Q & A: Should We Lower Our Home Price?

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My home has been on the market for six months without a single offer. Is that a normal amount of time without any action? Should we think about lowering the price? Is there anything we can do?
 
Pricing is generally key to selling your property. In most markets, the real estate recovery has resulted in a shorter time on the market as more and more inventory is absorbed for properties that are properly priced.

If you have not done so already, hiring a real estate professional who has expertise in your area should serve to help you price and market your home to attract qualified buyers. An on-line search of comparable properties in your area will assist you in selecting a broker and familiarize you with comparable properties currently on the market. Mortgage interest rates remain favorable and seasonally this is a good time to make your price adjustment.
 
I just bought a home four months ago, and now my husband just lost his job, so we want to sell it and relocate. Can I sell a home four months after I buy it? I am afraid buyers will think there is something wrong with the property. We have only lived here for three months as it took us a month to move in.
 
Circumstances such as yours are not unusual in today's world. Hiring a real estate professional can make the process less stressful for you and should produce the most qualified buyers in the shortest time frame. A broker can field all questions relating to the sale, and disclose only as much as you authorize. As the market has greatly improved in most local regions, inventory levels are down substantially and mortgage interest rates remain favorable. You should move quickly to get your home on the market with an area specialist.
 
How do I pick the broker that I want to work with to sell my home when there are so many in my neighborhood?

You need to do some homework before you choose a broker to represent you in the sale of your home -- starting with an on-line search to ascertain which real estate firms are representing comparable properties in your neighborhood. In this way you can begin to evaluate their web site, on-line marketing and the real estate agents who are representing those properties before you schedule personal listing presentations. The personal interview process should serve to evaluate not only the agent's professional expertise, but an opportunity to evaluate their interpersonal skills as well.
 
If a home is being sold for sale by owner can my broker take me to see the house? Or do I have to go without my broker? My husband and I really don't understand much about a real estate transaction so we are looking to our broker for a lot of guidance. We really like this house online and are very interested.

For Sale by Owner homes ("FSBO") usually will not pay a brokerage commission and may look to you to pay a commission to your agent in the transaction should you purchase the property. If a commission arrangement can't be worked out, you will have to decide whether  to proceed with or without your agent's involvement in  such a transaction.

Dottie Herman is CEO of Douglas Elliman. If you have a real estate question for Dottie, please send it to; Reporters@WPCnews.com