What to Do if Your House Languishes on the Market
Here’s what to do is your house isn’t selling fast enough
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You’ve listed your house on the market, and now you wait for a buyer to come along. But, how long should you wait and what should you do if no one seems interested?
According to Debra Wurtzel, Remax, you should wait at least 30 days, depending on the season or location, before getting too antsy. “You can’t expect to get an offer on a lake cottage in a resort area in the middle of winter,” she notes. Do some research before listing and learn more about how to price your home.
Rethink your Price
You may think your home is worth more than it is or have an ideal dollar amount in mind to make a profit. But, be realistic about your price when you speak to a real estate agent. “There are people waiting for their dream home to come on the market and if your property is priced correctly, it should sell fast in this market,” notes Wurtzel. Worried about selling your home? Here are some things NOT to do if you want to sell your house!
When Should You Reduce Your Price?
Remember that everyone thinks their property is worth more than it is. “We tend to be too attached to our homes, understandably,” says Wurtzel. “You need to listen to your real estate agent and have them show you the comparisons they used when pricing your home—both listed and solds—within the last 6 months in your area.” Wurtzel recommends reevaluating your price in 30 days to see if it is getting showings or just sitting on the market getting stale.
How Low Should You Go?
Again, you can review the prices of comparable homes in your area with your real estate agent to make an estimate, but Wurtzel notes that price reductions are based on the list price and the sellers’ motivation. She suggests reducing 5 to 10%, based on the number of showings, price, the time of year, and the market.
Make Some Changes
If people are looking at your house, but not making an offer, consider decluttering, freshening up the walls, cleaning the windows and planting flowers. According to Wurtzel, there are a number of inexpensive things you can do that only require elbow grease, but may help sell your house. Need some help decluttering?
Overall, work with your real estate agent, listen to the input from prospective buyers who have seen your house, and be realistic.