What To Do When Your House Is Not Sold

Published by peter | Filed under Real Estate

Many of our most popular blog posts have been started with questions asked by readers. Often times, consumers have a clarity of focus that allows this blog to write on issues that matter most, and we truly appreciate the questions and the feedback that are received here. We received the following message from reader “RK” recently stating: Hi Guys, I have a house for sale in Tampa, listed with a local realtor since August 2007 and there had been no action whatsoever. I dropped the price twice and have heard nothing. I receive no information how the house is being marketed, if at all. Unfortunately I am locked in for a year contract, ending July.  Any suggestions?

The first thing I noticed in RKs message was that his home had been on the market since August of 2007. By my quick wizardly mathematical skills, I surmised that the home has been “for sale” for at least 24 months! I have not ever met a homeowner who was serious about selling their home and also had a sales schedule of 2 years to get it done. It definitely should have been sold a long time ago!My first advice, before even addressing the meat of the question is for RK to really decide if he wants to sell it. If the answer is “no,” then ask the listing real estate company to remove it from the market. If the answer is “yes,” then see below. Either way, it’s time for RK to take some action and to go visit his real estate broker.

Obviously, RK is a frustrated homeowner who wants to sell a home in Tampa Bay and needs some help, and his message contains some key points that I would like to address. We would encourage RK to schedule a time with the broker (owner) of the company in order for the broker to explain to RK what is being done to sell the home. The time for dealing with just the agent that he knows is over, he has to move up the chain of command. There is no reason that he doesn’t go straight to the top after 24 months with that company.

I wrote a blog a while back detailing what home sellers should demand from their listing Realtor.  It details what I feel are critical issues home sellers must understand. The key is to identify what will sell the home and why. Additionally, I would make some demands of the broker. I would require the broker to demonstrate, through detailed analysis, the realistic sale-able value of the home. I would be most comfortable with a broker who has a keen grasp of current market conditions, as selling a home today is not as easy as it has been in the past.