Expert: Tina Clarke - 9/28/2007

Question
Hi,

I'm stuck with 2 mortgages since I could not sell my house.
Please help me out !!!
I'm listed my house with a agent for 3 moths (April to July) the most selling market, but there was no offer. Then I took it off from the market and put as for sale by owner.  hope to reduce the price and get it sale, but only 2 low offers since it is for sale by owner and they think I don't have to pay for the commission to the realtor.
I'm still have it for sale by owner and for lease now.
So, what should I do now ? It is a 1400 sqs raise ranch empty house now,without finish basement (walk out basement). So, should I invest more money to finish up the basement and put it back to the market or just do some staging (add furnitures ) and put back to the market ?
Or please advice what should I do.

Thank you for your time and help.

Answer
Hi,

Where is the house?  How is the housing market?  What are comparable/similar houses in your neighborhood selling for?  If most of the houses in your neighborhood have finished basements, I would finish your basement.  Even if most houses don't have a finished basement, a finished basement would make your house stand out from the competition.  You have to think about how your house will stand out from the rest of the competition.  

What year was the house built?  Has it been updated in the past several years: bathrooms, kitchen, lighting fixtures, pain color etc?

If the market is super tough now--you may want to think about renting till the market gets better.

Lemme know if you have any follow up questions.  It's a lot to think about!

Tina