Help! My Home Won't Sell.

Has your home been sitting on the market for longer than normal? Typically in a hot market, homes sell within one month. In more sluggish conditions, it can take six months to one year. Read about the top 10 reasons that homes don't sell. Leaving your home on the market for a prolonged time can make it appear "stale," and buyers may assume that there is something inherently wrong with it that has prohibited it from selling already. Fortunately, there are a number of actions you can take if your home won't sell:

• Ask your Realtor for feedback. You Realtor can talk to buyers' Realtors about what their clients thought about your home. You can then make changes based on that feedback. If your Realtor hasn't already given you this insight, ask for it. If you're dissatisfied with your Realtor, talk to him/her about your concerns. You may also speak to the firm's broker. Lastly, consider re-listing it with a different Realtor once your listing agreement expires. Contact me if this is something you're interested in!

• Reduce the asking price. A too-high asking price is the number one reason a home doesn't sell. If you're home has been listed for a while already, you may need to adjust your asking price to current economic conditions. In an exceptionally dry time, this may even mean taking a loss on your home. You should also look at what comparable homes are selling for in order to determine your price. One way to do this is by attending local open houses. 
• Revamp its appearance. Try to look at your home from an objective perspective (look at photos and video footage). What turns you off? De-clutter your home by cleaning it and putting your belongings out of sight. Stripping wallpaper and repainting your home in neutral colors generally makes your home more attractive to buyers. Similarly, make sure your lawn is well kept--you want to make the best first impression possible! When buyers do see your home, make sure you are not home. This invites the buyers to stay longer and talk openly about your home. 
• Take your home temporarily off the market. On the Multiple Listing Service (MLS), each home is accompanied by a number indicating listing date. Taking your home off the market and then re-listing it essentially "refreshes" your home and gives it a new listing status. Consider re-listing at peak times, which tend to be April-June and September-November. You may be required to wait a certain amount of time or make changes to your listing (for example, asking price) before you can re-list.
• Rent it out. If you're house is vacant but not selling, consider renting it out. This allows you to capture rental income and re-list your home for sale in more advantageous seller conditions. Not ready to be a landlord? Don't worry--you can hire a property manager who will do the work for you!