Listing data is derived in whole or part from the Maine IDX & is for consumers' personal, non-commercial user only. Dimensions are approximate. All data should be independently verified. (c) 2002, Maine Real Estate Information System, Inc. All Rights Reserved.
So you are selling your house. . .
When a property is put up for sale, the first 30 days are the most critical. Statistics show that's when most buyers and Realtors see the property. Interest is high! But, the longer the property is on the market, the fewer the prospects and Realtors. Thus, the initial period is critical - along with the proper pricing.
Some sellers, however, believe that if someone is really interested they will counter offer. Some will, many won't! Some well-qualified buyers may just walk away. The bottom line is a high priced listing will turn many buyers off.
Still, a seller wants to be confident s/he is getting the best price for his/her home. The way to accomplish this is by talking to a real estate agent before listing the property. Ask for a comparative market analysis - that is, research what similar homes in the area have sold for recently. Compare your property to those and have the agent help you calculate a fair market value. Be objective - even though it is your home. Remember, an over priced listing will usually result in only one thing - an unsold property.
Why won't my house sell?
Unless market conditions are very poor, the failure of the home to sell within about six months usually indicates a problem - usually with the price and sometimes with the condition - or both.
The most common reason for a property not selling is price. A house priced correctly from the start captures the interest of Realtors and buyers, while overpricing a home chases them away. Even if the seller drops the price later, once buyers and Realtors have lost interest, it is tough getting them back.
The second culprit in a slow sale is the condition and appearance of a house. Sellers shouldn't rely on buyers to use their imagination; they need to capture it. Remember that a buyer may see six or seven other homes in the same day - they will remember the house that seems the brightest, the most spacious, the most cheerful. This almost always means rearranging and eliminating furniture, removing excess knickknacks, etc. to create a simple, streamlined look. Adams Realty can help with suggestions.
Far and away, however, trying to sell a property at the wrong price is the key reason a home does not sell. It is only natural to overestimate the value of a home - after all, it is yours! However, when determining the price, it is important to be objective.
There are a number of price indicators, but the most important one is the price of a comparable property.
Many owners go wrong on pricing because they look at homes that are listed instead of properties that have been sold. There is a major difference. Anyone can list a property at a high price, but that does not mean it will be sold at that high price. The key is to find out what properties have recently sold and for how much. Property owners who follow this procedure usually are more successful.
What makes one offer more attractive to one seller than another?
When it comes to contingencies, first-time buyers are often better prospects for a seller's home than move-up buyers. Why? Because offers from homeowners usually are contingent upon the sale of their present home. Even if a move-up buyer has an offer for their home in hand, their buyer's offer may be contingent on another contingency (or sale) - and so on down the line. If one transaction in the chain falls through, they all might.
Cash offers can also be more attractive to sellers. Why?
After all, the seller will get their money at closing whether or not the buyer has cash or takes out a loan. True, but cash offers do not require lender approval, and loan approval is never a certainty - it may delay closing. (incidentally, for this reason, buyers who get pre-approved for a loan have an edge over other buyers. A pre-approved buyer is the same as a cash buyer.)
Buyers offering a larger-than-customary amount of "earnest money" (a deposit that accompanies an offer) can be more appealing, too. More money demonstrates greater sincerity and motivation to close the transaction.
Naturally, sellers are always looking for the best price for their home, but remember they also want an easy, trouble-free reliable transaction. Thus, as a rule, the fewer the contingencies, and the greater the commitment - the smoother the transaction.