Real Estate Blog - A Year Has Gone By And My House Did Not Sell

Home : Blogs : Jennifer Fivelsdal, Fishkill NY : Jennifer 's Mid-Hudson Valley New York Real Estate

A Year Has Gone By And My House Did Not Sell - How Come?

Due to the nature of real estate (most of us need to live somewhere) many properties sold this past year, although not as many as a few years ago. The market this year has presented many challenges, such as, the credit crisis, and both resales and brand new homes had to compete with foreclosures and short sales.

So how did some sellers manage to sell in this market? Here are a few tips:

They made sure their property was priced correctly right from the very beginning.
They were more aware of market trends and so knew that being more flexible when negotiating was necessary. They also did not reject offers outright.
They did not put up any showing barriers but instead provided good access.
They consulted with agent, pre-inspected and made repairs prior to listing.
Knew competition would be stiff, so to gain an edge invested in professional staging. Data has shown a staged house sells faster and for more money.
Offered a warranty to give the new buyer peace of mind.
Had a plan as to what type of incentive could be offered to buyers such as; help with closing costs, especially since the credit markets have tightened.

I won't kid you, even after doing all this, some houses still did not sell. Sellers are now considering lease with option to buy - a practice that had not been seen when it was a seller's market. If such an option is considered it is advisable to discuss it with your accountant.

If you are one of those sellers whose house failed to sell during the year here are a few questions for you to ponder.

How motivated were you to sell? Were you holding out for a sale price similar to the one your neighbor received a couple of years ago?
Did you keep up with the market trends in your neighborhood and County such as, how many homes sold, what was the median selling price, price per square feet, inventory level and days on market?
Were you aware of foreclosure and short sales activities?
Were there any major layoffs in your area?
Did you know who your competitors were? If so, how did your home compare to theirs?
Did you prepare your home for sale like the seller's who were successful. if not, why not?

The truth is, this is no time to bury ones head in the sand. There are many challenges to face but some of these can be overcome and your Realtor can be a great resource.

With the recent drop in mortgage interest rates and the possibility of these going even lower, I suspect more buyers will enter the marketplace. So, make sure your home is poised to be one of those that will be sold. Now is the time for reflection and constructive action to gain that edge.

sold

Jennifer Fivelsdal - Associate Broker- Keller Williams Realty Team - 845-758-6842

To find a home in Dutchess County or to find out what your Dutchess County home is worth click the appropriate button below.

Posted by Jennifer Fivelsdal, Fishkill NY on 12/19/2008 04:05 PM

Comments (27)

Selling Your Home in the Home Selling Channel

home sellers, staging, motivated seller, home inspection, home warranty, real estate

Originally posted at: Rhinebeck Living: A Year Has Gone By And My House Did Not Sell - How Come?

This post has been included in New York Information Dutchess County, NY Information
Post is included in group: Realtors®
Post is included in group: Keller Williams
Post is included in group: Hudson Valley Real Estate and Mortgage Professionals
Post is included in group: Home Staging

27 Comments on A Year Has Gone By And My House Did Not Sell - How Come?

DEC

Jennifer, these days a Seller cannot just look at the price of recently sold houses, they have to look at the price that other comparable houses are on the market for. In order to move a property quickly these days you have to price below the competition, or be prepared to sit on the property for awhile.

George you are absolutely right, beating the competition price is key. Taking note of the competitors pricing and condition of their homes is a must.

Above all of them by a mile is a proper price. This is what you can control better than anything else. You can do everything else right but if you get the price wrong it won't matter. The best Realtors have mastered the art of pricing a home properly.

Bill pricing is key. The sooner seller realize that they have to deal with the existing market the better off they will be. For example a house that was selling for over $600,000 might now sell for far less in this market.

Jennifer, excellent advice for those that have made the decsion to sell. A few months of "we'll see" pricing is a very bad plan- start right. Thanks!

Hi Jennifer... I think that you are correct. The market seems poised to have more buyers enter it. And the synopsis you have put together is GREAT... a MUST READ for homesellers in the current market.

Laurie - There is no time to experiment with the price, you almost have just one chance to get it right.

Steve - conditions seems right for that to happen, with the interest rates and housing price dropping.

Hi Jennifer - your tips for sellers to follow to get their homes sold are perfect, and all sellers thinking about selling and already on the market should be asking themselves each question you listed above.

Sellers just can't think that the market is challenging for everyone else but not them, that their house should sell at prices from several years ago - just because it's theirs....

Ann

Ann the problem is many sellers are still stuck in the old mindsets, which in the long run will be costly.

Hi Jennifer,

Good info for home sellers, it's not easy out there for anyone. As for the lease-option, yes we're beginning to see a few more of these too.

Lynda this is a great time for seller to think seriously about how to move forward as the new year approaches. Have a great weekend.

Jennifer, very good advice for sellers. We have just entered in to this type of market since Hurricane Ike hit us. Leases are becoming very popular and harder to find.

DEC

Hi Jennifer...Liz Moras has re-blog this, thankfully. Glad I didn't miss it. You have certainly done a comprehensive job of explaining why a home may not have sold.

Thank you,

Kate

Many are just not motivated enought to accept the new pricing that is out there. So they just hold on and that may be best for them. The agent should drop them like a hot potato as soon as they realize the price is not coming down to market.

Hey, Jennifer. I came over here from Liz Moras's blog.

Price seems to be a significant problem here, especially if the seller owns his property free and clear. He thinks that not owing any money on his property means that it is worth more than the foreclosure next door and the short sale across the street. Nope. Doesn't work like that.

Jennifer, This is wonderful advice for sellers in this tough market. I hope many of them see it and check into all the information you provided for them to see what they can do to help sell their homes.

Jennifer,

Great advice. The biggest complaint I hear from real estate professionals is that sellers are still living in dreamland when it comes to price. Here in Florida I have seen people "hold out for their price" only to watch the values drop 20 - 30%. They are chasing the market down. I tell people that to sell a house you need to have the prettiest house in the neighborhood with the best price with some sort of incentive such as partial or full owner financing for the buyer. Particularly in Florida, financing is very, very tight and most of the deals that close are either cash, owner financing or FHA.

Jennifer, Excellent post. Thanks for the great tips. Happy Holidays .Have a great 2009.

DEC

Jennifer,

Another excellent post. This will also help my clients, so I am going to re-blog. Thanks again for doing the work.

Have a great day

Leander

DEC

I can't believe I re-blogged this but didn't comment! Sorry- I thought it was a fantastic post!

DEC

This is a biggie! How motivated were you to sell? If the sellers are motivated to sell why would I want to use my time and marketing to try to sell? This is my first question anymore.

DEC

Now this is a must feature post - great advice.

Marchel yes the lease option is now one tool some sellers are using.

Kathleen - Thank you for your kind words

Robert- You are so right, if sellers can't adjust to the new pricing no need to spend marketing dollars on such a listing.

Russel - Most sellers don't realize the impact a foreclosure or a short sales has on their property.

Carole - That was the intent, hopefully the advice will be heeded.

Barbara that is the sad part when a seller hold out and is then forced to take way less than what was first offered,

Gita Thank you, and I hope you too will attain your 2009 goals.

Leander You are always welcomed. What's great about this network is that we can help each other.

Liz Thank you, your opinion counts.

Dena I agree that is a question that we need answered upfront.

Tim and Pam Thanks for your kind words,

DEC

Jennifer - Good points! And, may I add to this?

If you are one of those sellers whose house failed to sell during the year and can't reduce your price because of what you owe the bank....you might have to come to the closing with a checkbook.

Yes, many sellers are starting to even borrow the money to pay off the negative equity - in these cases, it's a good idea to talk to a tax accountant about possible write-offs for a loss on sale.

DEC

Jennifer, what a great list! It was not luck or chance that some sellers this year sold and some did not (for most of the cases). The sellers and the agents both had a hand in it. I know we have had listings in the past where we couldn't always show. They could have missed that "full price" buyer, but we will never know.

This blog does not allow anonymous comments