It’s the scenario that no one wants to think about: you’ve put your house on the market, and for one reason or another, it just isn’t selling. Maybe you’re not getting the offers you want, or maybe your home is just sitting there month after month with no bites.
Don’t worry – you’re not alone. In fact, according to the National Association of Realtors, there are currently 1.5 million houses on the market that have been on the market for more than six months.
So what do you do when your house just won’t sell?
Keep reading for some top tips from the pros.
Table of Contents
1. Lower your asking price
When you’re trying to sell your house, it can be frustrating if you don’t receive any offers. You may start to wonder what you’re doing wrong.
One possibility is that you’re simply asking too much for your home. In a buyer’s market, it’s important to be realistic about your asking price. Otherwise, you could end up sitting on your property for months or even years.
If you’re not sure what price point is appropriate, consult with a real estate agent who specializes in your area. They will be able to give you an idea of what similar properties are selling for and help you formulate a competitive offer.
With the right price, you should be able to find a buyer in no time.
2. Wait for a better market
If your house won’t sell, it may be tempting to lower your asking price to attract buyers. However, this isn’t always the best course of action. In some cases, it may be better to wait for the market to improve before putting your home up for sale.
The real estate market is constantly changing, and what may be a buyer’s market today could be a seller’s market tomorrow. By waiting for the right time to sell, you could end up getting a much higher price for your home than if you had sold it during a down market.
Of course, there’s no guarantee that the market will rebound, but if you’re patient, it could pay off in the end.
3. Consider refinancing
Another option if your house won’t sell is to refinance your mortgage. Refinancing can help you to get a lower interest rate and make your monthly payments more affordable if you’re trying to sell due to financial troubles.
Another option is to take out a home equity line of credit, which can provide the funds you need to make necessary repairs or updates. Whatever route you decide to take, remember to speak with a financial advisor or real estate agent to see what your best options are.
4. Rent your home out
There are several benefits to renting out your home. For one thing, you’ll be able to generate income from your property without having to go through the hassle and expense of selling it.
Additionally, renting out your house can help to offset your mortgage payments, property taxes, and other ownership costs. And if you eventually do decide to sell, a tenant-occupied property is often more attractive to buyers than an empty one.
So if you’re struggling to find a buyer for your home, consider giving renting a try. It just might be the best solution for you.
5. Try another real estate agent
It’s possible that your current agent simply isn’t doing a great job. Maybe they’re not marketing your house effectively, or they’re not negotiating well on your behalf.
Whatever the reason, it may be time to make a change. Finding a new real estate agent is easier said than done, of course. You’ll want to interview a few different candidates to find someone you’re confident in.
Once you’ve found the right person, though, it could make all the difference in finally selling your house. So if your house has been sitting on the market for months with no buyers in sight, don’t give up just yet.
Try finding a new real estate agent and see if they can help you finally sell your home.
6. Sell to a real estate investor
If you’re finding that buyers are low on offers or not interested in your property, selling as-is to a cash investor may be the best option. This type of sale means that the buyer purchases the property in its current condition without repairs being made.
While you may not get top dollar for your home, you will be able to sell more quickly and without having to make any substantial investments. In addition, a real estate investor may be willing to close on the sale faster than a traditional buyer, which can be helpful if you’re eager to move on.
7. Make some upgrades
So your home has been on the market for a while with no bites. You’ve lowered the price, staged it perfectly, and even staged an open house… but still no offers.
Maybe it’s time to consider making some upgrades to your home. Before you write this off as an expensive endeavor, keep in mind that even small updates can have a big impact when it comes to selling your home.
For example, replacing hardware on doors and cabinets, fresh paint in neutral colors, and new carpet or flooring can all help your home to look its best. In addition, updating your kitchen and bathrooms can be a great way to attract buyers.
Even if you don’t have a ton of money to invest, there are plenty of ways to give your home a fresh new look.
8. Improve your listing
One of the first things you can do in your listing is to reassess your photos. Make sure they’re high quality and show your house in its best light.
You might also want to consider hiring a professional photographer. In addition, take a close look at your description.
Does it accurately reflect the features of your home?
Is it written in an engaging, persuasive way?
If not, it might be time to revise it.
9. Consider a short sale
If your house is on the market and not selling, it can be frustrating and emotionally draining. You may feel like you’ve tried everything, but sometimes the only way to move on is to cut your losses and move on.
A short sale is when you sell your house for less than what you owe on the mortgage. It’s not an ideal situation, but it’s often better than going into foreclosure. The process can be complicated and time-consuming, but if you’re patient and work with a real estate agent who knows the ins and outs of short sales, you can make it happen.
While it’s not what you originally wanted, a short sale can help you move on from your current home and start fresh elsewhere.
If your house isn’t selling, it can be a frustrating and stressful experience. But don’t give up just yet! There are plenty of things you can do to increase your chances of finding a buyer.
From making upgrades to improving your listing, there are many ways to make your home more appealing to buyers. So if you’re feeling stuck, take some time to explore your options and see what might work best for you.
With a little effort, you may finally be able to sell your home and move on with your life.
Ronaldo Stewart is a seasoned real estate professional with three years of experience in helping people sell their homes and has established himself as a trusted and knowledgeable resource in the real estate community.