Finding a Buyer for a
House That Won't Sell
Question: My husband and I currently have our three-bedroom, 1,250 square-foot living area, 1960s one-story (family room in basement) ranch house for sale.
It has been listed with an agent since July of last year. We live in a remote area, one that is far away from markets, convenience stores, shopping malls, etc. However, our home has many new additions to it, namely the exterior roof and siding and electrical service. Granted, our home is small, the kitchen is galley-style and the dining area is only 8 feet by 7 feet, but it is newly remodeled (since 1993).
Q&A: Is real estate a safer place than the stock market to invest your money?
It is a great starter home for a young couple or an older retired couple, or perhaps a single person who enjoys the country.
The problem is my husband and I just purchased land elsewhere and are eager to begin building our dream house. The sale of our existing home is necessary because for monetary reasons. Is there something we could do to increase the interest in our home and get it sold ASAP? The current asking price is $60,500. The home is in a small housing development. The land accompanying it is just a little under one-half acre.
Help! We are desperate to sell.
Answer: Your letter illustrates the problem with selling residential real estate in rural or vacation areas. The demand is sporadic, at best. Typically these markets are hot for a year or two, and then cold for up to a decade or more.
In order to sell quickly you need to offer a bargain and market aggressively, more so since you have a small house (people today like bigger homes.) Get a CMA (comparative market analysis) from an agent so you can see what other homes comparable to yours have sold for. Then, for a quicker sale, consider offering yours for 5% less.
Also, if you've had your home listed with the same person for almost a year and it hasn't moved, it's probably time to look for a more assertive broker. Remember, more than 90% of all buyers go through agents.
What you want your agent to do is to enthusiastically "talk up" your home to other agents, get them excited about showing it to their clients. The greater the exposure, the greater the chance of finding a buyer. Offering it at a bargain price will help your broker do his or her job.
Rest assured that with the proper pricing and marketing, your home will sell.
Mr. Irwin has more than 25 years' experience as a Los Angeles-area real-estate broker. He is the author of more than two dozen books about real estate and is recognized as one of the most knowledgeable writers in the real-estate field. Mr. Irwin's most recent book is "Buy Your First Home," (Dearborn, 2000).
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Julie, New York
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