My Home Isn’t Selling. What Should I Do?
Posted by JD Esajian // October 2, 2011
Trying to sell a house that’s been sitting on the market for a few months can be frustrating, but don’t panic. If your real estate investment hasn’t attracted a buyer yet, that doesn’t mean that it won’t. Here are a few things you can do to help expedite the process:
- Make a New Listing. If your home has been on the market for a while, consider removing your current listing and replacing it with a new one featuring a different picture and a reworded description of the property. Dated listings tend to get lost in the shuffle, and even if they are discovered, buyers are wary about investing in a home that hasn’t had any offers for so long. A brand-new listing will make it seem like your house is making its debut on the market, which will garner more attention and possibly hook an otherwise uninterested buyer.
- Lower Your Asking Price. Frequently, a home is stuck on the market because the price tag is unrealistically high. Try lowering your asking price by a few thousand dollars. It might sting a little, but the reduced cost should be enough to bring any curious buyers back for a second look. This is especially useful when you’ve already purchased another house – it’s better to lose money on one than to be stuck paying for two.
- Get Internet Exposure. These days, advertising your home in the local newspaper will only give you a fraction of the exposure you need to catch a buyer. Widen your net by listing your home on local, regional and national real estate websites as well as on popular online classified sites like Craigslist. There are thousands of people across the country who might love to buy your house, if they only knew it existed.
If your real estate investment hasn’t attracted any offers yet, then the best approach is a new approach. Re-list your house in your newspaper and online to generate interest, and don’t be afraid to lower your asking price to close a deal.