Look I know it is crazy out there, trying to sell a house ...
But Damn!
My crib has been on the market for 5 months now!
Sister join the club. There are a whole lot more houses sitting a lot longer than yours, so here is what you need to be asking yourself:
1) Do I really need to sell this property, right now?
Is renting it out a viable choice. If you are still living in the property, but itching to buy something to invest in ... how about pulling the equity out of your residence through an equity line of credit and using that money to buy the property you want. Things are rough out there and this is no time to buy new property and speculate on what it might do. Unless this new property is your future 'dream home' you have always wanted and you plan to live in for a long time, or the property is positive cash flowing right now; you should proceed with caution.
But Damn!
My crib has been on the market for 5 months now!
Sister join the club. There are a whole lot more houses sitting a lot longer than yours, so here is what you need to be asking yourself:
1) Do I really need to sell this property, right now?
Is renting it out a viable choice. If you are still living in the property, but itching to buy something to invest in ... how about pulling the equity out of your residence through an equity line of credit and using that money to buy the property you want. Things are rough out there and this is no time to buy new property and speculate on what it might do. Unless this new property is your future 'dream home' you have always wanted and you plan to live in for a long time, or the property is positive cash flowing right now; you should proceed with caution.
2) Well, is the price right?
The primary reason a house doesn't sell is because it's overpriced. Ask the listing agent to prepare a new comparative market analysis. This form shows recent sales prices of similar nearby homes, the asking prices of neighborhood homes (your competition) and the asking price of recently expired comparable listings (usually overpriced).
If your house is overpriced, it's time to get a reality check and reduce that bad boy. Yes, others probably made more on their homes that were shabby and run down, but timing is everything. Don't get greedy, get real!
3) Is my listing agent doing all the right things?
Be certain your house is correctly listed in the local Multiple Listing Service (MLS) and their website. Ask the agent to detail what they have been doing to properly market your home. How often do they advertise your home in local news paper. They should be having at least one (well advertised) open house a month. And if they do not have a virtual tour of your house on the Internet, you need to find a new agent. Ask if you should do a 'staging' of your home, such as replacing worn and dated carpet and renting updated furnishings. A lot of buyers don't have vision; they see what they see. Are they seeing an old broke down depressing home?
4) Do I need to find a hobby, another job, or start dating again while I wait?
Have patience, it could really take a while, as interest rates and a glut of homes is not working in your favor. But in the meantime, life goes on. Right?