No doubt it's challenging sell a house right now. Many people feel like they are under "house arrest," unable to sell their home and move on with their lives. I know because my family sold our home recently, one of the worst times to be a seller in U.S. history, and it was not easy.
However, just because selling real estate is hard to do, it doesn't mean it can't be done. We sold our Jersey City condo at a time when there was a glut of condos in Hudson County, N.J. We did not live in a trendy part of town. We didn't have bragging rights to the type of elite schools that help many suburban sellers clinch deals. The local public school district had been state operated since 1989. And we had many logistical challenges. At the time, we had three small children and one on the way, my wife and I both ran our own businesses from home while juggling childcare responsibilities, and we were home schooling our eldest children, twins who were in kindergarten, until we could move to a new school district. It was hard to keep our house on the market for the full year it took to sell, but in the end, we found the right buyers, a young couple who loved our townhouse. As an appraiser, I have met many families and individuals who are succeeding in selling their homes under similarly tough conditions.
You can do it, too, even if your home price has dropped since the downturn and you are underwater. And, unless you have reached the breaking point in your financial situation because there is no income coming into your household right now, you don't have to do a short sale or foreclosure. You can do it if you are willing to work hard--really hard--and dedicate yourself 100% to doing so.
This is not easy by any means. You've got to be smart and strategic in how you price your home and, if you work with a broker, be willing to listen to feedback you're getting from the marketplace and let go of any illusions you've been harboring about what your home is worth right now. If you're underwater and don't want to ruin your credit, you may have to get professional advice on how to come up with the money you owe on your mortgage and perhaps home equity line of credit, whether it is borrowing from family or raiding your retirement account. It takes serious commitment and dedication.
That said, it can be done. You don't have to remain locked into living somewhere that no longer suits you and your family. You can free yourself to move onto the next phase in your life, whether that it is in a more affordable rental or a brand new home in a town with a new job opportunity.
This site will tell you how.