You decide you want to sell your house. So, you get everything in order. You make all the required repairs and clean up any messes. You do your research to figure out the right price. You hire the right real estate agent and make sure you’re meeting all the legal requirements. You put your house on the market and wait for the offers to start rolling in. Except…they don’t. A month goes by, then another, and then another. Now you’re starting to worry that no one is going to buy your house, which stops all your plans dead in their tracks. However, there is good news because there are actually quite a few things you can consider in order to get the ball rolling. Here are 8 options to consider when your home isn’t selling.
Find the Right Price
For all the research and historical data that’s available, finding the right listing price is sometimes less of a science and more of an art. Sure your neighbor’s home might have sold for a similar price but it’s also a different model with different features. Plus who knows what way the wind blows the whims of buyers from month to month. The truth is, while you might have your heart set on a certain price, dropping it even a little can have a major impact on the way its perceived on the market. And if you’re not getting any bites, what do you have to lose (other than that few bucks)?
Up The Curb Appeal
Sometimes everything looks good on paper but then when a buyer drives past the house to check it out they’re let down by reality. That doesn’t have to be the case. Get out and take a look at your property with fresh eyes. Could the house use a paint job? Would weeding or a mow do wonders on the front lawn? Might the garage be better looking with a quick clean-up? How about inside the house as well? Have you considered changing the layout or adding some lighting in places that could use the pop? It might not be what you’d do but it’s not about you anymore, it’s about putting the house in the best possible light (pun intended) for the buyer.
Should You Stage?
Like we said, it’s no longer about what you think is best for the house, it’s about what the buyer thinks is best. And let’s be honest for a second, you might not be the best decorator in the country. If you can check your ego at the door, you might be willing to consider having your home staged. Let a staging professional do an assessment and replace some of your furniture and decor with the kind of is likely to be more attractive to potential buyers. The more they can see themselves in your house, the more likely it is to actually become their house.
Rent While You Wait
If the months are starting to pile up while you wait for a buyer, you have to consider things like an investment. Each month, you lose potential money that your home could have generated. With that in mind, if you’re able to live elsewhere or have already found a new home, consider renting out your residence in order to gain a little income in the interim. You’ll want to make sure the renters are clear about your intentions to sell and are willing and able to make space for buyers to stop by. You also have to take into consideration everything that comes with being a landlord, even if it’s short-term.
Change Your Agent
The relationship between you and your real estate agent is a delicate dance. You can shop around and make a good choice based on what you know at the time, but we all know that things don’t always work out as we hope. The truth is, sometimes your home isn’t so much the issue as the agent is. You might have been sold a bad bill of goods on your agent’s abilities or there might be something about them that is turning off buyers. They might even just be simply unprofessional. Ultimately, it is your call if and when you want to sever the relationship and find a new agent. If you find yourself frustrated with a bad agent, do some research to find others in your region who know how to produce and can back it up. You took a chance but now go with the surer thing.
Consider a Short Sale
It’s not exactly what you were hoping for when you listed your house but if things are not working in your favor, you might want to consider a short sale. What that means is that you get your mortgage lender to agree to accept proceeds from the sale of the house that do not meet the full outstanding value of the loan. For lenders, something is always better than nothing, and if the market doesn’t look friendly to sellers in your area, this allows you to find a good price to move the house and the lender gets money. Of course, it also means less money for you after you satisfy the mortgage.
Or Consider a Lease Option
Another way to entice a buyer would be to do a lease option purchase instead of the usual way of doing an outright sale. This opens the door for buyers who might not be able to purchase a home or get financing from a lender. Instead, they get to move in and pay lease options payments, which are usually a bit higher than rent and allow you to generate money in the interim. Then, once the initial terms of the contract are fulfilled, if the buyer wants to proceed, they purchase the house at a predetermined price that is lower than your original asking price. You’ll want to make sure you consult with a good agent and lawyer before proceeding with this option.
Sell Your House As-Is
All of these options have their pros and cons but most of them either mean staying on the market for much longer than you wanted to get way less money than you expected. Another avenue you can do is to sell your house to an investor who will purchase it as-is. They’ll give you a fair cash offer in order to close the transaction quickly, allowing you to move on with your life. Then, you don’t have to get tangled up in any tricky legal situations or rely on renters, lenders, or lease option tenants in order to close the deal. Reputable companies like Nexus Homebuyers are happy to sit down with you and figure out an offer lets you get on with your life and find your next home.