It can be quite frustrating for a homeowner with a home on the market for an extended period that cannot find the right buyer. Because a lot goes into listing a house and many plans depend on the sale going through, there is an added pressure to get the process over with quickly.
Luckily, there are some things you can do if your home is staying too long on the market to make it more attractive to buyers. Below are some popular alternatives to take when confronted with issues like this:
1. Sell at a later date
While it might be possible to sell a home virtually in any market, it is as well possible that there are other beneficial periods to try to sell your home. For example, trying to sell a house in the winter isn't ideal as the weather makes it difficult for buyers to come to view the house.
2. Rent it out
If you have issues paying your mortgage, you should consider renting out your home. The rent sometimes may be above your mortgage depending on what you offer. Either way, it pays most of your mortgage and lets you manage your finances better.
3. Try a second mortgage
If you are selling your home because you need money, another option could be to take a second mortgage which will free up some of your home equity as cash for you to use for immediate financial needs. You may also seek a home equity line of credit which helps you to access available funds.
4. Lower your selling price
Reducing your selling price can be your last option when your home has been on the market for several months. A drop in selling price would make your home attractive to buyers who are looking to buy a bargain. The reduced asking price will also make it easier for your buyers to get a mortgage.
5. Change your real estate agent
Sometimes the market isn't the problem, but your real estate agent is. In cases where your agent is not experienced enough or distracted from the sale, you may consider switching to someone else to list the home when your contract ends. Find someone that has a marketing flair and can organize regular open houses for your property. This will help to put your home back to the forefront of the real estate market and increase your chances of selling it.
Bear in mind that timing is essential for real estate sales and while you may experience some delay, you can still help the process. Seek the advice of a property expert in re-marketing your home.
About the Author
Debbie Caldwell
When you first meet Debbie Harris-Caldwell, you are immediately drawn to her charming Welsh accent and the twinkle in her eye. The well-traveled transplant from Wales is quick to set you at ease and time spent with her promises to be time well spent.
Debbie has been a real estate agent for 40 years and takes great pride in her customer service skills. "I make myself available to my customers when they need me, whether it's on a Sunday Evening or after their long day at work. I make my schedule fit theirs. I also keep my customers updated on everything happening with their listings or purchase, I am their conduit for information." She has built a business following her key principles of clear communication, attention to detail, client advocacy, and comprehensive knowledge of the area. Debbie comes to every new transaction with positive energy, determination, a strong understanding of the currents driving the market, and the expertise that comes from a lifetime of experience. She knows the importance of marketing and whether a home is for sale for $200,000 or for $2 million, she always has professional photography done and creates a listing presentation that best shows off her customer's home.