If you’re selling your home in a declining market, you have 4 options to consider if your home is not selling:
- Aggressive Pricing: Pricing the property aggressively below competition will drive home the perception of value to prospective purchasers.
- Rent: If you are fortunate enough to own a condo or a co-op with a liberal sublet policy, determine if renting makes financial sense. Consider the time horizon of how long you will be allowed to sublet and where you believe the market may be when that time expires.
- Wait: A seller may decide to take their home off the market and wait for the market to improve. The big question here is just how long will one have to wait for the market to stabilize.
- Foreclosure: No elucidation necessary.
As prices soften in the Manhattan real estate market, sellers must evaluate their current living situation including their financial positions to determine just which of the 4 options above is most appealing to them.