After all the work of getting ready to sell your home, a stalled-out sale can be frustrating. And if you’ve already committed to moving, it can be devastating to your wallet. While it can be tough to know exactly why your home isn’t selling, there are options to ease the pain while you wait — beyond committing to renting it out.
Take your home off the market (for a bit).
It’s possible that one of the reasons your home isn’t selling is the timing of your sale. If you are selling during a period of excess inventory, buyers might be inundated with choices that are drowning out yours. Similarly, if you’re listing when buyers aren’t interested in moving, like winter, selling could prove difficult.
A quick discussion with your agent could help remedy this issue. Find out what the current inventory is and ask when the peak seasons are in your market. If you find that your timing is off, you might be better off if you un-list the home and try again at a more optimal time.
Call your employer.
Are you relocating for a job? This could help you out in a pinch because some employers offer what is known as a guaranteed buyout as part of their relocation packages. If you’re lucky enough to have this option, the employer will buy the home from you if you can’t find a buyer at a reasonable rate. In other instances, the new employer lets a relocation company manage the sale of your home. This golden ticket is getting less popular among employers, but it’s worth checking if you’re in a bind.
Cut the price.
Sure, in a dream scenario, you’ll set your price at market rate and get an offer above asking. However, sometimes, the house is just priced incorrectly. Lowering the price attracts attention, and that’s good news when your home is being overlooked. If you go this route, be strategic about how much you lower the price. Go over the market and your own financials carefully to see just how low you can go without losing money.
Consider finding a new agent.
A hard decision you might have to make is whether or not your agent is holding up their end of the bargain. It’s important to honestly review whether or not they are trying their hardest to market your home. If you haven’t heard from them in a while, aren’t hearing any new strategies despite the slow sale, it might be time to try someone new. Make sure your contract allows you to take on a different agent, and comply with the process it outlines for moving on.
Look into rent-to-own.
If buyers in the pool you’re marketing to aren’t biting, it might be time to target another audience: people looking to rent-to-own. While this process isn’t as clean and financially secure as selling outright, it can help you sell your home to a buyer who is looking for an alternative to buying with a mortgage. On the plus side, while you don’t get the full purchase price at the time of the sale, you will have a steady flow of income as the tenant-owner makes their payments.