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What to Do If Your Home Isn't Selling
If you own a property that has been sitting on the real estate market for a long time with no prospective buyers in sight, the first thing you'll need to do is modify your listing price. Get completely updated information on any recent local sales in the area of the property. If your price is already current, usually a price reduction of about 5 to 10 percent of the total listing price is needed to stimulate interest in your property. Just as with any other super sale or clearance, a huge price reduction will usually have a great impact on interested buyers.
Times are hard for sellers because in a buyer's market, buyers are so afraid to miss out on that great deal or pay even a tiny bit too much. If your priced too high in a time like this, be smart and drop your price before everyone else does. You might also consider being more flexible on the terms of the sale. If a buyer has an unusual offer that meets your needs, think twice before rejecting it.
Do everything possible to make your home viewable at all times. Consider making courtesy keys available at various trusted real estate offices near the property. This courtesy key would allow agents to show your property to any prospective buyers at their convenience.
During the selling process you want to look at the properties condition. Is it still on the same prime selling condition it was when you first listed it on the market? This applies especially to families who still live in the property they are trying to sell. If necessary, declutter as much as possible so that it adds to the overall appeal of your home.
Ask your agent for any advice on improving the selling condition of your home. See if there have been any complaints in the past that you could change to improve the chances of a sale.
After multiple months on the market sellers sometimes think taking the property off, then putting it back on a few months later is a good strategy. Don't waste your time or money doing this, it just doesn't work. If the market is declining, it will have only further declined by the time you decide to relist. You may also miss that one opportunity you were looking for.
Sometimes sellers find they have to move into their new home before the old one is sold. Some have the financial capabilities to rent out the home during this process. There are taxes to be paid for renting to a single family at your residence. Make sure you offer the renter some sort of incentive to cooperate and readily show the home for you. A rebate in the form of a rent reduction at the end of the marketing period is often the best reward.
Any changes should be announced to the real estate community by either the Multiple Listing Service or a flyer to local real estate offices and agents. Important information includes a reduction of the listing price, an open house announcement, or any cosmetic improvements you've recently made to the property.
About the Author: Published by Joe and Colleen Lane, Realtors®. The Lane Real Estate Team services Tri City Wa Real Estate, Kennewick Wa Real Estate, Pasco Wa Real Estate, Richland Wa Real Estate, and surrounding Southeastern Washington Communities.