Everyone who puts a home on the market hopes that it will sell right away. You may be counting on the money to buy another home, and need the home to sell as quickly as possible. Or, you may be hoping for the best possible price, and know that your best chance is in the first three months your home is on the market.
Unfortunately, the reality of the matter is that in today’s housing market, many houses remain on the market for many months, perhaps even more than a year, before they are sold. You need to have a backup plan in place in case your home doesn’t sell right away. You may also have to make some hard decisions to help your home sell faster.
If you cannot get your home to sell quickly and you have to move to another city or state, you may need to consider renting until your home sells. Renting is not the preferable option when you have owned your home for a period of time. However, it puts a roof over your head while you are waiting to have the resources to purchase another home. If you have the resources to buy another home while waiting for your home to sell, you will be in a much better position to wait for the sale.
If you find that you are having a hard time finding a buyer, there are many things you can do to speed up the process. One of the easiest things you can do to generate new interest in your home is lower the asking price. This is not something that many people want to do, but in this market it may be necessary. By lowering your asking price, you are becoming more competitive in the market and gaining new interest from buyers and realtors.
Of course, there are risks of lowering your price. You offer less room for negotiations when you lower the asking price, because you have a minimum amount you can accept for the home. You must be able to pay off the mortgage, and have enough left over to buy another home. If you have to lower your price too much, you may be able to do one and not the other.
Another thing you can do to make your home sell more quickly is to do some minor home improvements to make the property more appealing. You might be able to update the bathroom or kitchen, improve landscaping, or even just give it a new coat of paint. These improvements will make the house more appealing to potential buyers, and give you the ability to get closer to your asking price. The small investment you make in making improvements will be well worth it when your home sells faster.