How to Sell Your Home in Any Market: 6 Reasons Why Your Home Isn't Selling... and What You Can Do to Fix Them

288 Pages·2008·4.3 MB·english

by  Loren Keim

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HOW TO
Sell your home no matter
SELL
what the market is like!
Expert Your
Advice
from a
Broker
If you are like most people, your home is the
HOW
biggest financial asset you have. When it’s TO
HOME
time for you to sell it, though—especially in
S
a slow market—you need to be careful to
E
avoid the six biggest mistakes that people
L
make when putting their homes on the L
market. Otherwise, you might not be able
Y
to find a buyer.
O
Loren Keim, a top real estate professional with over twenty years of experience,
U
explains these six mistakes and challenges in detail and teaches you how to avoid
R ANY MARKET
making them. These six key things to overcome when you sell your home are:
in
H
• Poor Staging—Do you know what potential buyers really think
about your home? O
• Incorrect Pricing—Are you overpriced compared to other houses M
for sale in your area?
E
• Improper Marketing—Are you doing enough to find potential buyers?
I
• Location-Challenged Properties—Do you own a home near an N
airport, train tracks, or on a busy street?
A
• Functional Obsolesence—Do you know how to fix the problems in
N
your house that are keeping buyers away?
Y
• No One Is Buying in Your Area—Is your home going to be the one in
your area that buyers will fall in love with and have to buy?
M
With helpful tips and websites listed throughout the text, this easy-to-read
A
book will help you accomplish the seemingly overwhelming task of selling your R E x p ert Advice from a Broker
home and getting top dollar.
K
E
ISBN-13: 978-1-57248-698-0 T
Sphinx® Publishing ISBN-10: 1-57248-698-8 Real Estate 6 Reasons Why Your Home Isn’t Selling...
An ImpNrianpt eorfv iSlloe,u Irlcleinbooiosks, Inc® N $$1186..9995 CUA.SN. Keim
www.SphinxLegal.com A £9.99 UK And What You Can Do To Fix Them
E
Loren K. Keim
6 Reasons Why Your Home Isn’t Selling…
And What You Can Do to Fix Them
Loren K. Keim
S P
PHINX® UBLISHING
AN IMPRINT OF SOURCEBOOKS, INC.®
NAPERVILLE, ILLINOIS
www.SphinxLegal.com
SSeellll YYoouurr HHoommee iinn AAnnyy MMaarrkkeett__FFIINNAALL__IINNTT..iinndddd ii 99//88//0088 1111::3344::2222 AAMM
Copyright © 2008 by Loren K. Keim
Cover and internal design © 2008 by Sourcebooks, Inc.®
Cover photos © iStockphoto.com/EricVega, qingwa, klosfoto
All rights reserved. No part of this book may be reproduced in any form or by any
electronic or mechanical means including information storage and retrieval systems—
except in the case of brief quotations embodied in critical articles or reviews—without
permission in writing from its publisher, Sourcebooks, Inc.® Purchasers of the book are
granted license to use the forms contained herein for their own personal use. No claim
of copyright is made to any government form reproduced herein. All brand names and
product names used in this book are trademarks, registered trademarks, or trade names
of their respective holders. Sourcebooks and the colophon are registered trademarks of
Sourcebooks, Inc.®
First Edition: 2008
Published by: Sphinx® Publishing, An Imprint of Sourcebooks, Inc.®
Naperville Office
P.O. Box 4410
Naperville, Illinois 60567-4410
[phone]
Fax: [phone]
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This publication is designed to provide accurate and authoritative information in regard
to the subject matter covered. It is sold with the understanding that the publisher is
not engaged in rendering legal, accounting, or other professional service. If legal advice
or other expert assistance is required, the services of a competent professional person
should be sought.
From a Declaration of Principles Jointly Adopted by a Committee of the
American Bar Association and a Committee of Publishers and Associations
This product is not a substitute for legal advice.

Disclaimer required by Texas statutes.
Library of Congress Cataloging-in-Publication Data
Keim, Loren K.
How to sell your home in any market : 6 reasons why your home isn’t selling-- and
what you can do to fix them / by Loren K. Keim. -- 1st ed.
p. cm.
1. House selling. I. Title.
HD1379.K34 2008
643’.12--dc22
2008024382
Printed and bound in the United States of America
CHG 10 9 8 7 6 5 4 3 2 1
SSeellll YYoouurr HHoommee iinn AAnnyy MMaarrkkeett__FFIINNAALL__IINNTT..iinndddd iiii 99//55//0088 1122::2288::5588 PPMM
To my wife Theresa.
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Acknowledgments
I would like to acknowledge my wife, Theresa, and our children,
Bridgett, Caitlin, Logan, and Kourtney, for putting up with my
twelve-hour work days and my hectic writing schedule.
I would also like to acknowledge my parents, Loren and
Geri Keim, for everything they have done for me over the years.
Without their support, none of this would have been possible.
I would also like to thank my team and staff at Century 21 Keim
for helping to create a great and fun environment to work in.
And, I would also like to acknowledge Erin Shanahan and Elise
Jajuga, my editors at Sourcebooks and Sphinx Legal Publishing,
for their invaluable advice.
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Contents
Introduction to Selling Your Home . . . . . . . . . . . . . . . . . . . . xi
Reason #1: Poor Staging
Reason #2: Incorrect Pricing
Reason #3: Improper Marketing
Reason #4: Location-Challenged Properties
Reason #5: Functionally Obsolete Properties
Reason #6: “No One Is Buying in the Area!”
The Steps to a Successful Sale
Chapter 1: Staging Your Home for Top Dollar . . . . . . . . . . . 1
Competing with New Construction
Staging a Home: Step by Step
Curb Appeal
Curb Appeal Checklist
Entrance Foyer or Entry Hallway
Entry Checklist
The Living Room
Living Room Checklist
The Kitchen
Kitchen/Breakfast Area Checklist
The Dining Room
Dining Room Checklist
Bathrooms
Bathroom Checklist
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viii how to sell your home in any market
Bedrooms
Bedroom Checklist
Backyard
Backyard Checklist
Garage
Garage Checklist
Basement
Basement Checklist
What to Do if Your Home is Vacant
General Staging Issues
The Keys to Staging
Chapter 2: Pricing Your Home Properly . . . . . . . . . . . . . . . 45
The Realtor’s Competitive Market Analysis
The Dirty Little Secret of Realtor Pricing
Appraised Value
Understanding Price Positioning and Price Points
Net Proceeds
Chapter 3: Market Timing . . . . . . . . . . . . . . . . . . . . . . . . . 61
Market Timing—Is Now the Time to Sell?
Chapter 4: Figuring Out the Best Way to Sell . . . . . . . . . . . 69
Selling For Sale By Owner
Full Service versus Discount Brokers
Interviewing Realtors
The Listing Process
Holding the Home
Chapter 5: Marketing Systems . . . . . . . . . . . . . . . . . . . . . . . 83
Where do Most Buyers Come From?
Using the MLS
For Sale Signs and Directional Signs
Flyers and Brochures
Four Keys to Writing Successful Ads
Internet Marketing
Virtual Tours
Open Houses
Specifically Targeting Likely Buyer Groups
Broker’s Open Houses
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contents ix
Chapter 6: Guerrilla Marketing Techniques . . . . . . . . . . . 107
Staying Ahead of a Sliding Market
No Money Down Offers
Paying Buyer’s Closing Costs and Buy-Down Loans
Allowances
Auctions
Lease Purchases
Paying Realtor Bonuses or Higher Commissions
Giving Away a Car or a Vacation
More Creative Uses for Flyers

Chapter 7: Other Property Challenges . . . . . . . . . . . . . . . . 125
Location-Challenged Properties
Pricing Location-Challenged Properties
Functionally Obsolete Properties
Properties in Difficult Regions
What to Do with One Bad Neighbor
Chapter 8: Showings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141
When Should You Allow Showings?
To Lockbox or Not to Lockbox
Should You be Home for Showings?
Stop Talking
Safety
The Most Common Misconception About Showings
Feedback
Lookers or Buyers?
Chapter 9: Offers and Negotiations . . . . . . . . . . . . . . . . . . 157
Your First Offer
Purchase Agreement Analyzer
Conditions and Contingencies
Counteroffers and Successful Negotiation
Chapter 10: What Can Go Wrong Will Go Wrong . . . . . 181
Creating a Calendar
Obstacles to Closing the Sales Contract

Chapter 11: Settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . 207
The Final Walk-Through
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