What can you do if your house is on the market but isn’t selling? Here are five different paths to take:
- Get a new agent. I know that sounds harsh, but let’s face it—it’s the agent who’s not selling the house, either because they’re not aggressive enough, they’re not marketing the home correctly, or they just don’t know what they’re doing. At the end of the day, there’s a standard to be set with what a house needs to get sold, and that starts with the agent representing it. If your house is in great condition, priced appropriately, and situated in a great location, then it’s your agent’s fault for not getting it sold. The market always accepts a great product at a great value.
- Update the condition of your house with professional staging and professional, high-quality pictures. 95% of all people will see your house online before they ever set foot inside it. Those pictures and how they accentuate the condition of your home will pique buyers’ interest far more than an open house can. Once you get a new agent, have them stage your home and take high-quality photos of it.
- Rent the house out. If you don’t absolutely need to sell your house, renting it out is a great option because you’re keeping an asset, someone else is paying the mortgage, and once the mortgage is paid off, you’ll have real income accumulating. If your situation is urgent, you might only consider renting your house out in the short-term just to bridge the gap between processes. To be honest, though, this really isn’t the best option. If you’re a cash buyer or looking to keep your home for investment purposes, by all means consider it. However, if you need to sell your home to purchase your next home or you’re moving somewhere and must cut ties with the area, you’re better off bypassing this option.
- Do a short sale. This is a very tricky option, and only a very small percentage of people can actually pull it off. If what you owe on the home and what it’s worth are very tight and you won’t be able to pay the bank back in full, that constitutes selling short. Before you consider doing this, make sure you consult with a mortgage professional.
- Lower the house’s price. If your house has been on the market for many weeks and it’s not getting the traction you want, either the price, location, or condition is the problem. Most of the time though, it’s price. Every property will sell if it’s listed at the right value. As Realtors, we always have a price in mind that we think buyers are willing to pay, but if those buyers don’t step up and start making offers, there’s clearly something wrong with that price. Lowering the price on your home even a little bit can make a huge difference when you do it in conjunction with updating the condition.
If you have any questions or have a topic that you’d like me to cover in a future video, please feel free to reach out to me. I’d be happy to help!