Help, my home isn't selling
There is a lot of inventory in the Charleston South Carolina real estate market today and many houses are not selling. I saw an interesting article from Bankrate on MSN.com and wanted to share and comment for the benefit of sellers asking for help.
According to Bankrate, the 6 reasons houses don't sell are:
Your home is overpriced.
Your home doesn't "show" well.
You're in a bad location.
You have a lousy listing agent.
You are battling competition or market conditions.
You have ineffective marketing.
Please read, 6 reasons your home isn't selling.
Price and condition are the two areas that a seller has control over. Overpricing is the biggest mistake sellers are making today and with lots of inventory competing for fewer buyers, you must price your house to stand out from the competition. The condition of the property is almost as important and it doesn't need to cost a lot to have your house shine.
You can't do much about the location, it is what it is and that is why homes are always compared to nearby properties. As to market conditions, you simply need to understand that the days when sellers asked anything and buyers paid more are over. There are 7 or 8 available houses that didn't sell for every one that did in the past 6 months in the Charleston area. If you list your house to sell, surely you want to be the 1 that did, not the 7 or 8 that didn't.
Now, onto points 4 and 6. A lousy real estate agent? 
Bad marketing? Both? 
OK, that was a little tough on agents and bad marketing. I could have done the same thing with price and condition but I was being nice.
As a seller, you control the price and condition and to sell, you have to have it right. You can't do much about location and you have to understand the market conditions you are facing. You control who you choose to sell your house and what that real estate agent will do to sell it. It takes more than just putting a sign in the yard and a listing in the MLS. It takes marketing. This is but one of the areas that agents differentiate themselves.
The best advice I can give you regarding hiring an agent to sell your house is not to hire the agent who suggests you can get your dream price. The market today will just not pay it. Hire an agent who will expose your property to the most potential buyers. That way, you'll get the best possible price in the shortest possible time and with the least inconvenience. Don't just list, sell.
Ask the tough questions of the agents you are interviewing regarding their marketing plans for the MLS, traditional advertising and online exposure. Please read my marketing plan.
Simple and straightforward advice to sellers during any market. By the way, even if you receive a little less for your home than you hoped for, don't forget that you will also be paying less for your next home in today's market as well.