So you want to sell your house. But open house traffic is slow. And nobody is making any offers. And you've reduced the price, maybe once or even twice. And still nothing. What is a seller to do? What are a seller's options in the 2010 Housing Market when it seems like nobody really wants to buy?
Sellers must understand that we are in a market correction cycle. Prices are falling. Many homes are actually in a devaluation mode right now in our area. With high unemployment and a shaky economy, buyers are out there, but many are not highly motivated to buy quickly. J. Philip Faranda, a friend of mine, has written an excellent blog about buyers that is well worth reading.
Lurkers, Lookers, and Other People Mom Never Warned Me About
Okay, so now that we understand the mindset of buyers, we can move on to what our options as a seller are in the 2010 Housing Market.
First, if you must sell and move, you're going to have to deal with what I call, "Price Check Reality." This is our first seller option in the 2010 housing market. In many areas, housing prices are down and falling. If prices in your area are off, listing your house where you could have just a few years ago is no longer today's reality. To sell successfully, you're going to have to price successfully. Are housing prices off 3%, 15% or maybe even as much as 69%? (See Reviewing the Real Estate Crash of 2006. I Should've Seen it Coming) Then guess what? That's your selling price. The sooner you come to terms with that, the sooner you'll be able to zero in on accurate pricing for a quick sale. And that is an important seller option in the 2010 housing market.
Your second seller option in the 2010 housing market is to lease your home. Many sellers are turning to this option when they have to sell quickly and prices have fallen too far to actually sell the home. Leasing can be a good option because you can get income flowing rather quickly in order to make the house payment. Leasing is a good option also because renters usually are responsible for utility payments, thus lowering a seller's financial responsibility. However, the key to leasing quickly in the 2010 housing market is to make sure you're in a high demand leasing area. If you're not, leasing might not be a good option for you as a seller because the house might just sit there empty for a long time. And that's not good! So leasing your home may or may not be a good seller option in the 2010 Housing Market.
A final option for sellers in the 2010 housing market is to sit tight. If you don't have to move, this may be the best option for the time being. That's because the housing market has not yet found what we call "true bottom." That's when housing prices bottom out and begin rising as a whole again. Until that happens, prices in the housing market will continue to be very unstable. So sitting tight may be a good seller option in the 2010 Housing Market.
I do want to mention one more seller option in the 2010 housing market and that is (music please!), talk to your local Real Esate professional. Yeah, yeah, I know it sounds like self-interest to say that since I'm a person who sells Real Estate. But hear me out. Since entering the business in 2007, I have learned something very important. Real Estate folks have the knowledge you need to know. Isn't that brilliant? That thought crossed my mind the other day when I was considering diving into a bathroom makeover project. "I can tear out both bathrooms myself!" I thought. Then I got to thinking about the putting it back together process. There are licenses to obtain and tile to lay and counter tops to install and all kinds of stuff that I don't really know much about. Hiring a remodeling professional would be a smart decision because they have the knowledge of the project that I don't have. Duh!
And the same is true of the afore mentioned seller options in the 2010 Housing Market. Need to know true housing values? Your local Real Estate professional knows that information. Interested in possible leasing? In our area, we Real Estate folks can handle the paperwork, pre-screen potential renters, collect rent, maintain the property and serve as a go between for you. Need to sit tight? Talk to that Real Estate neighbor. He or she can give you an honest opinion to help you come to the best decision.
Regardless of what many believe, there are good seller options in the 2010 housing market. You just have to know where to turn! Your local Real Estate professional is the right turn!
Monopoly house pic courtesy of Flickr Creative commons: http://www.flickr.com/photos/wwworks/2959834115/
Price Check pic courtesy of Flickr Creative commons: http://www.flickr.com/photos/mwichary/2993783463/
Dog on couch pic courtesy of Flickr Creative commons: http://www.flickr.com/photos/motherscratcher/2288814237/
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