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Linda Reeder
What Should You Do If Your Home Isn't Selling?
It can be very frustrating to put your home on the
market, expecting a fast sale, only to find that after six months you're
still waiting for an offer. What can you do?
First, determine if it's a result of timing. You may have started worrying
too soon. If it has been only a month and you haven't gotten a bite, not to
worry. The time a home stays on the market is related to the market's
strength, which varies regionally. According to The 2003 National
Association of REALTORS® Profile of Home Buyers and Sellers, two-thirds of
all homes sold in the United States in 2003 sold within two months, with the
average sale taking place within five weeks. However, homes in the Northeast
and West sold slightly faster (four weeks) than those in the Midwest and
South (five weeks). The St. Louis market varies significantly based upon the
inventory of homes for sale, the price level, and location. For example, a
property with acreage in the $350,000 to $400,000 price range will generally
take longer to sell than a similarly priced property in a normal subdision.
Of course, other factors may be responsible for your home not selling.
Inaccurate Pricing
A house priced at market value piques the interest of real estate
professionals and buyers, while overpricing chases them away. Even if the
seller adjusts the price later, it's difficult to recapture people's
interest.
Because it's only natural to overestimate the value of one's home,
homesellers should depend on factual reference points, such as an appraisal
and comparables (Comparable Market Analysis or CMA) to help estimate market
value. Realtors prepare comparables by examining similar properties that
recently sold in a neighborhood. This practice is the best way to arrive at
a realistic asking price.
Insufficient Exposure
If you're selling your home on your own, you may want to consider using a
Realtor. As reported in the previously mentioned NAR study, buyers were most
likely to learn about the home they purchased through a real estate
professional. Real estate sales professionals develop comprehensive
marketing strategies to sell a home. They generally use open houses, yard
signs, MLS, newspaper ads, the Internet and brochures to give a property
maximum exposure. One of the most significant parts of exposure is the
availability of the property for showing by real estate agents. The use of a
lockbox for access by real estate agents (with an appointment) allows the
property to be seen by all of the interested buyers without the intimidation
of the owner being present during the showing.
Condition and Appearance
Sellers shouldn't rely on buyers to use their imagination; they need to
capture it. Remember that buyers may see seven or eight homes in a single
day. The most memorable home will be the one that seemed the brightest, the
most spacious, the most cheerful. This invariably means rearranging and
eliminating furniture, removing excess knickknacks and so on, to create an
open, uncluttered look. Outside, do a visual check of the front of the house
from across the street. Does it have curb appeal? It should look inviting,
with a trimmed lawn and a freshly painted front door. A real estate
professional can offer some guidance in this area.
Terms/conditions
Even if the home is accurately priced, and the buyer is delighted with what
he or she sees, if the buyer can't live with the terms of the sale, he or
she may walk away. What sort of terms or conditions have you placed on the
sale? Evaluate how this may be affecting a potential sale.
Less Than Desirable Neighborhood
Normally, there's not much a homeowner can do about the surrounding
neighborhood. But if your home is not selling and you've examined every
other factor, this may be something to consider. For homeowners who can
postpone selling and are aware that certain issues need to be addressed on
the neighborhood level, now is the time to join or organize a town
beautification group. By the time you're ready to sell, today's eyesores
will have been eliminated.
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Linda Reeder provides St. Louis Missouri real estate information and resources in order to assist home owners and home buyers with the process of buying and/or selling their St. Louis home or other residential real estate (house, condo or other property in St. Louis MO). Linda Reeder is a top St. Louis real estate agent and will assist you in getting the best value for your purchase or sale of a St. Louis MO home. Her on-line services include free search of the St. Louis area (includes St. Louis MO homes - St. Louis houses and St. Louis condos) Multiple Listing Service (MLS) with NO REGISTRATION, Email updates on new listings as they become available, and more. She provides you the information to help you learn more about St. Louis condominiums, St. Louis houses, and other St. Louis MO real estate. Linda Reeder is a GRI and is designated a Certified Residential Specialist (CRS) and Coldwell Banker University Graduate (CBU). Additionally, Linda Reeder is also an Accredited Buyer's Representative (ABR). When you want a top St. Louis REALTOR, Linda is your best choice. Linda can help you obtain financial services, professional building inspections, assist you in maximizing your relocation benefits, advise you on how to prepare your home for sale to maximize your selling price, and make your St. Louis home buying or St. Louis home selling process go smoothly and successfully. When you need a Realtor in the St. Louis MO area, call Linda Reeder. Linda Reeder |
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