I'm sure that you've heard the old saying that there are three things that sell a home, "Location, Location, Location." I'm going to let you in on another little secret. It AIN'T SO! Sure, location is a prime factor in the sellability of your house, but even a bad location can be overcome. The following 3 things are the Real secrets to getting your property sold.
The price of the property is the single most important aspect of getting your home sold. If the home is priced correctly for the area, the market and it's condition, then it will sell. It's as simple as that. What makes pricing difficult to do correctly is that several factors make it hard to determine sometimes what a person would be willing to pay. For example, you may have a nice 3 bedroom, 2 bath home that compares to others in a nearby neighborhood suggesting a price of, let's say, a $150,000. However, you happen to live on an old side road, next to the newly built county landfill. That's going to affect value, without a doubt, but determining that effect is difficult to do in some cases.
If you have a great house worth $150,000 and you want to sell it for only a $100,000, you'd think that people would be climbing the fences trying to get at it. But, if you don't let anybody know that you're wanting to sell, how will they know about the great house with the even better price? You cannot be a "Secret Seller," especially in a a slow market, like the one were in now. Running ads is a great start to marketing, but there is really more to it than that. Slapping an ad everywhere you can think of is good, but target marketing is MUCH better.
Putting the ads in the correct places where they will get the most exposure is better than the 'spray n pray' method of throwing them out everywhere. The BEST marketing, though, is putting the RIGHT ad in the best locations. Anybody can put a "House 4 Sell. Call XXX-XXX-XXXX." You need to put together a marketing plan with several good ad layouts.
Time is the final factor in getting a house sold. How much time are you willing to wait in order to sell your home? A property will eventually sell for any price you want...if you're willing to wait on the market to "catch up" to what you're asking for the property. If you have something that could sell for $150,000 today, but you want a cool $1 million for it, you can eventually get. No Really! Of course, you may have to wait 100 years or more, but you CAN eventually get that price.
But if time is a real issue for you, then it's a factor in selling, too. If comps for your house so a reasonable selling price of $150-160,000, with an average time on market of 6 months, then you can expect (assuming that you're marketing!) to sell in that range in the given time, more or less. If you price it at the top end of the range, it will likely take longer to sell, while pricing at the low range, less time to sell.
Again, if you're willing to wait it out and see, price a bit high may work, but if you need to be moving NOW, then you'd want to price it on the low side, or maybe even lower, in order to get the quickest sale possible.