Why Won't My House Sell? Is it My House or the Real Estate Market?

Question: Our house has been on the market three months. Only ten agents have shown it. Our agent has not had any buyers express in the home and says the market is slow and it will take longer to sell. However, friends across town sold their home after two weeks on the market. Am I missing something? Where are all the buyers? - A.R.

Answer: Many factors contribute to the equation of home buying. The market shifts based on supply and demand, interest rates, industry, and a host of other factors. In most Bay Area neighborhoods, there are more homes on the market now than the year prior. This allows buyers more selection and negotiating power. However, some homes in highly rated school districts, upscale communities, or on larger lots bear more demand and sell at unprecedented rates.

• Step 1: Listen to feedback. Has your agent contacted the agents who've shown the home and asked for opinions? This is a great method to gain comments directly from other Realtors and buyers. Find out what other professionals think and if you hear a common thread-well, that's your answer!
  
  
• Step 2: Are you priced too high? If there are 20 homes within your community for sale, and yours is priced in the top five, buyers automatically discount the highest-priced homes, focusing on what appears most budgetable. If you're car shopping, where to you start? At the most expensive dealership? Nope! You select a few of the best opportunities by price and visit them.
  
  
• Step 3: How is your home exposed to buyers? The internet is the most highly used tool by home buyers. Compare the 2% of buyers who used the internet to find a home in 1995, to the 77% in 2006 who shopped online per the National Association of Realtors. A visible presence on the internet is vital and should include photos, virtual tours, downloadable flyers and maps plus access to inspection reports or disclosures, and, of course, your agent!
  
  
• Step 4: Consider changing agents. Does your agent offer strong suggestions to improve your situation? Are they quick to respond to your calls, and thereby also accessible to other Realtors? Have they provided current statistics based off neighborhood comparables (ie., homes that sold in the past four to six weeks)? Have they inflated your list price to get your business?
  
  

If your home is not priced competitively, then its purpose on the market will only make other homes look more attractive. After a drought of interest, pulling the property off the market to regroup for a new marketing strategy can make a world of difference. If you live in the bay area, we would be happy to evaluate your situation, provide a market analysis, and devise with you a plan to make your home competitive and sell quickly! Click here to conect to our main real estate home page. There you will find links to contact us.