There’s nothing more frustrating than putting your home on the market, showing it to potential buyers, and jumping through the numerous home selling loops only to discover your home just isn’t selling. Luckily, there are a lot of things you can do if your home isn’t selling.
While most homeowners want to sell their home fast, it can take time if you choose to go the traditional route. Even if you’ve tried everything and done everything “right,” you still could end up without any luck. In this guide, we’ll share what to do if your home isn’t selling so you can find the solution that’s right for you.
1. Rent Your Home
While this might not be your ideal solution, it is a workable one. If you’re struggling to pay your mortgage, renters could cover this cost (and more). However, remember that being a landlord is a lot of work. There are a lot of things you need to know about managing a property whether you rent to long-term renters or vacationers.
If you’re up for the extra work, renting your property could generate an extra income stream for you. Property is a great investment, and more people are choosing to rent than ever before so odds are the property will move fast.
2. Get a New Agent
Sometimes the problem isn’t your home. It’s your real estate agent. Like just about any industry, you’ll encounter some professionals who are simply better than others.
If your real estate agent isn’t delivering or seems to lack the know-how to get people excited about your home, it might be time to look for a new one. Some real estate agents don’t know what it takes to market a home effectively, and others truly shine.
3. Refinance Your Mortgage
If you’re simply moving because you can no longer afford your property, there might be other solutions available. One of the easiest options is to refinance your mortgage. When you refinance, you essentially pay your existing mortgage with a new one. Why do this? As long as you have a good credit history, odds are you might be able to secure a better interest rate.
While there’s no guarantee you’ll be eligible for a new mortgage, refinancing could be the step you need to take to lower your monthly mortgage payment. Just make sure you’re shopping around for the best deal.
4. Reconsider Your Pricing
How you price your home is a marketing strategy in itself. If you sell for more than market value, you might have a hard time getting buyers to be interested in your property. That being said, selling for lower than market value might be just what you need to kick buyers into high gear.
This is a strategy known as “fire sales” in the real estate world simply because pricing low can move the property quickly. While you’ll make less money on the sale, it’s more likely to sell fast.
5. Look Into Rent-to-Own
Finally, if all else fails, you might want to target a new audience. There is a much smaller group of people interested in rent-to-own. In a rent-to-own agreement, you agree to rent your property with the intention of selling to the buyer later down the line. Often, a portion of their rent will go towards their future down payment.
This is an alternative to traditional home buying, and a lot of people are looking for this type of arrangement rather than buying a home upfront. Plus, you’ll have a steady income stream as the tenant makes payments.
Sell Your Home Effectively
Selling your home fast isn’t as easy as it seems on real estate shows. Things move slowly, and sometimes you need to adjust your strategy to get people interested.
That being said, you have a lot of options. Which of these 5 options above will help you sell your home effectively? Now you know what to do if your home isn’t selling.