5 Questions to Ask Before Holding an Open House

Not sure whether your home might benefit from an open house? Here's how to decide.
By Melinda Fulmer

1. Is your house in a high-traffic area? While many are advertised in the newspaper, on the Internet and in fliers, it's still drive-by and foot traffic that brings most open-house visitors. Amanda Staines, a sales director from Atlanta and a former agent, says she plans to hold an open house every weekend until her newly renovated two-bedroom townhome sells. The reason? "Location, location, location. My house is off a major road, so the signage can really pull" people in, she says.
2. Does it have special features or was it recently renovated?  An especially beautiful house can make buyers out of the most casual visitors.
3. What's your home's sale price? Many real estate agents say they no longer hold open houses for high-end homes, because they consider them a draw for thieves and gawkers. They prefer to schedule private tours.
4. How much time and money am I willing to invest in an open house? In some markets, much of the competition is using stagers and investing in costly upgrades such as painting and landscaping. If you aren't willing to spruce things up, an open house might not be worth it.
5. Is my real estate agent behind the idea? If they don't think it's a good idea for your home, or are unenthusiastic about it, it might not do much for you.

Source: http://realestate.msn.com/selling/Article.aspx?cp-documentid=510901

5 Tips for a Better Open House

If you're committed to holding an open house, here's how to do it right.
By Melinda Fulmer

1. Clean and repair your home. It should go without saying, but clean your house as if you were going to eat off the floors. Also, consider making minor cosmetic repairs and upgrades such as touching up paint and planting fresh flowers.
2. De-clutter. Put away the ceramics collection, toys and things lining the bathroom and kitchen counters. A crowded house makes it look smaller and makes it harder for buyers to imagine it as their own, says Gail Mayhugh, a professional home stager and owner of GMJ Interiors in Las Vegas.
3. De-personalize. Take down family photos, trophies and other personal touches, even that book on your nightstand. Buyers need to imagine the house as a blank slate, ready to be occupied and personalized by them, Mayhugh says.
4. Consider holding an early viewing just for the locals. For instance, if you are having an open house from 1 p.m. to 4 p.m., invite your neighbors from noon to 1 p.m. It will make them feel good and allow the agent to focus on the most interested parties when the real open house starts.
5. Promote heavily. Make sure your open house is listed on the MLS and on other Internet sites such as Realtor.com, Expo or Craigslist.com. Post lots of pictures, send out fliers, put up lots of signs and advertise in your local paper.

Source: http://realestate.msn.com/selling/Article.aspx?cp-documentid=510922

What to do if Your Home Isn't Selling

From rethinking your color scheme to holding open houses on weeknights, here are 10 tips for sparking interest in your home.
By Sally Anderson

Whether you're in a bone-dry market or a sizzling selling season, if you haven't received any offers on your home you're probably facing the question of whether to take it off the market. A house that goes too long without selling begins to appear "stale" and can actually damage your future chances of a sale.

How long is too long? It's not an exact science, but there are some helpful indicators. In a dry market, a sales period of six months to one year isn't unusual. Look at recent sales reports of similar homes nearby to determine a reasonable selling interval. In a hot seller's market, a house that hasn't sold within one month indicates a problem. In either case, there are several steps you can take before putting up the white flag.

10 tips to improve your selling karma

• Videotape your house, inside and out, and watch the tape as if you were a prospective buyer. Is the lawn weedy or the garden bare? Is your home uncluttered and spotlessly scrubbed? Sparkling-clean houses sell faster than those that look too lived-in or show an abundance of the owner's personality.
• Take a second look at your listing price. Visit open houses in your neighborhood. Are similar homes priced lower? Selling prices may have dropped since your first comparative market analysis. (See recent home sales in your area here.) In a hot market, if you haven't sold your home within one month, chances are good that you've overpriced it. If you do lower your asking price, consider a figure slightly below those of other comparable homes if you are interested in a speedy sale.
• Do whatever it takes to be away from your home during showings and open houses. The presence of sellers makes it difficult for prospective buyers to take their time or talk openly with their partner and agent. Leave some treats out to make potential buyers more comfortable: beverages, nuts, cookies -- anything that won't lose freshness or be too messy.
• Ask your listing agent to talk to buyer agents in his or her firm who have shown your home. The feedback from their clients can guide you in making home repairs, toning down your décor, making landscaping improvements and the like.
• Hold an open house on a weeknight. Competition is lower, and you'll attract the interest of buyers who can't make weekend appointments because of other commitments. (Read more on whether an open house makes sense for your home here.)
• Take out some extra online ads or print ads, even if your agent is doing a good job with promotions. Look for out-of-the-ordinary places to advertise, such as trade magazines, company newsletters and other alternative resources. You can even offer perks to buyers, such as a cash bonus or a season ski pass.
• Neutralize your color scheme. Most buyers prefer pale, neutral colors that make it easier to imagine a new home as their own. Houses with white exteriors are the highest sellers; for interiors, try whites, off-whites or pale grays. (Read more tips on preparing for an open house here.)
• If you've had offers but you considered them too "lowball," try readjusting your sights. Determine the lowest price you find acceptable, and consider anything more as icing on the cake. In a longstanding dry market you may even have to sell at a loss, so it's important to take every offer seriously. You don't want to alienate a potential buyer who has solid financing because you've set your sights unrealistically high.
• Is your listing agent giving your house adequate attention? If not, start by having a candid talk. If there's no change, discuss the problem with the firm's broker. As a last resort, wait until your listing agreement expires and find an agent with a proven track record in your area. On the other hand, if you have a fabulous agent but the market is underwater, consider offering an increased commission or a bonus for your listing agent as extra incentive. If you do sweeten the pot for your agent, amend your listing contract to reflect the change, and be sure it's added to the Multiple Listing Service (MLS) book -- buyer agents will also be inspired to give your house extra attention.
• Relist your house to give it a kick-start. When it was listed on the MLS, it was assigned a number reflecting the date and year of the listing. By now it may appear outdated to buyer agents; relisting will provide you with a new number. Check into the policies of your local MLS: You may need to make a change to qualify for relisting, such as temporarily taking your home off the market, adjusting its price or changing listing agents or firms.

Taking your house off the market

If you've tried the tips above, you're confident that your asking price is competitive, you have an ace agent and you're still not getting any action, it's probably time to take your house off the market. Here are some ways to make the most of it:

Choose your selling season. If you can afford to do so, relist during a more dependable selling season. After warming up in late winter, the market typically starts to peak from the ides of April (yep, tax season makes a difference) until June, when longer days and splashes of garden color make homes look their best. In summer, the market slows to a crawl, followed by a second peak from September to Thanksgiving. From then until January, the market tends to be as cold as a Midwestern winter, but it can also be advantageous to list while the competition is sleeping. Research the trends in your area: If you live near a winter resort, for example, winter may be the savviest time to sell.

If you're a senior, consider a reverse mortgage. Designed to help seniors who have more home equity than they do cash, a reverse mortgage is a loan against your home. The money is disbursed as either a single payment or a monthly sum, and the loan comes due (with interest, of course) only when the house is sold or upon the death of the owner. (Read more about the special issues facing seniors selling their homes here.)

Rent out your home until the market bounces back. If you must leave your home because of a job transfer or other extenuating circumstance, renting is an excellent option as you wait for the market to regain some heat. If you don't have the time or the talent it takes to be a good landlord, contact a reputable company that specializes in screening applicants and managing properties.

Source: http://realestate.msn.com/selling/Article.aspx?cp-documentid=24973