Know Your Options: 6 Things You Can Do When Your House Doesn’t Sell
It has been months or over a year, and potential buyers of your home are still nowhere to be found. You are starting to think crazy things about it, “Maybe my home is cursed?” The thing is, it is not uncommon for home sellers to wait for months or even years before a buyer arrives.
When you are having a hard time selling your house, there are things that you can do while waiting. Perhaps you need to take some actions to turn your property into something that draws the buyers. Here are the options that you can do if your house is not selling.
Take a Look Back if Your Price is Right
With the right price, anything will sell. If you think that you have done all the things to spruce up your property for sale, perhaps the problem is the price. As such, it may be a good idea to review your pricing and adjust it to the preference of many buyers.
You need to consider taking a look back at the properties that sold in the previous year. Doing this review, you will find properties similar to yours, and what price the home sellers offer to be able to sell them.
By looking at the detailed listing sheet, you will have an analysis of what is the price that reflects the real value of your property. Unrealistic price for your property has no place in the minds of your potential buyers.
You must remind yourself that buyers are looking for the best buy at the right price. Pricing your home at its suppose value will draw buyers quickly.
Assess Your Real Estate Agent
Sometimes, it happens, the agent you commissioned to help you sell your home is not good at what he does. It may be that he lacks experience in the real estate business or that he is simply not as good as the others.
If this is the case, you can stop blaming your property and start assessing your agent. Inefficient agents are the usual problems in real estate, that is why it is important that you assess him or her from time to time.
If you find that there is indeed a problem with your agent, you can now consider replacing him or her. Replacing your agent with the best one is a simple, effective means to sell your property as soon as possible. It is also a great way to start spending wisely.
Improve Your Property
The problem may lie in the aesthetic aspect of your home. Of course, buyers will look for an aesthetically-appealing home. As such, it will be a good idea if you start improving your home while you are waiting for the potential buyer.
Updating your house with the new trends in home interior designs, for example, is sure to attract potential buyers. For instance, you can update the paint job, trim the garden, put up new hardware, or outfit your home with new furniture pieces.
Always keep in mind that the look of your home will have a lasting impression on buyers. If your potential buyer finds the property not agreeable to their preference, they might drop it as quick as a sleight of the hand. But if your property is aesthetically-appealing, there may be a possibility that the price will go up.
Consider Renting It Out
If you want to move while waiting for potential buyers, it will be a good idea that you rent out your home. Homeowners can put up their property for rent for a specified period. By renting it out, it will enable you to offset some of your expenses on the property.
The best way to rent out your home is to offer it for a rent-to-own. This option allows hesitant buyers to try out the property before committing to a mortgage. You can rent out your property for a long or short period.
Shelve the Sale Until the Demand is High
It can be that you have the wrong timing why your property is languishing in the market for a long time now. So it’s important that you know when to sell your house, and there can be no other right timing than when the demand is high.
In real estate selling, some seasons will determine how fast you will sell your property. Most often, the most popular selling seasons are during summer and spring, because it is the time where gardens bloom to attract buyers. Also, they are also the seasons when people have more time to view your property.
Go for a Short Sale
If your house has been for sale for a long time, you can have it for a short sale and get out of the house. However, you must remember that it is only a good alternative if you do not have any other financial options.
Putting up your home for a short sale is a great way to prevent your property getting mired in a market crisis. When this happens, you will find yourself in a position where you owe more on your home than its actual worth. Also, it is also a great idea to offset your carrying expenses on holding on to your property.
Indeed, selling your house can be a challenging endeavor, especially when unforeseen problems face you. It’s the reason why it is important that you know of the things that you can do while waiting to have a buyer of your property. You can follow the tips above for this purpose.
Yassi Parrish is a real estate blogger. Her forte is giving tips on real estate investment and house flipping. She browses the online site of the investment firm, Ashe Morgan, for the necessary information for her material. When not in her work, Yassi likes to read books and watch sci-fi movies.