You look at the news and see all of the real estate statistics. Home values are up by double digits. In Philadelphia, homes are selling 81% faster than last year.
There are bidding wars, people buying with cash, and offers thousands above the asking price. It’s a crazy market, but for some reason, you’re not seeing the benefits.
Your house is on the market, yet you’re panicking. You’re thinking, “My house won’t sell. This is creating a bad financial situation.”
Even in this market, some homes aren’t selling. It doesn’t mean that you’re stuck with the house forever. You just need to keep reading to learn what to do if your house won’t sell.
- Lower the Price
Did you try to sell the home yourself? That means you priced the home yourself, too. Homeowners are emotional when they price their homes.
They always price too high, which leaves buyers wondering why this house costs way more than others in the neighborhood.
You might have compared your home with others in your neighborhood. Those homes have corner lots, more bedrooms, and square footage than yours. They might border undeveloped land, where you have neighbors on all sides.
Homes that have been on the market for a long time draw suspicion from real estate agents and buyers. This is the case now that homes last on the market for just a few days.
If you want to sell your house fast, you’ll need to lower the price. You have to keep it in line with homes on the market. Get help from a real estate agent who can give you advice about the real market value of the home.
- Pull Your Home off of the Market
For those who are hesitant to lower the price of the home, you can always pull the home off of the market.
This is a great time to revisit your reason for selling. Maybe you didn’t have a good reason to sell, so it’s time to stay in the home.
If you’re selling because of financial hardship, figure out how long you can stay in the home. The situation might be that you don’t have a lot of time. You’ll have to consider other options.
- Cash In on Equity
How much equity do you have in your home? You could get a home equity loan or refinance your home at a lower interest rate.
Your credit does have to be in good standing to get approved for either of these loans.
Be aware that you could end up in a worse financial situation than when you started. You should speak with a financial advisor before making this decision.
- Rent Your Home
You probably weren’t planning on becoming a landlord, but you do have the option to rent if your home won’t sell.
There are more responsibilities as a landlord. You have to repair the property, find quality tenants, and make sure that they pay rent on time.
You might be able to find people who want a rent-to-own situation. They can rent the home for a certain amount of time with the option to purchase.
It’s possible to find someone to live in the spare bedroom, which helps you generate rental income. That can be enough to give you financial breathing room.
- Improve the Presentation
Homeowners tend to rush the listing process because they want to sell their homes fast. This isn’t a bad thing, but it can be if you didn’t work on the presentation of the home.
You might have taken pictures yourself. You didn’t think about the lighting and you appear in the reflection of images. This gives a negative impression to buyers who search online.
A cluttered yard and interior give buyers reasons to skip your home as well.
Look at the curb appeal of the home, the images, and the description of the property. You need to make all of them appealing to generate interest.
Take professional photos, clean up the exterior and interior of the property. Relist it with a description that emphasizes what buyers love.
- Sell for Cash
Do you need to know how to sell your house quickly? You may have been tempted to call one of those companies with signs that say, “we buy ugly houses.”
There are plenty of legitimate companies that buy your property for cash. They assess the property, make an offer, and the deal closes in a matter of days.
They buy the home as-is, so the home won’t get hung up because you’re negotiating repairs. This is a viable solution if the home needs work, you’re in financial trouble, or have a major change in your life.
- Stay Calm and Collected
If there’s anything that’s true in the world of real estate, it’s that you should expect challenges. The most important thing for your to do is to stay calm and collected.
If you panic, you’ll make decisions because you’re scared. You’ll end up making the wrong decision, which makes the situation worse.
Take a step back, gather your thoughts, and decide what your next step will be. You just learned what to do if your house won’t sell. You have options, and you can talk to people and experts you trust to get guidance.
My House Won’t Sell!
There’s no need to panic. There are times when a home doesn’t sell. You might need to adjust your listing or lower the price. You can sell the house for cash and close the deal within days.
You have plenty of options if you’re thinking, “My house won’t sell. What do I do now?”
Clear your mind, get some help, and decide what’s next. You have several options available.
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