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July 15, 2014

5 Steps to Sell a House That Won’t Sell

July 15, 2014

5 Steps to Sell a House That Won’t Sell

 

 

Our own Leslie Piper was interviewed for this US News and World Reports article….

NeighborhoodAre potential buyers eyeing but not buying? Try these strategies to sell your home fast.

The housing market is faring much better than it was a few years ago, but sales have slowed from 2013. If that “for sale” sign has been on your front lawn a lot longer than you expected, you may be wondering: What do most homeowners do in this situation?

It’s best to consult your real estate agent, assuming you have one, but you may also want to consider the following suggestions to sell your home quickly.

Lower the price. This is the most obvious suggestion, but price is often the problem. “Often sellers make the mistake of factoring in what price they need in order to sell the property,” says Rob Anzalone, co-founder of Fenwick Keats Real Estate, a New York City residential brokerage and property management firm. “Need is desire and isn’t a factor in establishing market value.”

Another reason sellers price their home above the market value, Anzalone says, is because they’re afraid they’ll sell for too low of a price and then look like a sucker. But he adds: “It’s very difficult to underprice a property. If the price is too low, buyers will bid it up to market value with multiple offers.”

[Read: 7 Reasons Your House Isn’t Selling.]

As for how low to go, make it count, says Margaux Pelegrin, a Realtor at Philadelphia-based Berkshire Hathaway HomeServices Fox & Roach, Realtors. “A $1,000 price reduction won’t be effective on a $400,000 listing,” she says. “The price should be reduced a minimum of 2 percent.”

She adds that one large price reduction is always better than lowering the price in small increments.

Deep clean. Hopefully this is the first thing you did before putting the house on the market, but maybe you didn’t clean as thoroughly as you thought. “Cleaning up the interior and exterior by painting, replanting or updating carpet can make a big difference,” says Leslie Piper, a housing specialist with Realtor.com. Another benefit is that you’ll pare down your personal belongings and you’ll “make the home look larger,” she adds.

Also consider keeping your pets out of the house during the selling period. “If the pet smell is apparent, it can be a real turnoff to prospective buyers,” Piper says. She suggests removing them from the home when prospective buyers are wandering through the house, and, if possible, boarding them at the house of a friend or family member.

And pay special attention to the home’s entrance, suggests Jennifer Darby Metzger, a broker with ERA Justin Realty Co., in Rutherford, N.J. “Can you put down some fresh mulch to tidy up the curb appeal?” Metzger asks. “Sometimes just taking out old rugs, giving a fresh coat of paint and beautifying the entrance can help the house sell.” . . .

For the rest of this article, please visit US News and World Reports