What if my house doesn't sell?

Selling a house - at what price

You may have wondered. 
It usually will, but the question is, at what price? The bigger question is - is that price acceptable to you?

What if my house doesn't sell for the price I am willing/able to accept?

Today, many areas are seeing sluggish home sales. Some pockets are doing well, and houses are in demand and are selling quickly for a great price. But then other areas are not doing so well.

Once upon a time...

When your house is on the market, the price you started with seems perfect. It was a reasonable price. There were many showings, and the feedback was good. Early on, you received an offer for, well, say, it was low, and you didn't want to counter. Now, four, five months later - nothing.

You've lowered the price a few times, adjusting for the declining market, yet nothing. Oh, wait - there is another offer, BUT it is even lower than the 1st one. The buyers are scared of the declining market in your neighborhood, too.

Ready to find your dream home in Denver?
Let us help you. Call or Text Kenna Real Estate at 303-955-4220 to get personalized assistance from our expert real estate agents.

More and more houses are coming on the market in your neighborhood. Your house is one of the lowest-priced houses; it is always sparkling clean and shows exceptionally well. The only objection seems to be the price. At what price is my house going to sell?
The End.

Do you know what your bottom line is? Do you know what you will do if the buyers/the market tell you their price is lower than your bottom line?

As a seller, what are your options when prices keep falling and you are (or your house is) reaching critical mass?

A few things that will need to be considered

  • do you HAVE to sell, or do you WANT to sell
  • do you have EQUITY, or do you OWE MORE than the house is worth
  • if you have equity, how long will you be able to carry the mortgage
  • have you relocated, or do you live in the house

    These things should be considered even before putting the house on the market. This way, better action can be taken while the house is on the market.

YOU HAVE TO SELL - OPTIONS

  • profit something (even if it is lower than what you had hoped for)
  • break even
  • have to bring money to the table - Would you be able to do that?
  • loan modification - maybe you don't need to sell if the loan gets modified (may or may not be able to get a mod - it can be tricky)
  • short sale - would your circumstances get you approved for a quick sale?

    Ready to find your dream home in Denver?
    Let us help you. Call or Text Kenna Real Estate at 303-955-4220 to get personalized assistance from our expert real estate agents.

not selling your house - for rent

If you have to sell, you will have a pretty good idea 
of what you would have to get for the house (by looking at the Seller's Net Calculation Sheet) for you NOT to bring money to the table at closing. The house might eventually be foreclosed on if none of the above works.

YOU WANT TO SELL - OPTIONS

  • profit something (even if it is lower than what you had hoped for)
  • break even
  • have to bring money to the table - Would you be able to do that, or would you want to do that?
  • take the house off the market and continue living in the home for now
  • rent the house out (maybe have somebody manage it for you -especially if you have relocated)
  • let it sit vacant and empty (on the market for a specific price or off the market)

    If the value of your house has declined, or the market in your neighborhood is going down fast - It may not be a good time to sell - IF YOU DON'T HAVE TO. It is something you need to consider and make a decision based on your situation.

    Ready to find your dream home in Denver?
    Let us help you. Call or Text Kenna Real Estate at 303-955-4220 to get personalized assistance from our expert real estate agents.

You may think of a certain number as your bottom line, but it may change. Would you be willing to accept $10,000 less than your absolute bottom line if it came down to it? It could mean a difference between selling the house sooner rather than 2-3 months down the road or not selling—just food for thought.

Disclaimer: Kenna Real Estate. Blog does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.


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