How Do You Sell A Slow Moving House?
So you have been trying to sell your home for months and have noticed that your home has only generated minimal interest. Even when you find serious prospective homebuyers, you notice that negotiations do not go anywhere. Unfortunately if you find yourself in this situation, you may very well be in possession of a home that is a slow mover.
Why Is It A Slow Mover?
There are a number of reasons why your home may be a slow mover. It could be that you are selling your home during a slow market or are in a neighborhood that very few people want to move into. Whatever your reason, you should not be passive when you are in a situation where your home is a slow mover. Rather there are a number of ways that you can act in order to sell your home.
Although there could be a number of reasons that are responsible for causing your home to generate little interest, the main reasons for a home being a slow mover relates strictly to the home. Real estate agents all agree that the most important factors in selling a home are its price and condition. Consequently, if you find that your home is a slow mover, you have to take a serious look at your home's condition and price to see how this has affected its salability.
If you find that your home's sale price is comparable to the prices of similar homes sold in your neighborhood, you may want to investigate renovations. Renovating your home can be a costly process, but it will increase the market value of your home and therefore increase your home's salability. Additionally, if you are trying to sell your home at a time where local real estate market conditions are conducive to homebuyer's needs, the first thing that you should do is lower your home's price.
Besides adjusting the price and condition of your home, you can increase the salability of your home by making sure that your home is being properly exposed to prospective homebuyers. There are a number of ways that this is possible and these methods include: open houses, advertising, good signage, broker open houses, having it listed on the local multiple listing service (MLS), and even advertising it on the Internet.
Taking It Off The Market
If you feel that your home's sale price is fair and are unwilling to reduce its sale price, you have the option to pull your home off the market and place it back on the market once the local real estate market conditions have improved. However, if you are selling your home because you have no equity in the house, you may want to examine the possibility of a short sale. A short sale is when a home is sold for less than the mortgage amount that the home seller owes to the lender. The home seller will then negotiate the remaining mortgage amount with their lender.
For home sellers who are caught in a deed-in-lieu-of foreclosure situation, the home seller has the option of convincing their loan source in taking back the home without instituting foreclosure proceedings. This, however, is a drastic option that should be avoided if possible.
