My Home Did not sell in 2008. My listing expired, NOW WHAT DO I DO???

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:

1. They made sure their property was priced correctly right from the very beginning.
2. 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.
3. They did not put up any showing barriers but instead provided good access.
4. They consulted with agent, pre-inspected and made repairs prior to listing.
5. 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.
6. Offered a warranty to give the new buyer peace of mind.
7. 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.

 

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

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