|
There are generally three reasons why real estate doesn't
sell quickly: a slump in the local or national economy or
housing industry, a problem with the property, or the asking
price is too high.
Determining
the Right Time to Sell Your Home
To determine the best time to sell a home in your area, seek
the advice of your local real estate agent. With their knowledge
of the local economy and housing industry they can tell you
whether you are in a buyer's or seller's market.
A seller's market is the perfect time to sell a home because
the demand for homes are high while the number of available
homes on the market is low. A seller's market can occur at
any economic or geographic level. That is why it is possible
for the housing industry to experience a slump in national
sales while in specific geographical areas of the country,
homes sale within hours of hitting the market at double or
triple the price of similar homes in adjacent neighborhoods.
| The key
to selling a home in a sluggish economy or buyer's market
is to aggressively market your home, listen to the advice
of your real estate agent, and be prepared to make compromises. |
A buyer's market is a bad time to sell a home because the
demand for homes is low while the number of available homes
for sale is high. This is often the case when a community's
major source of revenue ceases to exist (factories shutting
down or military base closing). When such a catastrophic
event occurs in a local economy, homes often glut the market
as people scramble to find jobs in other cities. Whether
it
is due to a catastrophic loss of jobs in a local economy
or a simple job relocation, those sellers who can't wait
for
a reasonable offer may find themselves making up the difference
between the mortgage and the sales price just to unload their
homes.
 More
Information
Is Something
Wrong with Your Property?
Homes that sit on the market above the average turnover
time in a good economy generally have something wrong with
them.
It can be as simple as the home's presentation (messy
yard, untidy or cluttered house, poor exterior or interior
colors or features) or as complex as structural defects
that either cannot be fixed or remain untouched by the homeowners.
Sometimes, it is property itself that prevents the home from
selling. Property that sits in a poor location or has egress
or topographical issues will slow down a sell.
While aggressively marketing your home may or may not solve
your location or topographical issues
(your home sits on the side of a steep cliff or is located
in a crime ridden area of town) there are still plenty of
things
that can be done with a home that doesn't present itself
well.
More
Information
Is Your Selling
Price on Target?
Homes that languish on the market may suffer from overpricing.
While there are a myriad of reasons why homeowners overprice
their homes, a Comparative Market Analysis (CMA) can help
you choose an appropriate price for your home.
More
Information
|
