You've had your home on the market for months. You've done everything correctly.
But still it's not selling. What else can you do?
Here are some options you may want to consider:
OPTION 1: If you don't HAVE to sell, take it off the market!
Many homes are currently on the market that don't need to be. The sellers would LIKE to sell, but they don't HAVE to sell. If you are one of those sellers, you may wish to consider removing your home from the market and re-listing it next year. Right now, inventory levels are very high and your motivation to sell may be very low. Why rack up market time (which eventually results in a lower sale price) if you don't have to? Finding a buyer right now is like finding a needle in a haystack. Re-list your home when there are less needles and more haystack.
When you do re-list the property...re-hire your current agent! He or she has worked very hard and spent a lot of money promoting your home. Plus, he or she knows your home and has all of the photos, tours and other marketing already in place to quickly and easily get your home back on the market when the time is right.
OPTION 2: Consider a contingency
When the market was hopping, sellers would not even consider taking an offer that was contingent upon the buyer selling his or her own home first. Now may be the time to reconsider cont
ingencies. If you are a seller who does not have a specific time frame for selling, if you are flexible, then this may be an option for you. There are buyers out there who are looking for a seller who will accept a home sale contingency. You may get a higher offer because a buyer may want to make up for their contingency. In addition, there is nothing about a contingent offer that prevents you from entertaining other offers. This may be your ticket to climbing the housing ladder!
Plus, imagine the impact on your advertising by being able to add these words to the listing remarks: "Seller will entertain home sale contingencies!" Wow.
Of course, you must be cautious about accepting an offer that is contingent. If it falls through, you could be back at square one. Don't make an offer on another home until your buyer has his or her home sold. Your agent will thoroughly research the buyer's current home to help determine whether it is priced correctly and likely to sell in the time frame set forth in the offer. Carefully weigh the risks and rewards before making any decisions.
OPTION 3: Become a landlord
This is certainly not for everyone, but there are some circumstances where it may be a viable option. Perhaps you bought very recently and your home hasn't appreciated...but your company transferred you out of the area. With long market times and the inability to drastically reduce your price, you may be faced with double mortgage payments. A tenant will pay your mortgage for you! Sounds good, right?
Not so fast. Before determining if this is a good option for you, you must talk to your attorney about the fees you will incur with drawing up a lease and your legal obligations as a landlord. You should also consult your tax advisor to discuss the potential impact on your taxes due to rental income. Of course, the biggest concerns are whether your tenant will damage your home, refuse showings (should it be offered for rent and sale simultaneously at any time), "forget" to pay their rent, or refuse to move out and need to be evicted.
Did you know that your REALTOR may be able to offer your home for sale on the local Multiple Listing Service? For more information about renting your home, consult your agent. You will pay a commission for this service, but the exposure is well worth it.
Well, there you have it. Three options that you may not have thought of pursuing in this challenging real estate market. Remember, our job as real estate professionals is to help you navigate the real estate market. We want you to be successful. Sometimes that may mean delaying the sale of your home, or not selling at all!
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