Why can't I sell my house???

Question

My house has been up for sell for 1 yr now in a Detroit subarb we put a lot of time and money into making the house very nice.We really wanted to add on but that was not possible and need to move because we have outgrown the house.We all know Michigan's economy now but you can't tell me that there is not someone out there still looking for a house to buy.I have come across them people but unfortunately they could not qualify.I'm getting frustrated and am looking for some advice.

Answer 1

I think you've answred your own question. You are in one of the softest markets in the nation at the moment.

Answer 2

Well I was a real estate major in college and like you said the state of Michigans economy is crappy unfortunately. Real estate is a local event, so speaking from a CA perspective, it could be many things. The economy everywhere, even Michigan is bad, but Michigan is worse then other states, it could be the size of house you have, price, ammenities, and so on. I would suggest looking at other open houses and housing develops to compare how their homes show compared to yours. Maybe you might want to create some more light, make the rooms look more spacious, and so on. Also if you can afford it, maybe you might want to consider renting the home out and waiting out the downturn of the economy and then that way when the upswing comes along, because as we all know the real estate market is a cycle and it will go back up, you will make more money then if you would now selling it during a bad economy. But remember there is a buyer for everything at the right price, you just have to decide what the right price is for you and also consider people now are going to be wanting discounts like crazy, because they can go down the street and find another home for sale that the owner HAS to get rid of and is willing to take a lower price.

Answer 3

People who have difficulty selling the house due due people not qualifying for a loan do various things to seel usually after the house has been on the market for a long time 1-Auction it off -which involves putting ads in papers,need to get the Auction info out to the public so check into the ways affordable to you to advertise 2. Can also do a Rent to Own which involves some additional money for you to purchase other house to live but once you fine renter/buyer the Rental payment woulkd pay your mortgage. You rcollect 1st ,Last,Security Deposit and Pet Deposit if you allow.Only a portion of the rent goes towarad the purchase priced if the Renter defaults on Rent no monies paid are returned. With this method you also have to research and have a Contract that is airtight states everything in black and white with no possible loopholes in case the rentaer defaults on payment. Usually the people who go inot this arrangement have the MONEY,a STABLE and Long-Term Employment History But have Poor Credit and if all the legalities are handled correctly this arrangemnet is all in favor of the Owner.You also need to be sure that in the Legal Agreement the late rental paymnts are very specific in the time allowed and that rent not paid whithin the time allocated means renters must vacate and again within a specific time period clearly stated. Also educate as to what a Landlord can and cannot do, rights of renters and so on.Unfotunately due to increaseing credit card debt many people now have poor credit.Be sure to also inquire into Credit History or make that a requirement. If you havent't utilized the services of a real Estaate Agent if yiou haven't already for they have acccess to people looking to buy homess that the house seller does not-a nationwide database-also most of the major and also knowReal Estate Companies who have been in the houseselling business for many years know the market and ways to attract the buyer into your house-- also are learned in the various mrtgages available and ways to buy a house--means you will have to pay commisson but usually that is tacked on or part of it is to the selling price. You can also investiagaate a Selling Technique***-Buy Owner*** where you do have access to the realtors database,get the sale signs and advertising for a Straight Fee and you still show the house why the fee is lower than Commission--You Do the Work-well worth checking into Do a search on www.realestate.netscape .com is a site that has many tips,techniques and so on to sell your house. After all the research decide on the method that is best for you and Wish You Good Luck

Answer 4

The question you ask only leads to more questions for a true answer. Who are you listing the house with? How is the house being listed? Are you advertising the house utilizing the best features of the house? How does your house compare to similar houses in value in the same area?
There is a buyer for every house on the market. The thing you need to do is get a respected company to market your house in the best possible format, meaning the buyers have to be enticed to want to see your house. If your house is as nice as you say, then selling the house, even in a weak market, will only be a matter of time. The better the marketing of your house, the faster it will sell.
Another thing you have to think about is the buyer. You think your house is nice, but is it nice for the type of buyer in your area? Individual tastes of each buyer are different. If you have a wall painted anything other than a neutral color, you are losing 75% of potential buyers. If you don't have a garage in Michigan, again you are losing 75% of potential buyers.
Contact a well respected Real Estate Company and see what they can do for you.

Answer 5

Sounds like what we are going through. The housing market is bad as it is! We have a small place for sale (for the past 2 years), the lot is really worth more than the house. Like with you, the people who want it don't have any credit and can't get a tiny loan! We won't do the rent to own, because it's too easy to get burned. The house is crummy but it's liveable. You might have a problem if you are in a 'poor' part of town (we are!). Problem is, if you go to a realtor, they take a big bite out of it. You could always sign for a 30 day stint, so if they don't sell it in 30 days, you can find another realtor. That way you aren't sucked into a bad realtor (we had one).

Answer 6

Have you been really blunt with your realtor and asked point blank what s/he thinks the problem is?

Is the decor current or does it need a lot of work? Do you have too much clutter on display? You mention you need a bigger house, you don't want buyers to figure out that they may need a bigger place down the road as well.

Buyers want space, we all have too much stuff but we fantasize that our next house won't have stuff and clutter--that we will finally own that house in Better Homes and Gardens. If they see your house is just like theirs, then why move? Consider getting a storage unit and boxing up and moving anything you don't need in the house.

Invite all your friends over for a party, and ask them to offer honest (and even harsh) suggestions on how you can make the house more marketable. You may have to hear some things you won't like, but if you can sell the house and make money, you should be able to get over it.

Also, watch HGTV's Designed to Sell. They take homes on the market and get them market ready in a week. HGTV has some great articles on their site on this subject as well.

Answer 7

The market is down in a lot of places. Our prices went sky high (over $200 a sq. ft.) and there was a real selling frenzied, but that came to an end about 9 months ago and the prices have been slow to drop. The Realtors are trying to keep the prices up but the houses are not moving. So take a lower price for yours and pay a lower price for the one you want. If you are in a position to carry the loan for 5 years to allow the buyer to qualify on their own that might be a way to go - probably more on an entry level house than on a high end house.

Answer 8

I'm so glad to see your question! Someone earlier mentioned decluttering your home. This is a fantastic tool used by designers and realtors to help move a home quicker. Further more you will want to create a more neutral space for your potential buyer to envision their belongings in the home. You can do this by removing photos, excessive books, cleaning up the kitchen and bathroom counters (make them nearly bare), removing magazines from bathrooms, repot indoor plants or consolidate smaller plants to one planter, remove any thing that sits on the floor and isn't furniture like baskets of newspapers and shoes, remove area rugs to make the space seem larger (it works!), hide wires and extention cords. Go well beyond just cleaning your home, remove anything that is not necessary for you to live. Put all of this in a storage unit or have a sale. You can use the money from the sale to update the interior a bit. Prepare your home for a visit from your favorite movie star or as if it will be shown on Oprah! Seriously, if you have tried this and you feel there is still more work to be done, hire a designer. There are plenty of designers now that specialize in room redo's. Or call the local college, ask for the dean of the design department and ask for a qualified senrior student to help you out. They would be thrilled to have the experience.

Answer 9

Make sure the real estate broker you are using is on the ball, sign for a few months and then change. You do need the broker, really!!! Then make sure every showing is a good one, get rid of clutter and try to keep it that way, if you have to put stuff in storage to make it look bigger and more spacious do it. Then make sure you don't price yourself out of the game. Some people will only look if the price is what they can afford, so make the lowest price and then add about 5,000. to it and that is what you can take off for the buyer. You may have to take less, are you getting it shown? Have open houses and advertise, this is what a good realestate broker would do for you... have a large well known realestate agent come in and give you advice and their opinion on what it will sell for. Good luck.

Answer 10

Make sure the house is pleasing to any prospective buyers. Don't have alot of clutter. Try to empty out some things from each room, to make them look bigger. You may have to rent a storage unit to move some of your things into.

When someone views the house, turn on all the lights in every room, so it will look nice and bright.

If it's not listed with a reality company, phone a few of them and ask for a realtor to walk through and give you their appraisal of what it's worth and what you can do to make it more 'saleable'

Have a yard sale! That brings alot of people to your house, who will then see it's for sale.
Good Luck!

Answer 11

You are not alone in this. Yes, the economy in your area has a lot to do with it. This past year has been a total buyers market in many areas of the country. Investors look for bargains. Detroit area right on top of the Foreclosures market. Ask your Reator to run you sold comparables to see what is actually selling at what price. Then maybe look at what you are planning to replace your house with. Maybe lowering your price to even a loss, may be worth it to catch a deal on another house. Yes, you lose on one, but gain it back on the other.