There are lots of people out there who believe that selling their home will be easy. After all, all they need to do is get in touch with an estate agent who can put it on the market for them. Then they just need to wait for the viewings and for someone to make an offer. But is it really as simple as that? Well, unfortunately, it can actually be a very drawn out process. And, in some cases, some properties sit on the market for months, even years at a time, without receiving a single offer.
Disclosure: As an Amazon Associate I earn from qualifying purchases. This post may contain affiliate links, which means we earn a commission when you purchase through these links.
If you don’t receive any offers within a few weeks, there are certain things that can be done to try and change this. For instance, you might just need to decorate a couple of the rooms to improve the overall look and feel of the property. Once you have modernized your home by doing this, you should find that it attracts a lot more viewers and you start to get some offers on the table. However, this isn't always guaranteed to work. You might find that even after a few updates, there’s still something preventing your property from selling.
When a home won’t sell, it can be very frustrating. The longer it takes, the more desperate you will be for it to sell and this could have a largely negative impact on your mental health. So, are you currently doing all that you can to shift your property but nothing is working? Here are some ideas of things that you can do if nothing seems to help you sell your home.
Take It Off The Market For A Bit
This may sound more like taking a step backwards, but maybe you should take it off the market for a bit? There are a few reasons for this. Firstly, it might not be the best time for you to sell right now. The property market has its quiet periods, and these are times of the year when there are hardly any house hunters looking around for new properties. For instance, winter can be a very quiet time as no one really wants to brave the terrible weather just to view some homes. This is especially the case over the Christmas period as everyone will be way too busy with the holidays. Another reason why it could be worth taking a property off the market for a while is that people might not be willing to view a home that is still for sale after a few months. They might wonder why it hasn’t sold already and could think that there is something wrong with it. Lots of potential buyers will only view a home that is fresh on the market, so it could be worth bringing it back onto the market in a month’s time.
Rent It Out
If you have tried hard for a couple of years to sell your home, you might think that there is no way you are ever going to sell it. Don’t worry, though; that doesn’t mean that you can’t make any money out of it. After all, you can always rent it out to some tenants. At least this will provide you with a monthly income from the rent, which you could put towards the mortgage on the new property that you move into. Even if you don’t need any extra cash right now, all of that rent can help boost your savings a little. Even if you don’t want to move out of the property until you sell it, there is still a way to make some money from it by renting. You could simply look for some short-term renters, like on sites such as airbnb.com. This could be a great idea if you live in a tourist hot spot as there will be lots of travelers looking for accommodation in your area. All you need to do is sort out your spare bedroom so that it is suitable to rent out. Make a profile on Airbnb and then wait for people to book your room!
Look For Alternative Buyers
If you don’t have much luck on the usual property market, you might want to take your home elsewhere and sell it to an alternative buyer. There are lots of online companies, just like wrenrealtyinc.com who will buy any property. They won’t even need to come and look round it first. Without asking many questions, they will buy the majority of properties that they are offered. This is a great option for those of you who are really struggling to sell your home. You should find that going to one of these modern buyers really speeds up the process, and your home will be sold a lot faster than if you just left it on the traditional property market.
Consider Offering A Lease Purchase Option
Of course, you don’t have to find someone to buy your home outright from you straight away. There is another option which might attract a few more potential buyers to your property – you could offer it for a lease purchase. This is when someone will lease it off you and pay you a monthly rent, and they can then pay the remainder of the value at a later date. Once they have done that, the ownership of the house will pass over to them. This is often better for those buyers who might not be able to afford your home at its current value. Taking a lease option gives them the chance to pay off some of the home’s value over the course of a few months. That way, the final price they will need to pay will end up a lot lower than the original value. Not only that, though, but this option is often favored by those who struggle to get financing like mortgages and bridging loans. You might prefer this option to finding some regular tenants too, as lease tenants often pay higher rent. Plus, as they have a stake in the property and may eventually buy it, they will be much more likely to take good care of the property.
Drop The Price
If none of the above work for you or you would rather try something else, you could always see how things go if you drop the asking price of your property. Sure, it means that you won’t get quite as much as you had originally expected, but at least you should find that it helps to sell your home a lot quicker. If you aren’t too sure how much you should drop the price by, it’s worth speaking to your estate agent about it. You might even like the idea of getting a couple of other agents to view your home and give you some estimations for it. They should each give you advice about how much you should ask for it if you want to ensure a very fast sale. Generally speaking, it’s often best to price it slightly under the market average so that buyers know that they are getting a bargain.
Take It To Auction
Have you thought about taking the house to auction? Some people find that their hard-to-sell properties sell a lot quicker using this method of selling. If you are unsure about how to take your home to auction, it is worth discussing it with your estate agent. Most agencies will be able to organize the whole auction for you. There are two types of auction to consider. The traditional process is the most common one, and it is when people go to an auction room to bid for your home. The other less-used method is the modern auction. This is when potential buyers have a thirty day period in which to put in a bid. At the end of those thirty days, the highest bidder can move forward and purchase the home.
Keep On Improving The Property
It might be worth carrying on working on your home. I’m sure that there are plenty of updates and maintenance that you can do. For instance, you might be able to improve the property’s curb appealwhich will help to make it a lot more aesthetically pleasing from the outside. If a property’s exteriors don’t look too great, there isn't much chance that buyers will want to book an appointment to view the interiors! It’s also a good idea to renovate your kitchen and bathroom if they are slightly dated. These are the two rooms that viewers will be most bothered about, and ensuring that they are all up to date will really help persuade potential buyers to put in an offer.
Offset Any Defects
If there are any major defects to a property, there should always be a way to offset them. For example, if your home is underneath a flight path, you should install sound-proof windows so that buyers know not to worry about excessive noise pollution. There are always ways to offset major defects!
Fingers crossed your home sells soon!