Your House Isn’t Selling – What Now?
The story is repeating itself all throughout the country. Homeowners trying to sell their homes are growing frustrated. Their house isn’t selling; it has been sitting on the market without an offer. They have dropped the price to no avail and are now nearing the end of their contract with the real estate agent. Do they just keep the house? Do they rent it?
It’s a complicated decision and one that depends heavily on the specific situation.
Here are a few steps to help you determine what to do next when your house isn’t selling.
Consider the Price
One of the main reasons that a house isn’t selling is because it is priced too high. If your house hasn’t been selling it’s time to reevaluate your asking price.
Get your hands on the latest comps for your house. Take a look at what else is in the area for the price you are trying to sell your house for. How does it compare?
Consider the Marketing
Is your house being properly marketed? Did you just stick a sign in your yard and put it on the MLS? Or, are you actively putting it on social media and holding open houses?
You should be studying the feedback on how many people are viewing your house online, how many have scheduled showings or requested more information, as well as feedback from those who look at your house. This information will help guide you towards your next actions.
Consider the Options
If you thoroughly evaluate the comps and along with your list price and everything looks good, it’s time to face the reality that it might just be the market. Your specific piece of the market might just have slowed down even if houses are still flying off the market in the surrounding areas.
Consider listing your house for rent and for sale. If you need to move out of your house, or if you already have moved out and need to start covering the mortgage, renting can be a great option. In many places when houses aren’t selling there are a large amount of renters in the market.
When you list your house for rent and sale simultaneously, you have a better chance of bringing someone in. Once you have a renter in place you can offer then the option of “renting to buy.” Many times when a renter is settled into a house they are more likely to want to stay in it.
Considering all of the above when your house isn’t selling is the best way to get it back on track. If you feel you are working hard to market your house and the price is right, you might need to just ride out the slow time.
Many buyers feel that at the end of the summer buyers stop buying, but that isn’t true. In the winter there are usually less houses on the market, which can help your house to sell over the others available. Make changes when necessary and re-evaluate quarterly.