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Ask The Agent

I've had my house on the market for six months and it still hasn't sold. What can I do?

First of all, you are not alone. You and hundreds of other sellers are in the same boat right now. The important thing to remember is that the homes that are in good condition and priced well are still selling. It's all just taking a little longer. So, other than being patient and saying a few prayers, here's what you need to do:

1)  Know your competition. If there are five other homes on the market in your neighborhood, make sure you've seen them. Although it's hard to take an unbiased look at another home (because of course you're going to think yours is better!), it's by far the best way to see your house through the eyes of a buyer. So next time your neighbors have an open house, make it your job to visit. Pay special attention to the condition, the "show quality", and the upgrades (or lack thereof) in these homes. And then, be fair when you compare it to your own. Try to put yourself in the shoes of a buyer -- which shouldn't be too hard, since you'll be a buyer as soon as you get that house sold! Think about the qualities that you are looking for in your next house, and see how your house measures up next to the competition. Take these observations, discuss them with your agent, and then create a plan to make your house the very best in your neighborhood -- both in condition and in value.

2)  Do the things you probably should have done before you listed it in the first place. If your open house tour has made you realize that yours is the only house in the neighborhood with 10-year-old carpet, now's the time to replace it. If your favorite home in the neighborhood was one that was painted neutrally and decorated sharply, it's probably a good idea to jump on that bandwagon, too. Paint a few rooms, consult with a staging company and freshen up that look.  Remember, it is not too late to change the way your house shows. Be sure to discuss these strategies with your listing agent and then of course, make sure he or she takes new photographs once your improvements are complete!

3) Be realistic about your price and be aware of the statistics in your area. Knowing your competition will really help you be more honest about your price. Can you honestly say that your house is that much nicer than the identical floor plan across the street? Even though they have a more private lot? Now more than ever, it is critical to be ready to adjust your price to the market. When you listed your house at $300,000 six months ago, that may have been a fair price. But look at these numbers again today. Did the other homes that were listed at $300,000 early this spring actually sell for $300,000? If you find that nothing in your neighborhood has actually sold for more than $290,000, you've got a simple solution on your hands: you have got to lower that price.  

4) Make sure your agent is holding up their end of the bargain. Your agent can't make someone buy your house, but is he at least trying? Has he communicated with you about buyer feedback?  Has he offered suggestions of things that might help sell your house (and yes, suggesting a price reduction does count)?  Has he marketed your home to meet your expectations?  If you feel like your agent has fallen short in any of these areas, have a discussion with him, and see if he'll agree to make selling your house a greater priority. 

Remember, your home may be your biggest investment. Protect it and the equity you have built in it, by positioning it correctly in today's market.  At the end of the day, smart sellers get to be dangerously smart buyers!

Jennie Barrett Shaw is a Realtor with Keller Williams Realty and a Richmond-area resident since 1987. She helps buyers and sellers maximize their investments in real estate by serving as a knowledgeable and ethical advisor. She currently lives in Westover Hills with her husband Travis, and their two yellow labs. Questions for Ask the Agent can be submitted to asktheagent@richmond.com .

Previous Ask the Agent columns

w July  10 : Can Feng Shui help me sell? 

w   June 5 : Buying your first home

w May 1 :  Assessment? Appraisal?

w April 17 : How to choose an agent

w April 3 : Improving chances of selling

w March 6 : Refinancing

w Feb. 7 : Assessments