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You may have wondered. Oh it usually will, but the question is at what price? And the bigger question is - is that price acceptable to you?
What if my house doesn't sell for the price I am willing/able to accept?
Today many areas are seeing sluggish home sales. I am talking specifically about home sales here in Denver area. Some pockets are doing really well and houses are in demand and are selling quickly, for a great price. But then there are other areas that are not doing so good.
Once upon a time... When your house is put on the market the price you started with seemed perfect. In fact, it was a good price. There were quite many showings and the feedback was good. Early on you received an offer for, well let's just say it was low and you didn't want to counter. Now, four, five months later - nothing.
You've lowered the price a few times, adjusting for the declining market, yet nothing. Oh, wait - there is another offer, BUT, it is even lower than the 1st one. The buyers are scared of your declining neighborhood market too.
More and more houses are coming on the market in your neighborhood .But your house is one of the lowest priced houses, it is always sparkling clean, shows extremely well. The only objection seems to be the price. At what price is my house going to sell? The End.
Do you know what your bottom line is? Do you know what you will do if the buyers/the market is telling you their price is lower than your bottom line? As a seller, what are your options when prices keep falling and you are (or your house is) reaching critical mass?
A few things that will need to be considered
do you HAVE to sell or do you just WANT to sell
do you have EQUITY or do you OWE MORE than the house is worth
if you have equity, how long will you be able to carry the mortgage
have you relocated or do you live in the house
These things should be considered even before putting the house on the market. This way a better course of action can be taken while the house is on the market.
YOU HAVE TO SELL - OPTIONS
profit something (even if it is lower than what you had hoped for)
have to bring money to the table - Would you be able to do that?
loan modification - maybe you don't need to sell if loan gets modified (may or may not be able to get a mod - it can be tough)
short sale - would your circumstances get you approved for a short sale?
If you have to sell, you will have a pretty good idea what you would have to get for the house (by looking at the Sellers Net Calculation Sheet) in order for you NOT to have to bring money to the table at closing. At the end, if none of the above work, the house might be eventually foreclosed on.
YOU WANT TO SELL - OPTIONS
profit something (even if it is lower than what you had hoped for)
have to bring money to the table - Would you be able to do that, or would you want to do that?
take the house off the market and continue living in the home for now
rent the house out (maybe have somebody manage it for you -especially if you have relocated)
let is sit vacant and empty (on the market for a certain price or off the market)
If the value of your house has declined, or the market in your neighborhood is going down fast - It may not be a good time to sell - IF YOU DON'T HAVE TO. It is something you need to consider and make a decision based on your situation.
You may think of a certain number as your bottom line, but it may change. If it came down to it - would you be willing to accept say $1000 less than your absolute bottom line? It could mean a difference of selling the house sooner, rather than 2-3 months down the road, or not selling. Just food for thought.
Brian and Rita Burke 303.955.4220 Office 303.710.2609 Brian Direct Homes@kennarealestate.com
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