I Can’t Sleep. I Can’t Eat. I’m a Walking, Shaking Mess.

Hi Scott,
 
I can’t sleep. I can’t eat. I’m a walking, shaking mess. We put our home up for sale in the first week of March for $1.25 million, on the advice of our agent. (At the time I thought it was on the high side, but I didn’t say anything.) It’s been eight months now and we haven’t got a single offer! Our agent has gone missing in action, and we don’t even have open-for-inspections anymore. My husband, on the other hand, is cool as a cucumber. He’s sure someone will come along and buy it. I’m climbing the walls, not just because we’re up for thousands of dollars in selling costs regardless of whether we sell or not (!), but because we’re stuck in limbo. I want to move interstate to start our new life (and my new job!) but we can’t do anything until this bloody place is sold. What should we do?
 
Wendy
 
Hi Wendy
 
I can feel your stress through my computer screen!
 
My wife says that I am too blunt, but she’s currently overseas, so I’m going to say what I damn well please:
 
Your asking price is too high.
 
If you haven’t sold your home within six weeks of listing (let alone eight months!) you have one of three options:
 
First, you can take it off the market and wait till prices recover.
 
Second, you can rent it out for a period of time.
 
Third, you can meet with your agent and discuss aggressively lowering the price so you can attract a number of bidders, and let them sort out what the market value is.
 
Which one does your head tell you is the best option?
 
Remember, it’s very likely you’ll be buying and selling in the same market. In other words, if you sell your home for less than you expect, chances are you’ll buy your next home for less than you expect.
 
The stress you’re feeling comes from a lack of control. Waiting and hoping isn’t a strategy that will work in this market. You need to take action!
 
Good luck!

-Scott.