This is one of the toughest real estate markets in the history of America. Many homes are sitting on the market for months, maybe even years without offers. If your home has been listed for longer than 6 months, then it’s time to look on several options to see why there has been no serious interest from buyers and to see what you can do to change it.
Change Realtors: There are many Realtors in the real estate market today, but only a few are really able to produce results. It is not for a lack of trying, but instead years of contacts and experience in the market is what is paying off right now . Check out your local real estate magazine and look at the Realtors who are advertising still today, in your area and selling homes. Chances are, if they can afford the cost of advertising they are producing business. Also, when dealing with a Realtor who specializes in your market they can give you a better analysis of what you are doing wrong in regards to getting your home sold.
Research yourself: There are many great tools on the Internet like Zillow.Com, Realtor.com and more that can give you research on what homes have sold for in your area, how many homes are listed, and a approximate value of your home. The market is changing so rapidly, that from month to month there can be a big difference. Don’t just rely only on your Realtor, who may have more than their fair share of listings, check it out for yourself.
Price: Too many people focus on what their home was worth during the boom. Well, that was a bubble, not reality, and it has burst a long time ago. Now its time to see what your home is really worth and if you have priced yourself right out of the market. Remember, even if you get a contract on your home at a lower price, the appraisal ordered by the lender will set the value of your home. For example, you could have a contract for $200,000 and the appraisal come back at $180,000. Guess what, your home is worth, according to the lender, only $180,000. This may require you to decide how badly you want to sell your home. Remember, if you are looking to purchase a home somewhere else, chances are you will also get a good price, since most of the real estate markets in the country have come down in price.
Take it off the market: If you have decided that you are not wiling to let it go for under what you have listed it, then take it off the market and decided if you want to turn it into a rental property or just wait out the market for the next 5 years. By leaving it on the market for too long, all you are doing is benefiting the next seller who will learn from your mistakes. This is a decision that many sellers are having to make as job relocations, loss of income or other situations make it difficult to stay with the property or to consider selling it for less.
Having your property languish on the market is not a good decision. Give yourself a reasonable deadline to look at other options once you have exhausted all the ones listed above. It is important to remember why you are trying to sell the home in the first place and use that thought to make the decisions that make sense.