What to Do When Your Home Does Not Sell

There are very few situations more frustrating than putting your home on the market – only to struggle with getting offers and result in an expired listing. When your home doesn’t sell, you’re bound to feel a bit upset. That’s understandable. Chances are, you’ve spend a significant amount of time, effort, and in some cases, money to improve your home and make it attractive for potential buyers. So what do you do when your home doesn’t sell? What’s the next step? When you’re thinking “how on earth do I sell my home now?” There’s a few options… 

1. Wait and Try Again: 

The first option is probably the most obvious option, but you can always wait and try again. If you’re not in any rush, there’s no harm in waiting. Perhaps you tried to sell in the winter or over the holidays or during a market slump and it simply wasn’t working. A local real estate agent can talk you through the best possible times of year to sell. 

More often than not, potential buyers tend to favor spring over any other season of the year. Homes tend to sell quicker with more offers and for more money at this time of year. 

2. Consider Finding Renters: 

This is a great option if you’re not looking to continue paying your mortgage in the meantime. Find renters willing to pay close to, if not the entire mortgage, so you can hold off until a later date and try selling again. This will make the hold-up much less expensive and frustrating for you. Sometimes, people find they enjoy the process of renting and decide not to sell. 

3. Find a New Real Estate Agent:

If your current real estate agent is great, this is a hard option to consider. But sometimes, another real estate agent will have more experience selling in your area or selling homes similar to yours. A new real estate agent can make a world of difference, even if your current real estate agent is good at what he or she does. A new real estate agent will likely come in with more motivation to market your home. 

4. Price Your Home for Less Than Market Value:

This is an option that should be avoided unless all other options are exhausted. If nothing else seems to be working and you’ve tried finding a new real estate agent, you may want to consider a price reduction. This is often referred to as a “fire sale” in the real estate industry, and although you’ll make less than you desire, you’ll almost certainly make the sale. 

5. Think About a Short Sale: 

If by chance, the market has plummeted and you owe more on your mortgage than your home is worth, a short sale might be the right option. You can find a local real estate agent that specializes in short sales who will be able to help you negotiate with your lender. Not every seller will qualify and not every lender will accept a short sale, but always speak with your lawyer before undergoing this option. 

6. Offer a Lease-to-Own Option: 

A lease-to-own option might help you find potential buyers quicker as they’re appealing to individuals who want to purchase a home without conventional financing. Just make sure you’re having your real estate agent and lawyer help you review all the documents involved before you agree to any lease-to-own option. Eventually, the tenant will be able to buy your home and take it off your hands. 

7. Take Out a New Mortgage: 

If you’re trying to sell for financial reasons and you’re not finding many potential buyers, it might be a good idea to take out a home equity loan. Before you borrow more money through a second mortgage or refinancing option, meet with a trusted financial advisor to review your financial situation. A real estate lawyer can also help you when it comes to reviewing documents. 

Summary

Last but not least, if you’re trying to sell your home for employment reasons, such as being transferred to another city or state, ask your employer about a guaranteed purchase program. This involves your employer hiring a relocation company that will offer buyouts for employees. If you don’t ask, you’ll never know. 

If you’re trying to sell your home for personal reasons and you haven’t had much luck, make sure you’re taking a step back to assess exactly what’s keeping your home from selling. Talk to your current real estate agent about potential reasons why your home isn’t selling. Ask them: 

  • What’s the median days on the market in my area? 
  • Is my home listed on multiple listing services?
  • How does my home look compared to homes priced similarly? 
  • Has every inquiry resulted in a showing appointment? 

Keep in mind, even the best real estate agents may not have experience with selling homes similar to yours, in your location, or in your price range. It’s not necessarily a fault of your real estate agent, but it’s important to ask them the questions above to determine whether or not it’s the market at fault. 

Still not sure what to do when your home doesn’t sell? If you’re looking to find your dream home or sell your current home, we’re here to help. Click hereto contact us, give us a call at 757-350-1149 or send us an email at joshuabritthomesllc@gmail.com to start talking about your real estate goals now.