Owning The House That Won't Sell
By Raynor James, Fri Dec 9th

The real estate market is hopping and houses in yourneighborhood are selling like hotcakes. You, however, are stuckowning the house that won't sell.

Owning The House That Won't Sell

We first need to get some common anxiety issues out of the way.There is no curse on your house. Real estate agents are notconspiring against you. Home buyers are not tasteless idiots.Well, not all of them. If you're stuck owning the house thatwon't sell, there has to be an identifiable reason and youshould be able to find out what



it is. This is particularly truein the current real estate market.

The single biggest and easiest issue to address is the price ofthe home. Simply put, are you being reasonable when it comes toprice? What are the comparable home sale prices in your area andhow does your price compare to the sold houses that mostresemble the condition of yours? If you are asking for more thansimilar houses, finding a buyer is going to be difficult.Remember, the issue is the appraised value, not what yousubjectively think your home is worth.

One area where people get into trouble is improving beyond theirneighborhoods. This occurs when you pursue home improvementsthat add substantial value to your home, but can't be supportedby the surrounding houses. For example, assume your home andthose around it all appraise in the $250,000 to $285,000 range.If you redo kitchens, bathrooms and add a full second story tothe tune of $150,00, your probably think your home should beworth roughly $400,000. This is incorrect. Nobody is going tobuy a $400,000 home in a $250,000 neighborhood. In such asituation, your best bet is to hold on to the house and pray theneighborhood appreciates over time.

If price isn't the issue, you need to objectively evaluate howyour house is different from those in the neighborhood. Ask arealtor to come take a look at the house and offer suggestions.If all else fails, hire an appraiser to come appraise the houseand pay very close attention to the report.

Finally, one of the biggest problems I see with houses on themarket is a lack of charm. It may sound superficial, but youwant a potential buyer to be able to see themselves in the home.Don't strip out personal or charming items. Instead, add flowerswith a nice fragrance, plants and so on. Buyers are looking fora nice home, not a set of hospital rooms.

About the author:Raynor James is with the FSBO site - http://www.fsboamerica.org- FSBO homes For Sale By Owner. Visit our "sell my home" page -http://www.fsboamerica.org/seller.cfm - to sell your houseyourself with a free 1 month listing.

Here are some more For Sale By Owner articles...