How do you sell a house which isn’t moving?
Cut the price.
Some investors are getting stuck with some slow properties as they work through the changing markets. If you find yourself in this [tag-tec housing ]situation[/tag-tec], don’t panic.
1. Evaluate your position
Go over the comps with a magnifying glass. What is the average for days on the market in your area? If it’s 30 days, and your property has been sitting for 60 days, you’ve got a problem. If your property has been sitting for 30 days, and the average market time is 60 to 90 days, you’re better off than you thought.
2. Only look at the properties that have sold
Who cares about what hasn’t sold? You’re only interested in what has sold and why. You don’t need a rosy picture from your real estate agent. Tell him or her you only want realistic numbers to crunch. Not what they think property should sell for. In today’s current real time market, that may be too high. Make him prove the price.
Here’s our advice; concise, and to the point.
You may have to drop the price. Retailers do that everyday. Car dealers do it. Everybody does it. I just got off the phone with Brooks Brothers after having waited for 20 minutes just to find out they had sold out of everything I wanted. And I couldn’t even get on their web site. Their annual 50 percent off sale that started today is no joke.
You want some action? Lowering the price is the best way to get it. Contrary to what others may tell you, I don’t think you have to lower the price by much. If your property is selling for $300K, lower it to $290K. It’s better to cut your losses sometimes. Then take the money and reinvest in something else more suitable for today’s market.