You did it all: you got your house in shape, you listed it with a real estate agent, you organized open houses… Now, your property has been sitting on the market for longer than you expected. It may even be about to expire. You are likely growing a little more frustrated with each passing day.
Selling your house is rarely an easy decision. You are likely dealing with a tight timeline. You might be about to move or be dealing with a traumatic event like a death or a divorce. Maybe you are in the process of purchasing a new house that better fits your family’s needs or you want to get rid of a mortgage you can no longer afford. Either way, what can you do if the house you listed with a real estate agent is sitting on the market?
Wait it out
There are some legitimate reasons why a house may not sell. With some rare exceptions, real estate markets are, by nature, seasonal. For example, most people prefer to move in the summer while their children are out of school to make the transition easier. In some areas where second homes are prominent, such as a seaside resort, the high tourist season coincides with a hot real estate market.
If your home has been sitting during the low season, you might be better off canceling the listing and start anew in more favorable market conditions.
Rent your house
If you are moving and purchasing a new house, the perspective of carrying two mortgages may be stressful. If you are already out of the property, you can try renting the house to alleviate the cost and even provide an additional source of income. You can also market your home as a “rent-to-own” to attract new potential buyers.
However, being a landlord is not for everybody. For example, even if you do your due diligence, you may end up dealing with bad tenants that may damage your building and affect your chance of selling down the road. If you are moving out of town, you may also need to hire a property manager to take care of the building and attend to the tenants.
Find a new real estate agent
Some real estate agents are better than others. Most Realtors will do their best to sell your property since, after all, their commission depends on a successful sale. However, if you are reasons to think your real estate agent may be slacking, it may be time to look elsewhere.
If you are about to fire your real estate agent, make sure that you read the terms of your contract carefully. If the Realtor refuses to cancel the contract, you may need to hire a lawyer.
Reduce the price
In most cases, there is one main reason why your house isn’t selling: the price. If your listing isn’t seeing much activity or if you have many showings but no offers, your home is likely overpriced. If it needs a lot of work, for example, potential buyers may not be able to finance it as is.
Many real estate agents offer a free CMA to help you price your house as part of their marketing services. However, they are not necessarily experts, and their goal is to entice you to list your property with them. If you want to know exactly how much your house is worth, it is time to hire a certified real estate appraiser. However, you may not like the answer, especially if you are upside-down in your mortgage. Besides, there is no guarantee that even a well-priced property will find the right buyer quickly.
Sell your house to an investor
If you want to sell your house quickly and don’t want to spend more money, you have other options besides a putting it on the market with a real estate agent. Investment companies like Rocking Porch will give you a fair offer for your property as-is and can close quickly so you can move on to the next step.
If you want to sell your home in Cherokee and Cobb County, including Woodstock, Marietta, Kennesaw, Acworth, Canton, and Roswell, we may be able to help. Contact us today to decide if selling your house to us instead of listing it with a real estate agent may be the right solution for you.