It can be quite frustrating for a homeowner with a home on the market for an extended period that cannot find the right buyer. Because a lot goes into listing a house and many plans depend on the sale going through, there is an added pressure to get the process over with quickly.
Luckily, there are some things you can do if your home is staying too long on the market to make it more attractive to buyers. Below are some popular alternatives to take when confronted with issues like this:
1. Sell at a later date
While it might be possible to sell a home virtually in any market, it is as well possible that there are other beneficial periods to try to sell your home. For example, trying to sell a house in the winter isn't ideal as the weather makes it difficult for buyers to come to view the house.
2. Rent it out
If you have issues paying your mortgage, you should consider renting out your home. The rent sometimes may be above your mortgage depending on what you offer. Either way, it pays most of your mortgage and lets you manage your finances better.
3. Try a second mortgage
If you are selling your home because you need money, another option could be to take a second mortgage which will free up some of your home equity as cash for you to use for immediate financial needs. You may also seek a home equity line of credit which helps you to access available funds.
4. Lower your selling price
Reducing your selling price can be your last option when your home has been on the market for several months. A drop in selling price would make your home attractive to buyers who are looking to buy a bargain. The reduced asking price will also make it easier for your buyers to get a mortgage.
5. Change your real estate agent
Sometimes the market isn't the problem, but your real estate agent is. In cases where your agent is not experienced enough or distracted from the sale, you may consider switching to someone else to list the home when your contract ends. Find someone that has a marketing flair and can organize regular open houses for your property. This will help to put your home back to the forefront of the real estate market and increase your chances of selling it.
Bear in mind that timing is essential for real estate sales and while you may experience some delay, you can still help the process. Seek the advice of a property expert in re-marketing your home.
About the Author
Judy Szablak
With over 30 years in the industry, Realtor Judy Szablak has been on national television for her real estate expertise on the HGTV Network, featured on Martha Stewart Living Radio "Morning Living” , NPR radio as an expert real estate panelist, It’s Relevant News channel, and quoted in the Wall Street Journal for her in depth knowledge of Fairfield County Connecticut real estate.
She was also on the local NPR radio station (WSHU) as a Fairfield County CT real estate expert. Judy has provided multiple online respected news sources with her real estate expertise including The Daily Easton, The Daily Weston, The Daily Fairfield, The Daily Stamford and The Daily Greenwich, as well as in print in the New York Post. She is a weekly Real Estate Columnist for WestportNow.com, another real estate column "Real Estate With Judy” is syndicated through Hearst CT Media Online and seen in The Connecticut Post, The Danbury News-Times, The Stamford Advocate, The Greenwich Time, The Hour, Fairfield Citizen, Westport News, Darien News, New Canaan News and the Wilton Villager.
Judy is also the author of the book, The Art of Buying or Selling a Home, available at all major book retailers. Additionally, Judy has been nationally recognized in a number of national real estate trade magazines, some with distribution to over 1 million members. She was featured in Real Estate Today as early as 1994 for her commitment to, and implementation of technology in real estate. Judy appeared in the Certified Residential Specialist Magazine, as she provided advice on marketing strategies and ethics in the article titled "Marketing Makeovers.”
Judy was also featured in REALTOR® Magazine, regarding image enhancement for Realtors. She was again featured in REALTOR® Magazine, in an article on "Achieving Flow” and operating at optimal peak performance. In another article in the same publication, Judy offered guidance to fellow real estate professionals as she explored the topic of implementing and maintaining personal websites. She has appeared in The Council of Residential Specialists Magazine, which featured her ideas regarding technology. Additionally, Judy authored an article on marketing and technology for the Certified Residential Specialist (CRS) Online Magazine. On two occasions, in 2015 and 2017, she appeared as a featured agent in Top Agent Magazine. I have a few other websites- www.TheCtrealtyBlog.com www.CtHomesAndRealEstate.com www.BestWestportHomes.com www.ThePetitePowerhouse.com www,SzablakConsulting.com
