I’m Stuck with a House I Can’t Sell. What to Do?
Jul 29, 2020 | Ed Vasterra
If the housing market isn’t working in your favor, you might find yourself sitting on a home with a for-sale sign in the front yard you can’t move. If you’re stuck with a house you can’t sell, here are a few ideas you might consider to help you change your luck and sell your home.
Wait for Selling Market to Improve
The phase of the economy can greatly affect the housing market’s fluctuating demand.
If we’re in a recession, home sale prices tend to decrease. This happens because more homes are going up for sale, so the market is flooded with more options for prospective buyers. Buyers have the chance to be more selective with their choices and funds. To sell your home when the market is cold, you’ll likely need to price your home to compete with the others on the market, or else wait for the situation to change.
Lower the Asking Price
If your home has been for sale for a while, but no serious offers are being made, you might consider lowering your asking price. Particularly if the housing market is cooling off, buyers may be overlooking your home in favor of those with a lesser price tag. Pricing your home competitively can show buyers you’re motivated to sell and puts you at a more level playing field with other homes for sale near you. If a buyer was on the fence about making an offer on your home, a price drop could encourage them to give your house another chance.
Lease Your Home
Alternatively, you could consider leasing your home for some additional income. Either rent out a room or vacate your home and lease it to a family. While this can provide a solid monthly income, managing a rental property requires some work. You will be required to upkeep the property for your renters and be available to attend to any of their needs regarding the home. Despite the extra work, if your home is in good condition and located in a desirable neighborhood, leasing could be a viable option, especially if you’re stuck with a house you can’t sell.
Make Improvements to Your Home
If you’ve found yourself stuck with a house you can’t sell, you might be brainstorming ways to make it more appealing to buyers. Apart from making necessary repairs to your home, you could consider making small changes and updates to your property that buyers will appreciate. This could include something as simple like painting the interior a neutral color or choosing new light fixtures, or could be something bigger like replacing the roof that was starting to show its age or updating the kitchen with modern appliances. If you’re willing to invest more money and energy into your home, it could help you draw in a new offer.
Stage and Market Your Home for Sale
A great way to show off your home to a wide audience is to stage and market it online. You could hire a professional staging service and photographer, or do the work yourself. To stage your home, use minimal and simple furnishings to add dimension to each room. Be careful not to over-decorate, and remove any personal items like family photos, mementos, or toys. The goal of staging is to help potential buyers see themselves in your home and imagine their lives there. Leaving items that say too much about your personal life can make them feel like they’re invading your privacy and be off-putting for a sale.
With your home staged, you can list it on the popular home sale sites like Zillow, Trulia, Realtor.com and even Craigslist. Good quality photos and staging will be easy for people to share with others, and bring in more interested people to see your home.
Sell As-Is for Cash
If you feel like you’ve tried everything and are stuck with a house you can’t sell, there’s a better way to sell your home, and to sell it quickly. Selling your home as-is is a great way to earn a fair price for your home without having to be at the mercy of a fluctuating housing market, make costly repairs and updates, or wait around for a buyer to find you. When you sell as-is, a real estate investor will go through your home with you and then make you a fair offer for the value of your home. No repairs, no realtors, and no waiting required. In as few as five days, you can sell your home and be onto the next chapter in your life.
Stuck with a house you can’t sell? Hometown Development can help. We make cash offers for homes at a fair market rate and can close in as few as five days. If you’re ready to move on, we’re ready to help. Give us a call at 616-379-3090 or reach out to us online.