If you’re wondering what to do next if your home doesn’t sell, you’ve come to the right place. First, make sure your agent is at every showing. Even if you don’t feel you need to make price reductions, you may want to consider an off-market sale if there are problems with the listing. Finally, get a pre-sale home inspection to find any problem areas.
Price reductions are necessary
When your home isn’t selling, you’ve probably realized that you’re missing out on a large amount of potential buyers. You’ve likely overpriced your home, and you’ve missed the mark by at least 3%. The key objective of a price reduction is to get your home sold, and it may be necessary to lower the price to draw in a new group of buyers.
Off-market sale is an option
When a traditional listing fails to generate an offer, an off-market sale may be the best choice. These homes typically sell faster and for a lower price. A real estate team can help you find a buyer who will offer a fair price and close the deal quickly. These buyers may be interested in your home, but you must find the right buyer for it. Here’s how to find one.
Requiring your agent to be at every showing
You might wonder if it’s really necessary for your agent to be at every showing. Some buyers do not mind having their agent at every showing, but in reality, this is inefficient and may even hurt your chances of selling your home. An accompanied showing also requires the listing agent to spend time in another property and could be better utilized elsewhere. Top-producing agents rarely attend showings, so it’s better to let them do their job and not occupy their time with unnecessary tasks.
Pre-sale home inspection identifies problem areas
While most home inspections focus on buyers, sellers can benefit from a pre-sale home inspection as well. This way, they can see what problems the potential buyer may not notice before buying. If your home doesn’t sell, you can use the information from this inspection to make repairs and concessions, or refuse the inspection altogether. In addition to identifying potential problems, pre-sale home inspections are a great way to determine what areas may need attention.
Short sale is a better option than foreclosure
In a short sale, you can keep your home, but you’ll have to pay back some of the money that you owe on it. Banks are generally unwilling to take a house to auction unless they are confident that they can get a better offer for it than the short sale price. Similarly, if the value of your home goes down due to a down market, a short sale will probably not be as good an option for the bank, who may then pursue a foreclosure.
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