If your house has been on the market for a number of months, you may well have to consider lowering your asking price. Maybe you over priced, or it may be that the market conditions quickly changed.

Whatever the reason for the lack of interested buyers, you are faced with three options.

Sit it out
Buyers tend to get more and more wary of properties that have been on the market for a some time and the longer it stays unsold, the worse this effect is going to become. Sometimes it pays to be patient but if you are in a hurry to sell you should lower the price. Or if you have been trying to sell it on your own it might be time to get the professionals in.

Lower the price
Most people lower the price of their property if it hasn`t been on the market for a while. If you are going to lower the price, make sure that you do it so that prospective buyers can see the difference, but don`t lower to the point where you are leaving yourself short. Talk to your agent and get their opinion on what price you should lower it too.

Take it off the market
If you are selling out of choice rather than necessity, it can be worth thinking about taking your home off the market for a few months. Waiting until the broader market conditions can help make sure that you get the price you are looking for, but only if your property is valued correctly in the first place. If you are simply asking more than the property is worth, you are going to have trouble finding a buyer whatever the market conditions.

You need to assess why your property is not selling. Is there a fall in the market? are you living in a run down area? is your asking price to high? or is there damage to the house? Talk with your agent and go through the possible reasons for the property not selling.

You could try changing your agent or signing up with more than one. Allowing other agents to try and sell the property will broaden the number of potential buyers that are reached with your property details.

Useful Links

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