Why isn't my home selling?

Todays market is not like the market of this time last year or the time before. However, a properly priced and well marketed home should be selling anyway.
So why isn't your home selling? Let's look at 3 good, most likely reasons why...

1. Your home is overpriced.
The fact is that buyers, not sellers, ultimately determine the market value of a home. Overpricing is the most common reason homes don't sell. Maybe you already know that, but do you know that most real estate agents and their qualified buyers will see your new listing within the first 30 days of the listing. If it is overpriced, even by as little as 5%, interest in your property will quickly fade. You may have, and most likely did, price out your own qualified buyers.
Sometimes the sellers start out a listing too high with an attitude of "Well, we can always lower the price if nobody shows interest." But if you wait 30 or 60 days to lower the price to a proper price, the first "lookers" have already moved on, AND most likely already purchased and possibly closed on a different property. You must now try to enlist a whole new set of buyers to be interested in your home, but your home is no longer a new listing.
Sometimes overpricing is an agents fault. Some agents will "buy" listings when they do a Comparative Market Analysis by ensuring the sellers that they can sell the home for more than a competing agency. This is not ethical. A good real estate agent will price your property properly. Not too high, and not too low. Sometimes fluctuations in the market determine unexpected highs and lows in the real estate market- and a good real estate agent will duly note those fluctuations and keep into contact with you on how these changes effect your listing.
So, if your home isn't selling, first look at the price.

2. Your home doesn't "show" well.
Your home has an attractive price, buyers incentives and community amenities. But they are not choosing your home. WHY? The good news is it is most likely very little work that will help you sell. Most of the work will be cosmetic and inexpensive: a new coat of paint, a few attractive window boxes, a thorough cleaning of floors and carpets. You must have a critical eye and with alot of elbow grease you can make your home look good enough to reconsider. A good real estate agent will advise you on where your time and money are best spent. After price, the next on the list is condition. Make your home the best conditioned home to chose from in your price range. Do not give away the family dog, but remove the pet during showings and throw away the smelly dog pillow and buy your pooch a new, attractive one. Put a fresh coat of paint on the walls. Scale down the clutter no a bare but stylish minimum. Do not bake fish in the oven just an hour before a showing. Wash door handles and repaint scratched doors.
If you have any questions, ask your agent for a list of updates and repairs. Your agent wants your home to sell. Let them help you!

3. You are battling competition or market conditions.
We've all heard the terms "buyer's market" and "seller's market." In a sellers market inventory is low and the number of qualified buyers is high. In a buyers market inventory is high and the number of qualified buyers is low. In a buyers market, seller will most likely have to settle for a little less than they want to sell their home for. But in return, they will most likely buy their next home for a little less as well. Market conditions are out of you and your agents control. Do what you can to make your home better than your competition so your home sells instead of theirs. Be flexible on your price. Try to offer a buyers incentive. Markets fluctuate, sometimes several times in a year. If you keep your home priced right, your home WILL sell!


Written by Rebecca, assisted source:MSN Money editorial/15 http://moneycentral.msn.com/content/Banking/Homebuyingguide/P59157.asp

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I hope to use this blog as another tool to assist buyers and sellers of real estate in the Willmar, New London, Spicer and surrounding areas.
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