Why won't my house sell?

Question

My house has been on the market for 13 months. With no offers so far, I have dropped the price more than $150K so far. Now I'm considering dropping it another $50K. What's the deal? It's a beautiful view home. I am sweating about this because I've had to relocate for work and am now paying a rent AND a mortgage payment. How can I unload this house quickly without losing my shirt?

Answer 1

You did not say where your house is - this is important. In some countries real estate is booming and houses are in short supply, so they sell quickly. Are similar houses in that area slow to sell as well?

Selling anything depends on supply and demand. But 13 months is a long time - are you sure your agent is doing all he can to advertise your house? Is the advertising good and catchy, and appearing in all the right places?

Perhaps you need to rent it out until the market picks up. The rent income will help pay the mortgage. Also, houses that are occupied sell quicker than empty ones - no one knows the real reason for this. Personally, I prefer to view empty houses.

Houses also sell best in the springtime. Make sure someone is looking after the garden and that it is neat and well presented. Have you presented the house in its best possible condition? Does it need work done to it?

Try taking it off the market for a while, and re-introduce it a couple of months later, or try changing agents.

Good luck

Answer 2

It sounds like you started out way too high on your price so nobody was interested. Now that it's been on the market for 13 months nobody is interested in looking at it. They either know how much you were asking or they think there is something wrong with it. When does your contract with the real estate company expire? I would suggest you take it off the market for a few weeks. I realize you are paying two payments but it might help you. Either relist it again so it will come up in the Realtors computers as a new listing or get the book, "How to Sell Your House in 5 Days" and sell it yourself. Your realtor really shouldn't have let you list it at $150K above value. Have you had the house appraised? This is something you might want to do. It will cost around $300 - $400 but at least you'll know what it's worth.

Answer 3

Well, it would depend on what market you are in. As in, what state, what county, etc. Assuming you have a Realtor, they are the ones with the tools and education to answer this question for your area. They can look up the sales data for the last 6 months and tell you what the average sales price in your area has been. Compare those numbers to how you have your house priced. Are you priced too high? Is your house different than other homes in the area? Is your house unusual? How is it being advertised? Is it easy to find? Assuming it has been shown, what has the feedback been? There are sooooo many things that could be the problem that it's hard to say without knowing all of the facts. The media has scared people away from buying in a lot of areas. The economy is bad in some areas making it hard to sell. Summer is just arriving and that is when business picks up around here.
If you don't have a Realtor.....that is part of your problem. It amazes me that people think they get a better deal selling a home on their own to save some commission costs. Most people wouldn't think twice about hiring a lawyer to represent them in court but think they don't need a Realtor when it comes to real estate. If you haven't had one single contract in 13 months.....time to get a new Realtor.

Answer 4

You do not indicate the location of this property. In certain specific real estate markets in the nation, house values have declined dramatically and there are many properties on the market. You do not indicate how much of a profit, if any, you are attempting to make on the sale of this house.

Communicate with your real estate agent and inquire about whether the level of price you are asking is now appropriate for the market. If you are overpriced, you're not going to sell. You have to observe market conditions and act accordingly. And this MAY cause you to lose your shirt, depending on what occurred in that market place.

Answer 5

Ask your realtor. In my market, if houses are a year on market, they are overpriced or are not desirable properties for whatever reason. Currently, higher end properties (especially condos) are stagnant. Perhaps this is the same in your area.

Is your house in marketable condition? Does it need curb appeal? Paint? Landscaping? Make sure it is clean and in tip top shape.

Take a look at the information in the MLS about your house, make sure it is accurate. Ask your realtor to see if comparable homes are selling and where they are priced.

Answer 6

Well if it is beautiful home, you should drop the price even farther just to spark interest. What will happen is people will come look at it, fall in love with it, then you can raise the price right back up on them. They may liek it so much they will be willing to pay a much higher price. You just tell them you are getting lots of offers and the price has been driven back up. People do it all the time. Moral.. possibly not.. legal.. 100%. Good luck.

Answer 7

Try to find a lender that can market your home with a billboard sign that says own this home for x amount of $ per month. If the monthly payment seems right alot of people will be more interested in it.

Answer 8

You should have at least listed your state or city, otherwise you don't really want an answer to your question. Trying to rob a buyer of $200,000 will generally keep your house in your greedy little hands forever---just kidding. You obviously overpriced it and you obviously know it. Good luck.