By Brad Boisvert   

The New England housing market is somewhat an enigma. Despite some pretty severe hits by a surly economy, New Englanders continue to support a strong housing market.  Even in the face of significant job losses, residential construction activity rose 15 percent during the first six months of 2002 compared to the same time in 2001. And home-sale activity has increased.

Clearly, because of the unstable job market, many houses have gone on the market as homeowners accept jobs elsewhere in the country. Yet, largely because of low interest rates, buyers continue to snatch up these homes at a good clip. As a result, all indicators still point to the New Hampshire housing market as a seller’s market—although it’s softened from the heydays of a few years ago.

But what if your house is not selling? In a stagnate market, it’s not unusual for a house to remain listed for six months to a year. In a seller’s market, a home that doesn’t sell after only one month may indicate a problem. If your home hasn’t sold in the time frame you thought it would, chances are it’s a combination of the following four reasons:

·        Your price is too high.

·        You’re not presenting your house in its best light.

·        Your neighborhood is mired in a stagnate market.

·        Your expectations are too optimistic.

Fortunately, there’s something you can do about each one of these reasons.

Without a doubt, the most common reason a house doesn’t sell is because of price. Certainly, you’ll attract more buyers with a house that is priced correctly for the current market conditions. On the other hand, just being a little overpriced can leave your house languishing on the market. For example, if your price is only 5 percent over market value, it will scare away buyers; they won’t even bother looking. 

Of course, the best time to price your house correctly is when you first put it on the market. Lowering your price after you’ve been listed for a while could give your house the stigma of stagnation. Yet, an overpriced house is sure to stagnate. Consult with your real estate agent. If the market conditions warrant it, reduce your price and let buyers know it.

The second leading reason a house does poorly is its condition. If you tried to get by without slapping some new paint in the walls, you may be figuratively slapping buyers in the face. Try videotaping your home interior and watching the playback with a critical eye. Does it look in mint condition on screen? If not, repaint the walls and lay down some new carpet. And use bright neutral colors for both. The transition will be dramatic. And the results should be well worth the cost.  

If, on the other hand, your house is priced just right and is in showroom condition, you might be faced with a localized stagnate market. To sell your home in these conditions may take more creativity to attract buyers. For instance, in some markets, sellers have been known to give away new cars to attract buyers. But it’s doubtful that you’ll have to go to such extremes in New Hampshire.

Perhaps you can entice buyers with some regional perks. For example, if your home is in Belmont Country, offer buyers a family season’s pass to Gunstock ski area. If it’s in Portsmouth, try tossing in tickets to the Music Hall. … By accentuating local attractions, you’ll accentuate your home’s locale -- and ultimately give buyers a reason to commit.

Often, however, it comes down to a matter of cash. To help, you could offer to cover some of the buyer’s closing costs … or pick up the property tax for an additional year. There are many ways to give a buyer a break without lowering the price of your home.

As a last resort, consider taking your property off the market and relisting it anew. This may get buyers to take a fresh look at your house. That prospect, however, should give you cause to take a fresh look at your agent, as well. If she or he isn’t working with you, find someone who will.

If, in the end, you feel you’ve done everything you can, you may simply have to be more patient. There are seasonal lulls even in sellers’ markets. So be realistic and ask your agent for advice. After all, your agent is specifically trained to sell homes. Take full advantage of that knowledge.  

Brad Boisvert is a real estate professional with RE/MAX Coast to Coast Properties in Portsmouth. Call him at 431-1111 ext. 3812 or e-mail bradb@worldpath.com.