My home isn't selling: Now what do I do?

By Eric Gnau

Real Estate Associate

Cora Bett Thomas Realty

Hardly a day passes that you don't hear something about the sluggish condition of the U.S. housing market. People often tell me that homes just aren't selling. However, that is not entirely true, at least not here. Homes are selling.

Now it is true that there is a larger than usual inventory of homes on the market and that the average days-on-market (DOM) statistic has increased. But homes are selling, just at a slower pace than the breakneck speed of 2005 and a portion of 2006.

For the 12-month period ending Feb. 25, 2008, the Beaufort Multiple Listing Service reported that 862 homes were sold, at an average price of $311,000 totaling more than $268,000,000.But these statistics are little consolation to the homeowner who has had his home on the market for an extended period of time.

Read More... as seen in The Beaufort Gazette

MULTIPLE CHOICE!

Once you decide to list your home for sale, how long will it take to sell? How long should you give the agent to successfully market your home?

The best answer is to be reasonable. But what’s reasonable? 30 days? What about 300 days? Of course, there is no standard response.

Let's look at how to determine the right amount of time in your situation. With each real estate market being different, it takes longer to sell a home in some areas than others. A home that may sell in 15 days in one city may take 87 days in another, or even six to nine months in yet another.

Actually, the time needed to attract a buyer can be made longer or shorter by offering a higher or lower price, and better or less desirable terms and amenities.

Ask your agent to provide information relative to current selling times in your neighborhood. Discuss the factors that may help or hinder the sale of your home, and ask for your agent's best estimate of selling time for your home.

Then, allow the appropriate amount of time to properly market your home. By giving a reasonable length of time in which to perform, you will have the complete determination of your agent, and will no doubt be pleased with the results - the ultimate sale of your home.

It's More than a "Sale"

Our culture is fascinated with the concept of Do-It-Yourself, and it's no surprise that homeowners sometimes consider a DIY approach to selling. It's even the subject of popular television shows. Court TV is popular, too, but most people wouldn't act as their own legal counsel after watching a few episodes!

The label "For Sale By Owner" is a bit misleading. That's because in fact, ALL homes are for sale by owner, since the homeowner holds the title. In most cases, real estate professionals are employed to facilitate the sale, but do much more than just "sell" the home. They represent the seller and market the property.

Once you go beyond selling, it becomes apparent that For Sale By Owner really translates to Unrepresented Seller. It sounds fun to sell something, but it's not fun to be unrepresented in a competitive industry. Think about it: most buyers seek the services of an agent to save time and money. The seller is at a definite disadvantage if not armed with the same representation.

Unrepresented sellers report that the three most difficult aspects of going it alone are:

1. Pricing correctly
2. Preparing the home effectively
3. Understanding and completing paperwork.

Unrepresented sellers face more liability issues and lower sales prices than their represented counterparts. There's a lot more involved in For Sale By Owner than just the "Sale."