NEW YORK, Feb. 6, 2013 /PRNewswire-iReach/ -- This is a question many homeowner's are trying to find the answer to in this current real estate market. Unfortunately there is not one answer to this question but instead the real estate experts at RealtyPin.com a list of potential reasons why you are having a hard time selling. In order to fix the problem you need to determine what item or items on this list are causing your home to sit on the market. Here are two things you need to consider.
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1. Condition of your home. Because many people have had significant losses of income over the past few years they have had to prioritize what their limited money is put towards. Items like food, utilities and basic necessities have been at the top of the list. Conversely items like home repairs and maintenance have fallen to the bottom of the priority list. What may seem like a few simple repairs to you can be a deal killer to a potential buyer. You are trying to sell in a very competitive market where sellers outnumber buyers in almost every neighborhood. This means buyers have their choice of properties and if it comes down to a home in great condition and one that needs to have the exterior lighting replaced or the walls repainted or floors redone, they are going to pick the property with the least amount of work involved.
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What you can do to counter this is make sure the obvious cosmetic problems with your property are taken care of first. If the paint is chipping of a wall and you can't afford a painter then you may have to go to your local home supply store and buy a couple of gallons of paint and rollers and do it yourself. The same goes for broken water fixtures, light switches or anything else that is an obvious eyesore for someone walking into your house for the first time.
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2. Market prices in your neighborhood. While there is a slow recovery going on in home prices in certain areas of the country, many other neighborhoods are still in a recession. If you look at the properties for sale in your area that you are competing with and see that they are mostly distressed properties like foreclosures and short sales, then you are going to have a hard time selling your home unless you are willing to undercut these properties. This could mean taking a large hit in the sale of your home or may even cause you to be unable to sell because doing so cause you to sell your home at less than the amount you may owe your lender. This would mean coming to the closing table with cash just to get rid of your home. If you are in one of these areas your best bet is to wait out the storm until prices start to come back up. If you are in a situation where you will no longer be able to afford your home then consider renting it out.
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Rental prices are going up significantly across the country. You may very well be able to rent your home for more than your costs and actually make a profit from it every month. Also consider selling your home through a lease option. This is where a buyer gives you a relatively large, non refundable down payment on your property and you agree to sell it to them at a fixed price over the next one to two years or more. In a lease option situation the buyer also is normally paying a higher amount per month than a straight renter because this extra money is going towards the purchase price of the property. In effect this is comparable to selling your house slowly over a period of time instead of all at once. However if you absolutely need all of the cash you can get right now then your options are limited to selling at a loss.
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James Paffrath RealtyPin.com, 1-(866) 960-8649, firstname.lastname@example.org
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