What to do when your home doesn’t sell

Don’t sit back and let your home languish on the market. There are steps you can take to get that sale.

Your home’s been on the market for months with hardly a nibble. So, what’s the problem? It could be one of a number of factors. Fortunately, turning things around may be easier than you think.

Problem: The price isn’t right
If your house hasn’t been getting any action, it’s very likely overpriced. Homes that are competitively priced usually get snapped up quickly in a good market. The question is how do you determine its fair market price?

A good place to start is to ask a few real estate agents for an independent appraisal. Request a comparative market analysis (CMA) to find out what comparable homes in your neighborhood are currently selling for. Visit a few open houses and see how they compare to your listing. Factor in the economy and current interest rates. You may also want to talk to a real estate lawyer about creative financing options that could make it easier for first-time buyers to make a down payment.

Problem: Bad timing
Your problem may just be that you put your home on the market at the wrong time. Unfortunately, you can’t always have the luxury of choosing when to sell. Nor can you know when similar, neighboring homes are going to be listed. But, if you can, wait until the spring or autumn when there are usually more buyers and your home is more likely to show well. It can be more difficult to sell your home during summer or winter holidays. Not only will you encounter fewer buyers but you may also have to contend with heat, cold or snow.

Problem: Lack of curb appeal

We all know that you shouldn’t judge a book by its cover. But when it comes to buying a home, curb appeal is an important factor. The exterior of a house is the first thing people see and it usually sets the tone for what’s inside.
If shingles are falling off your roof and your front yard is overgrown with weeds, chances are buyers will assume your house is shabby on the inside, too. Fortunately, sprucing up the outside doesn’t have to cost a lot. All you have to do is put your best foot forward. Start with the following:

• Mow the lawn, rake the leaves, weed the garden and trim overgrown trees and shrubs.
• Add fresh sparkle by cleaning the windows.
• Give an old door a new look with a fresh coat of paint and newly polished hardware.
• Avoid having your house labeled a “fixer-upper” by attending to obvious needed repairs.

Problem: Interior design

Put aside your personal style and preferences. Make your home as appealing to as wide an audience as possible. Most people can’t visualize beyond what they see. So while you may love the look of crimson red walls in your dining room, it may be scaring off buyers who are more conservative and can’t get past the dark walls.

Here are some other things to look out for:

• Clean clutter and dust for cobwebs to keep your home looking like a showpiece.
• Remove overly personal items like photographs (it’s easier for the buyer to picture themselves in your home if they don’t see you).
• Paint overly dark or bright walls with a light, neutral color.
• Touch-up nicks on walls and molding.
• Make sure your home is well aired and free of any unpleasant odors. Don’t smoke indoors and avoid cooking foods with strong smells, like fish or curry when potential buyers are expected.
• Start baking -- especially before an open house. There’s nothing like a home that smells like fresh bread. If you’re rushed for time, create a similarly enticing aroma by boiling a pot of cinnamon and water.

Problem: Poor marketing

Not getting many people to come and view your home? Maybe the problem has nothing to do with your home and everything to do with how it’s being marketed.

If you’re acting as your own agent, you’re cutting out a huge number of potential buyers from finding out about your home through your local real estate board’s Multiple Listing Services (MLS). You may sell faster for a better price by listing with a local REALTOR®.

Perhaps the problem is you have an ineffective agent. If so, once your contract is up, consider hiring another REALTOR® who comes with a great record and can provide you with references from satisfied clients. Make sure you also find out how they handle open houses and multiple offers.

If you do decide to go it alone, in order to reach as many prospective customers as possible, advertise in your daily newspaper, online and with local flyers. Be descriptive and be sure to feature an exterior photo. When it comes to signage for your lawn, invest in a professional-looking sign that tells buyers you mean business.

Related Topics:

• Finding a listing agent
• Guide to selling your home
• Moving
• Preparing to sell