You can’t read an Indianapolis real estate article these days without hearing about how tough the Indianapolis housing market is. This isn’t a problem exclusive to even Indiana as the entirety of our nation is feeling the foreclosure crunch and looking at what their foreclosure options might be.
Fortunately, there are still homeowners who are trying to sell their homes outright. Even though they are hesitant about listing their homes, they have still called up an Indianapolis REALTOR® and put their home out there to compete with all of the Indianapolis homes for sale.
So, you have gotten up the nerve to place your home on the market. And now it’s just sitting there. And sitting there. You get showings and the feedback is all basically the same and pretty generic (I mean, how useful is “Home shows well,” really?) Suddenly, you have found yourself in the position where of your home not selling.
In any economy, this can be a very frightening place to be. You think, how low will I have to drop the price of my home just to get an offer? Will I lose all the equity I’ve built up? Is there even any equity still in my home?
There are areas of our housing market where owners do not run into the problem of their home not selling. Different areas will react in their own way to economic pressures and some real estate sectors are still virtually unphased by the downturn in the economy. If you are not one of the lucky ones to find yourself in the position of retaining nearly all the value in your home, it might be best to stay in your home for as long as possible and ride out the real estate ups and downs.
If, however, you find that you don’t have a choice due to a forced move or financial situation, there are some factors to consider when you find your home not selling.
Unfortunately, the first topic to cover is price. No one wants to face that their home is not worth what they think it should be, or what it was worth just a few short years ago. However, loss in home value is the reality for many Americans right now. There’s just no way around it. If you’re not pricing your home competitively against the neighbors, you might not even get a showing, let alone an offer. Work with an experienced REALTOR® to strategize on the best asking price for your home.
This is not to say that you need to completely bow down to the lowest price out there, which may be a bank-owned home on your street. Foreclosures, especially short sales, can be very cumbersome for new buyers to work through. What you do have going for you in your home is most likely a much easier transaction, so sell this point. Offer closing costs and a quick move-in time. Be accommodating in ways that banks can’t be.
Once you’ve settled on a fair market price for your home, the best thing you can do is visually stand out against your competition. Make sure your home is as show-ready as possible. This could include things like making repairs, cleaning from top-to-bottom and reorganizing furniture. Again, this will help you compete with the cheaper-priced bank-owned homes on the market.
Buyers think that they won’t mind repainting and redoing all the flooring in their new bank-owned homes, but move in a semi-load of boxes, three kids and two dogs while still trying to work full-time jobs, and they may change their minds.