A house that’s seen minimal movement on the market for months is frustrating. In fact, frustrating might be an understatement. For some, a house that won’t sell can be a desperate situation, especially if selling it was a last-ditch effort to avoid foreclosure. That is why if you have yet to find a buyer, it’s important to take a step back and assess exactly why your house isn’t selling.
If your house has been on the market for months with no offers, the first factor you want to consider is the market. Does the current market favor buyers or sellers? Talk to your real estate agent about the median days on the market in your area for comparable homes. Perhaps things just aren’t moving quickly in the current market, or your house is overpriced. Sometimes, real estate is hot, and other times it’s not.
If you have had a lot of showings with no offers, it could be a pricing issue. If you are having very little activity, it can be a pricing or marketing issue. Is your house being marketed on all the major websites? How is the quality and quantity of the photos? Another factor to consider is property condition, does your house ‘show’ well, how is the curb appeal? Look at your house through the eyes of a buyer: when you walk through it ask yourself these questions: 1) Is this house clean and tidy? 2) What does the inside smell like (animals, dirty laundry)? 3) Are the shades open and lights on?
Of course, you never want to lower the price below the amount owed on your loan. Instead of doing that, you should either stay in the property until the value goes up, consider a short sale, or pay the difference between what you owe and what you can get for your home.
If your agent isn’t responsive or doesn’t have a good explanation for why your property isn’t selling, then you might want to consider a new agent!