5 Alternative Options When Your Home Won’t Sell
- 1 - Postpone selling your home
- 2 - Lower the price to under market value
- 3 - Consider taking out a new mortgage
- 4 - Rent out your home instead
- 5 - Ask your employer about relocation
You are probably reading this because you have a house that has been sitting on the market for quite some time and you are struggling to sell it.
It might be due to a number of factors, some out of your control.
It doesn’t make the situation any better and you might have already spent hundreds, if not thousands, on professional advertising without receiving a single phone call.
What is there left to do when your home won’t sell?
Luckily there might be a few other options that you just haven’t tried yet:
1 – Postpone selling your home
This is a no-brainer, assuming you are not in a hurry to sell your home.
It could just be that it is not a good time to sell and that the market conditions aren’t great.
Wait for a seller’s market where there are fewer homes for sale and more buyers. Timing also plays a huge role.
Selling in the holidays are usually tough because buyers are looking for bargains. You might lose money if you negotiate during the festive season with added holiday pressure.
Selling in winter is also quite difficult and experts have noted that spring is the best time of the year to sell.
2 – Lower the price to under market value
This option is usually referred to as a ‘fire sale’ in real estate lingo. It basically means that you are reducing the price of your house to a rock-bottom value that is attractive to most buyers.
This will also attract equity purchasers and cash investors that are always on the prowl for real estate.
Sure – anything will sell for the right price, but you need to find out what the right price is.
Speak with your real estate agent and get their advice on whether you can afford to reduce the price and if you could live with the results. Sometimes the negatives trump the benefits.
3 – Consider taking out a new mortgage
If you are pressurized to sell your house due to financial reasons, it would be a good idea to take out a new mortgage.
Having said this, you should ensure that you can afford it.
Before you decide to take out a new mortgage or even take out a loan from a different institution, speak to a qualified financial advisor first in order to discuss your financial situation.
And avoid speaking to a real estate agent – they have invested in your property affairs.
4 – Rent out your home instead
A home-seller might be forced to relocate due to a job and leave an existing home behind. Sometimes, this usually happens so fast that they don’t even have time to put the house on the market.
The best option would be to start renting out your home. Some sellers are even making a profit because they push the rent up by a certain percentage.
Just be aware of the dangers of renting and interview possible tenants.
Ask your neighbors to keep an eye on your home whilst you have tenants living there.
5 – Ask your employer about relocation
If your employer is relocating you out of town or to a different province, try to negotiate the deal.
Many employers are willing to hire relocation companies that offer buyouts to the employees.
You might not even be aware of the relocation program if you don’t ask about it. It could mean free money for you and it could also relieve the stress of moving somewhere else and starting over.
Extra cash could put you in a positive financial situation.