Home has sat on the market for months

[Sara C.]

Looking for ideas on how to get my property to move. I have an undesirable unit which is not renting. I am not sure if I should rent less than the mortgage to get it to move or to cut my losses at this point it has been eight months. Property managements do not sound reliable and tell me they do not work with southeast properties. I was receiving many applications but the applicants are unable to afford the unit. I am not attracting the type of tenants I desire who can make payments. I have listed with section 8 as well with little responses.

[Scott E.]

As @Russell Brazil said, this is a very easy question to answer. If you are trying to sell OR rent your house and it is not moving after 8 months, you are priced too high, plain and simple.

This means that you are priced too high for your location and/or for what you are offering. You didn't give us details but lets say you're priced at $1500/M. Maybe people are willing to pay $1500/M for a unit in your area, but not for a unit on your street. Or not for a unit with your bedroom and bath count. Or not for a unit in your condition. You get the point. If you're priced in line with comps, there is something wrong with your unit that makes it worth less than others in the area.

Remodeling the home, sprucing up the landscaping, or adding amenities could help you get a higher rent rate. But you also don't want to through good money after bad.

Your options are:

1. Rent the place out at the true market rent and lose money every month.

2. Sell the property at a loss.

If you mistakenly bought in a bad area that has no hope for the foreseeable future, it might be best to sell, learn your lesson, and buy better next time...