Owning The House That Won?t Sell

The real estate market is hopping and houses in your neighborhood are selling like hotcakes. You, however, are stuck 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 not conspiring against you. Home buyers are not tasteless idiots. Well, not all of them. If you?re stuck owning the house that won?t sell, there has to be an identifiable reason and you should be able to find out what it is. This is particularly true in the current real estate market.

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

One area where people get into trouble is improving beyond their neighborhoods. This occurs when you pursue home improvements that add substantial value to your home, but can?t be supported by the surrounding houses. For example, assume your home and those around it all appraise in the $250,000 to $285,000 range. If you redo kitchens, bathrooms and add a full second story to the tune of $150,00, your probably think your home should be worth roughly $400,000. This is incorrect. Nobody is going to buy a $400,000 home in a $250,000 neighborhood. In such a situation, your best bet is to hold on to the house and pray the neighborhood appreciates over time.

If price isn?t the issue, you need to objectively evaluate how your house is different from those in the neighborhood. Ask a realtor to come take a look at the house and offer suggestions. If all else fails, hire an appraiser to come appraise the house and pay very close attention to the report.

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

Posted by Christine Palmer on December 13, 2008 at 12:00 AM

About Christine Palmer
Christine Palmer is affliated with Realty Executives, which is located in Madison, MS. For further assistance please use the contact information located on the right.

As of 05/23/12 the Christine Palmer RePage is ranked at 3,073 with 435 points.

Local Information for Madison, MS

Latitude: 32.457061 -- Longitude: -90.108583

ZIP Codes for Madison, Mississippi	39110 39130
Area Code for Madison, Mississippi	601
Time zone for Madison, Mississippi	CST

Other Area Cities: Madison, MS Jackson, MS Ridgeland, MS

Enter our Photo Sweepstakes and Win $200 for your Madison photos!

To see random photos for other cities Click Here.

Submit your photos of Madison and become eligible to win $200. Click Here for details.

Madison, Mississippi, named for James Madison, the fourth President of the United States, grew up along a bustling railroad track in pre-Civil War Mississippi. It was 1856 when the Illinois Central Railroad opened its Madison Station, the forerunner of today’s City of Madison. Although near-by Madisonville, a settlement established along the stagecoach route of the Natchez Trace, boasted a race tack, two banks, a wagon factory and at least one hotel, its residents could not resist the lure of the future. The newly established railroad community began to thrive, and Madisonville soon became extinct. Like many railroad towns in the South, Madison Station fell victim to the Civil War. Just 10 miles from the state capital, Jackson, it was largely destroyed after the July 18-22, 1861 siege of Jackson. -- Source: Wikipedia.com

Mississippi 2000 Census Population Profile Map

	Madison	Mississippi	United States
Population	14,692	2,844,658	281,421,906
Median age	36.2	33.8	35.3
Median age for Male	35.7	32.2	34
Median age for Female	36.5	35.3	36.5
Households	5,189	1,046,434	105,480,101
Household population	14,565	2,749,244	273,643,273
Average household size	2.81	2.63	2.59
Families	4,251	747,159	71,787,347
Average family size	3.17	3.14	3.14
Housing units	5,316	1,161,953	115,904,641
Occupied units	5,189	1,046,434	105,480,101
Vacant units	127	115,519	10,424,540

Visit US Census

Enter our Photo Sweepstakes and Win $200 for your Madison photos!

Owning The House That Won?t Sell

Local Information for Madison, MS

Latitude: 32.457061 -- Longitude: -90.108583

Concentrix TSG

The Leader Spanish Real Estate

ATF Forex Trading

Lingerie & Perfumes

Wedding Singer