In recent months, I have met with homeowners who want to sell their homes for one reason or another. After doing a Competitive Market Analysis and presenting it to the homeowners, all but one's mouths fell open when they heard what their home values were. It's not a pretty sight out there still!
So what to do? If you do not have to sell, don't. If you must, there are a few things to keep in mind. One--if you sell at a discount and buy your next home at a discount, you are coming out ok. You must not get stuck on selling your beloved home that you have put money, sweat and tears into for under what you paid for it. You have to think how you will be coming out overall. Since you should be able to buy your new home at a really good price, that makes up for selling low.
Two--you could look at hanging onto your existing home and renting it. Everyone's not meant to be landlords, but many of us realtors have become property managers out of necessity. We can find a renter and handle everything for you. You would need the money for a down payment on your next home available since you will not be getting any equity from your existing home.
Three--if you just can't list your home at the price the realtor tells you, be realistic when you have had no showings. You must at that point move on the price. I listed a bank owned home for too much. Since then, the market has gone down more. As the bank has reduced the price, they have still been too high for the market. After a while your listing gets stale and no one comes to look at it. Don't let your home languish on the market. We really aren't trying to get you to list your price low so it will sell faster (I do know some agents who did that in the past). We want it priced where it will sell period!
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