Selling Your House In A Downturn

General Article

Selling your house can take a long while in a downturn or recession. However, if you are noticing that the houses in your neighborhood or even the community two blocks down the road are selling like cakes, it is time to figure out the negative factors that are making your house sit on the market. Maybe you need to drop the price still further in order to attract more potential buyers. How about reevaluating other parts of your selling strategy or taking the house off the market for some time till you figure out the best route to move forward?

Real estate investors who can sell house for cash englewood co note that the longer you wait, the harder your financial situation will be – you need to pay for the listing agent, brokers and everybody involved in the sale as well as maintain the house to look at its finest. Additionally, think about the lost time and resources tending to buyers’ interests and calls. Your economic situation will take a beat if the original reason for selling your house is to obtain cash for some other important cause.

The first thing you want to do in the above situation is to drop your price. If many people are not showing up at your property to take a look at it, it is not a bad idea to reduce your asking price to the level that other similar houses are selling. It may be hard to learn that your home sweet home is not worth in the market as much as you thought. However, it is your potential buyers who will decide the ultimate price in the market.

So, if your house is ten grands less than the initial listing price, so be it. If a reasonable time has passed and the number of days your house has been up for sale exceeds that of others’, reducing price can be of great help. How about asking your real estate agent to create a comp before price reduction? If high price is the culprit, you can hope to receive offers as soon as it is reduced.

Too low a price will raise many eyebrows when selling your house. This is especially true when the market is down and other home sellers aren’t adjusting their asking price very often. A big reduction may not necessarily grab buyers’ attention. The potential buyers will imagine that there is some kind of hidden problem in the house. They will think that the termite inspection report shows positive for termites or the mold issue in the bathroom hasn’t completely resolved yet. They may assume that the foundation is shaky or the rooms need remodeling in order to bring it to livable condition. Don’t let the buyers’ imagination run wild by setting the price too low. Ask your agent what price is reasonable and set the price accordingly so that your house doesn’t stand out, negatively. Use the information you have gathered through comps and real estate websites to arrive at this number.