April 30, 2008

I'm Getting No Offers - Now What?

by Hal James

As easy as it was to sell a home just four years ago, it is now brutally difficult. This is the natural back and forth of the real estate market, but to a bit of an extreme. If you are having problems selling in this market, is there anything you can do?

As bleak as the current real estate picture looks, there are things you can do to make your house stand out to buyers. It really helps to think outside the box when doing this as the number of homes on the market is so large as to be bordering on the ridiculous.

Location, location, location. It is the first rule of real estate. Many sellers make the mistake of not playing up the positives of their community. Don't make this mistake. Note the quality schools, low crime rate and so on. Play it up!

When selling your neighborhood, you also have to account for the problem areas. You know, that one neighbor. A simple strategy is to offer to pay for their landscaping and so on. You'll recover the money on the sale of your home.

Step back from your pricing. Look around the neighborhood. Are there comparable homes listed for less, even a few thousand dollars less? If so, you need to cut your price. You don't need to beat the fixer upper on the block, just those similar to your home.

Ah, but my home is better than the comparables because I have marble counters or something else. Yes, but most buyers will not care. Why? What does every new homeowner do? They fix stuff up! Your slight advantages don't matter to them.

Come hell or high water, some people will refuse to cut their price. If you are one, about the only thing you can do is try to market the superior aspects of your home like mad. Try to show why your property is better and deserves a higher price.

One way to do this or just move your house is to offer favorable terms to buyers. We all want someone to show up with a suitcase of cash. It probably isn't going to happen. Offer to help with the financing by offering a second mortgage. It can make all the difference.

Framing your home with landscaping can make a world of difference to buyers. A common investment strategy with apartments is to buy a property, plant trees, bushes and the like and then resell it of a profit. You can do the same with your home.

Besides landscaping, there are other minor tasks that can have a big impact. Clean your driveway and organize the garage. Cut back plants in front of windows to maximize lighting and views. Walk the house and just make little changes to the details.

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Filed under Landscaping by Hal James

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