based on the comps they have found online.

A good agent should be providing you with information on other homes for sale, ones as similar to yours, in similar neighborhoods.  If those homes are selling for less or have closed at a lower amount, you are going to have a difficult time getting activity on the home.  If you want to sell sooner rather than later, you need to price the home correctly right from the start.  If you are overpriced the wait may be very long and very frustrating for both you and your agent. 

The Condition of Your Home.

There is a lot of competition out there  and your has to compete against other similar homes for sale, as well as those nice and shiny brand new homes.  The more you can do to make your home look appealing to a buyer, the better your chances for a quick sale. 

Look at your home with a critical eye, put yourself in the buyers shoes.  A buyer doesn't’t want to have to do anything except move in.  Your best “bang for the buck” improvements are paint & flooring.  Make sure all of the paint is in great condition, inside and out.  Make sure all of the flooring looks good too.  You may want to consider putting in new floor coverings.  A quick visit to your local home improvement center might give you some great ideas that will appeal to buyer's in today's market. 

Eliminate clutter. Eliminating clutter doesn't cost anything but it can vastly improve the appearance of a home.  If necessary start packing and getting rid of things you don't plan to move now.  The less clutter there is in a home, the more spacious it will feel to the buyers.  None of these items are terribly expensive and they may pay off big time in helping your home to sell more quickly and at a better price.  

Location, Location, Location.

It’s the oldest cliché in the world, but it’s true.  When it comes to real estate, it’s all about location!  When it comes to homes, things like how good the schools are, crime rates, visual appeal of the neighborhood can all effect how desirable the location is.  If you’re in a bad location, a good real estate agent may help to minimize some of the impact by suggesting improvements to the house.  But the only really reliable way to overcome a bad location is with a lower price.  Simply put, an identical home in a bad location won’t sell for as much as the same home in a better location.

Marketing.

The best listing agents all use an aggressive marketing plan to market their listings.  If your listing agent isn't easily found on the Internet, and your homes is not actively being marketed through various resources, it may be time to change listing agents. Taking a listing and putting a sign in the yard is just not enough in today's market.  The internet is king and you need massive exposure through all the listing search engines to be found.  Rarely are homes sold today by someone driving around seeing a sign or at an Open House.  Buyers do their shopping from the comfort of their own homes in front of a computer and that is where you need to be found.  Newspaper ads and Real Estate Magazines are fast losing their appeal.  They are taking a back seat to the Internet and that is where you need to be in order to sell your property.

The Market is Slow.

You’ll hear it described as a slow market, or a buyers market, or maybe a cold market, but it all means the same thing.  That home sales in the local area, or market, are slow.  There are simply too many homes for sale and not enough active buyers.  There are several things you can do to offset these facts.  Buyers are expecting to find bargains so lowering your price will attract attention.  You can also help yourself by offering to pay some concessions to help a buyer that might not have a lot of cash.  The ultimate way to beat a slow market is to do what you have to do to attract attention to your home and make is stand out from others in the area.  Your agent can advise you on options for your area. 

Accessibility.

To get your home sold quickly, it’s important that other agents in the area show it to as many potential buyers as possible.  When a busy agent is compiling a list of homes to show a buyer, the agent will naturally tend to show those houses that are easiest to gain access to.  If at all possible, you should let your agent put a lock box on your home for easier showing.  The easier your home is to show, the more exposure it will get to potential Buyers. 

The bottom line is that if your home isn't selling there is a reason.  If you need help in evaluating your home, call me.  I am an expert in the Residential Market in the White Mountains.  I'll tell it like it is, whether it's what you want to hear or not. 

Thanks for reading, I appreciate your interest.

Sandra Paulow, Associate Broker, GRI, SFR, REALTOR®  (928) 242-0300