Selling your house in a coveted area like Metro Atlanta can be a rewarding venture. But you must also brace yourself for a few challenges along the way. You are up against serious competition when you put your home on Atlanta’s current sellers’ market.
There is no need to panic when your sale is taking too long to happen. Here are five steps that will get your selling goals back on track:
- Consult your real estate agent
- Wait for a better time to sell
- Review your asking price
- Consider refinancing
- Rent out your home
Your agent is the best person to help you figure out why no one is buying your home. Ask your agent to explain how your local housing market is performing. If sales are just slow across the board in your area, your agent can put your concerns in better perspective and give you more peace of mind.
Alternatively, your agent can help you rethink your marketing strategy. Review trends and feedback from comparable listings and recent sales in your area. The insights you gain will inform you of the adjustments you can use to improve your selling prospects.
If poor timing is the reason why your home is not attracting buyers, pull your property off the market and wait for more favorable conditions. Real estate market activity changes throughout the year, leaving you with a variety of windows to maximize selling opportunities.
When you sell your house in Atlanta, the best time to list your property is spring through summer. Buyer activity here starts to pick up over the spring months through early summer, so it would be smart to take advantage of the extra exposure – and the potential of larger final sale prices – you can get during these seasons.
Even choosing which day of the week and time of day to make your list public is a crucial move. My recommendation is to post on a late Thursday night or Friday evening. These times are not too early in the week such that potential buyers are still preoccupied with their work, and not too late that they are already out enjoying their weekend plans.
Homes sell fastest when they are priced correctly. If you attach an unreasonable asking price to your home, buyers and their agents will likely ignore your listing and move on to the other appealing options in the market.
Even if your home is getting a lot of viewings, a steep asking price can discourage buyers from making substantial offers. If this is the case with your listing, a price adjustment is in order.
Atlanta house prices are competitive, so lowering the price of your property requires a well-thought-out strategy. Work with your agent to make sure that you do not drop your asking price too far below its actual value.
If the motivation for selling your home is based on financial need, taking out a new mortgage can lighten your burden.
You can refinance an existing mortgage by applying for a new loan with more favorable rates. For example, if you used an adjustable rate mortgage to finance your home purchase and the interest rate has increased to the point that your monthly payments have become too high, you can apply for a loan modification plan that will turn the loan into a fixed rate mortgage with a lower, fixed interest rate.
Consider a home equity loan, too. Through this type of mortgage, you borrow from the equity you’ve built over the years by paying down your original home loan. Be careful with this option though, because you are using your home as security. You can lose your home to foreclosure if you fail to deliver on your loan obligations.
If there are still no takers for your home but you already need to relocate, turn your unoccupied home into a rental property. You might have an easier time finding renters than buyers because not everyone can afford – or has decided – to buy their own home.
In addition, the new source of income will come in handy as you pay off the mortgage for your new home.
You can also consult your agent about offering the property on a lease option. Under these terms, you give your tenant the opportunity to eventually buy the home at a predetermined price.