What Do I Do If My House Isn’t Getting Activity?
Even in a slow market, price and condition are the two most important factors in selling a home. If a home is not getting the activity, it needs to sell it is probably because it is overpriced for the market.
- The first step is to lower the price. Then go through the house and see if there are cosmetic defects that you missed that can be repaired.
- The second step is to make sure that the home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage and a listing on the multiple listing service and internet.
- A third option is to remove the home from the market and wait for overall housing conditions to improve and catch up to the price you’re asking.
- Finally, frustrated sellers who have no equity and are forced to sell because of a long-term illness, divorce or financial considerations should discuss a short sale or a deed in lieu of a foreclosure with their mortgage lender and their REALTOR®.
- A short sale is when the seller finds a buyer for a price that is below the mortgage amount and negotiates the difference with the lender.
- In a deed-in-lieu-of-foreclosure, the lender agrees to take the house back without instituting foreclosure proceedings. These are considered more radical options than lowering the price.
- Casey Jones
- Kobi Timmons