Selling your house is risky. You can live in the best house, in the best neighborhood, in the best city, but for whatever reason--whether it’s the market or otherwise--your house still might not sell.
You have a lot on the line. You might have a new job in a new location that starts very soon. You might have a family to feed. You want to minimize the amount of time you have to pay two mortgages. If your house doesn’t sell, you’ll have to come up with a solution. Fast.
The good news is, even if your house is not selling as quickly as you expected, you can still find ways to manage. Here are some tips on navigating through a relocation when your house isn’t selling:
Find a More Reasonable Price
We get it. This home is a huge investment. You’ve probably spent thousands of dollars on renovations to get those coveted returns. You’ve probably priced it some thousands of dollars higher than what you purchased it with to get some more cash. And this is smart, but it might not be practical for your present situation.
A common problem that sellers face is pricing their home at too high of a price. The sad reality is that you likely won’t get the amount you expect. And when you’ve got double mortgages hanging over your head, sometimes you have to kill your darlings and make sacrifices. This might mean getting some returns but not as much as you’d hoped. This might mean selling for less than what you purchased it for.
Work with your realtor on finding a price that is more fitting for your home’s type in the current housing market so you can be more effective at getting quality offers. You can work together and research what similar homes in your area have sold for. Listing prices, though, will be less helpful in revealing the price that will really get it to sell.
Play it Safe
Try waiting on buying the new house. You want to avoid paying two mortgages, if you can. Rent an apartment in your new location and get to know the area around you to really think about where you want to buy. If you have a family, maybe the working member rents in their new location while the rest of the family stays put until the house sells.
You may also have to get creative with finances. Asking for financial help from family or friends or taking money out of your retirement account may be, though undesirable, necessary for getting through this tough limbo period.
When in Doubt, Rent it Out
A good way to get through this difficult period is to become a landlord. There are pros and cons to this. You have to consider homeowner’s insurance, capital gains tax, finding tenants, setting the right rates, and more. But, you can also get tax benefits and other perks. For more details on these pros and cons, click here.
If you don’t plan to do this long-term, you can make your home a vacation rental on, say, Vrbo or Airbnb. This also has its own benefits.
Renting might be a good way to get you through the expenses while you’re between houses.
Try New Marketing Techniques
Is the home getting enough eyes on it? Talk with your agent on changing up your marketing strategy. Though you may already be trying social media, open houses, photography, virtual home tours, or email marketing, you may need to test out a combination of these, because one or two on their own won’t cut it.
Check out our blogs (Do You Need Social Media to Sell, The Importance of Digital Marketing,) for more information.
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