Real estate experts say that price and condition are the two most important factors in selling a home. In a slow market, your first step would be to lower your price. All cosmetic defects with the house should be repaired.
Secondly, you need to make sure that the home is getting the exposure it deserves through open houses, advertising, good signage, and, listings on the Internet and listings on the local multiple listing service (MLS).
If your situation permits, you may want to pull your house off the market and wait for the market to improve. This will ensure that your house sells for the best possible price.
Finally, if you who have no equity in the house, and are forced to sell because of a divorce or financial considerations, you could discuss a short sale or a deed-in-lieu-of-foreclosure with your lender.
In a short sale, the seller finds a buyer for a price that is below the mortgage amount and negotiates the difference with the lender.
In a deed-in-lieu-of-foreclosure situation, the lender agrees to take the house back without instituting foreclosure proceedings.
The latter are radical options. Your simplest, and in many cases most effective, option is to lower the price.
A Kentucky native and graduate of the University of Kentucky, Cindy's experience and familiarity with Louisville have been the foundation for a successful real estate career. She holds the real estate certifications of ABR, SRES, CRS and GRI