Taking Your Home Off The Market Should Be The Last Resort
May 6th, 2009 categories: Chicago Real Estate News, For Homeowners, For Sellers, Housing Market
Selling a home is frustrating. It’s not easy keeping a home or condominium in showing condition. It’s stressful knowing that strangers are streaming through your home. And no sellers like those last-minute “Can we show your residence now?” requests that mean they and their families have to disappear for an hour.
All this is even more frustrating, though, when sellers aren’t even receiving any good offers. And when their homes or condos sit on the market for months without attracting much interest? Then it’s especially tempting for sellers to give up and pull their residences off the market.
But this isn’t always the wise choice. There are usually other options sellers can take before removing their home from the market.
1. Reduce the price: The number-one reason that condominiums and homes don’t sell is price. A home that is priced too high will simply not receive any offers, especially not in today’s buyer’s market. Instead of taking their residence off the market, sellers should consider a price reduction. This might bring in more showings and possibly offers.
2. Add some curb appeal: Often homes don’t sell because buyers drive up to them, see a bare lawn or weed-filled front lot and drive off. Many buyers figure that if a home is unkempt on the outside, it will be a disaster inside. Curb appeal is also important for condos. Owners might consider creating a balcony flower garden. Also, they shouldn’t clutter their balconies or outdoor space with bicycles, lawn furniture or barbecue grills. Condo buyers are often interested in private outdoor space. Owners, then, need to showcase their decks, patios and balconies without the clutter.
3. Provide some TLC on the inside: Fresh paint, cleaned windows and de-cluttering can make a cramped, dingy home or condominium look bright and new. It can also bring forth the offers.
All of these options are preferable to taking a residence off the market. Remember, there’s no guarantee that the Chicago housing market will be any more favorable to sellers three months, six months or even a year from now. The only market REALTORS® know is today’s. We can’t predict when the housing market will escape its doldrums.
Taking a house or condo off the market, then, is a big risk. Sellers should explore all of their options before making such a drastic decision.
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