Web Extra: What to Do If You Can't Sell Your Home
Are you having a hard time selling your home in this downturn? Dolly Lenz of Prudential Douglas Elliman has these tips that you probably haven’t thought of:
1. Home Trading is becoming popular. If someone is trying to move to Florida and another family would like to move to New York and they have comparable price homes and they can’t sell -- they can trade places. Websites are emerging for families to connect and home trade. There are still some legal hurdles but two willing families can still make it work.
2. You can rent out your home and then rent in the area you want to eventually buy until the market improves. Sellers often overlook the rental option, but it’s a good way to unload the home with the intention of selling it for more when prices go back up.
3. Look into auctions. You will create an ‘urgency of now’ to sell your home by putting it on the auction block. This has worked well recently in New York City, where it had not been popular.