How To Avoid Becoming A Distressed Seller
Having trouble selling your home? Sometimes, selling a home can take quite a bit longer than anticipated. In some case, it might take long enough that your home listing expires. But you shouldn’t let this stress turn you into a distressed seller.
A distressed seller is someone who decides to sell their home as quickly as possible in order to get rid of the asset. In many cases, this results in the seller taking a loss just to get the property off of their hands.
In some cases, this is the result of a seller being willing to accept less in order to save time and move on from the sale. However, in other cases, this happens because you become worried that your home isn’t selling as quickly as you thought it would.
In order to ensure that you get as much money as possible from your home, consider these tips to help prevent yourself from becoming a distressed seller.
Selling a Home Takes Time
First and foremost, you need to remember that selling a home takes time. First time sellers, in particular, may make the error of expecting their home to sell within a couple of weeks.
However, the truth is that most homes stay on the market for an average of 65 days — that’s over two months. Sellers that manage to find a buyer in less time are often: selling their home for a very low price, live in a high-demand area, or are extremely lucky.
Also, keep in mind that this is the average timeframe for selling a home — meaning, there are plenty of homes that stay on the market longer than this.
If your home is taking longer than you expected to sell — don’t panic. Remember that selling a home can take several months.
Reevaluate the Listing Price
While you shouldn’t panic and drastically lower your sale price, that doesn’t mean you can’t reevaluate your listing price.
Real estate values fluctuate on a fairly regular basis. Your original listing price may no longer reflect current market values. In order to find the fair market value of your home, you can use real estate comps to find the values of similar properties in your area.
By using this method, you can see if your current listing price is reflective of similar houses being sold in your market.
If your listing price isn’t the issue, you may consider reevaluating your marketing strategy, making renovations, or other options.
Talk to Your Agent
Lastly, if you’re starting to become worried about the status of your listing, talk to your agent.
Your agent will be able to provide guidance regarding what steps you can take to sell your home without sacrificing your profits. Your agent can come up with an accurate valuation, help hold tours, and create a marketing strategy to help find new buyers.
Becoming a distressed seller can sacrifice your profits as you look to get rid of your home quickly. By rushing to sell, you may miss out on getting the money you need to pay off your mortgage and purchase a new home.
Consider using these tips to help prevent yourself from becoming a distressed seller.