What to Do When a Home Lingers on the Market

April 12, 2012

While the supply of homes has decreased from a 8.6-month supply to a 6.4-month supply in the last year, some home owners are still seeing their home linger on the market. 

When you can’t get a serious bite from a buyer, here are three interventions you might need to have with your clients. 

Re-evaluate the price.
“In an overcrowded housing market, overpriced homes won’t get any showings,” Norman Block, a real estate agent in the Raleigh-Durham area of North Carolina, told Reuters News. For buyers who want to sell quickly, pricing the home lower than the market may help. 

Make home improvements.
Sellers don’t have to spend a fortune on improvements, but maybe there’s a reason why buyers keep overlooking their home and items need to be addressed. Maybe some aesthetic finishes will help freshen up the home in buyers’ eyes, such as a fresh coat of paint, decluttering, new hardware on the front door, and tending to the yard.

"If everything is caulked up, and everything is sparkling and shining, the subconscious feeling is ‘wow this house has been taken care of,'" Block says. 

Consider a rental situation.
For homes that just won’t sell, home owners might consider renting out the property or entering into a rent-to-buy option. Some home owners have opted to turn their home into a short-term rental if they need help paying their mortgage right away, or some real estate agents have helped arrange a rent-to-buy option. (Read More: Thought About Lease-to-Own Transactions?

Source: “What if You Can’t Sell Your Home?” Reuters (April 9, 2012)

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