If you’ve found yourself saying, “I can’t sell my house in Raleigh NC,” this article is for you. If you’ve been trying to sell your house for a while and haven’t gotten any offers, don’t get discouraged! You still have a few options to help you sell your house for a reasonable price.
You’ve probably already tried the first one at least once: Lowering the asking price.
Everybody wants to sell their house for more than they paid for it, but if housing prices in your area are low, the economy’s not doing well, or your home has some sort of structural or location issue, you may need to reduce your asking price.
What are my options if I can’t sell my house in Raleigh?
Here are five other things you can try when you can’t sell your house in Raleigh:
1) Take It Off the Market
You may be trying to sell your home at an inconvenient time, such as when there are many other houses similar to yours on the market, during the winter months, or during the holidays.
If this is the case, you might be best served by taking your home off the market for a few months – assuming you can afford to keep paying the mortgage – and wait until market conditions improve.
2) Take Out a Second Mortgage
If you have built a lot of equity in your home, you may want to take out a home equity loan — if you can afford to pay the higher monthly payment, that is. If not, you may be able to renegotiate a loan modification plan with your lender or convert your adjustable rate mortgage into a fixed-rate mortgage that has a lower interest rate. The loan can be used to fund other things, including real estate investments.
3) Rent Out Your Home
If you are unable to sell your home and do not want to carry two mortgages (one for your old home and one for your new home), one option may be to rent it out at or near the price of your monthly mortgage payment. That enables you to apply the rent to your mortgage without incurring any additional costs – other than upkeep, maintenance and repairs.
4) Consider a Short Sale
“I can’t sell my house in Raleigh because I owe too much!” This can happen if you purchased your home within the past few years and currently owe more than the home is worth (called being upside down).
In some instances, you can negotiate with your lender to accept less than what you owe on your mortgage. If foreclosure appears to be the only option, your lender is likely to accept a short sale.
To do this, you’ll need to have a buyer on board who can close quickly. Fortunately, we can! Give us a call today at 984-689-9785 for a no-hassle offer on your house.
However, keep in mind that short sales can have an impact on your credit. Redeeming a pre-foreclosure on your credit history might disqualify you from getting another mortgage, at least for a little while.
5) Offer a “Lease to Own” Option
A lease to own option is when you rent your house to somebody with the option to purchase your home at or before the lease expires. This is a good option if you can’t find qualified buyers because you can collect rent plus a lease option fee from a tenant while giving them time to save up for a down payment and establish their credit so they can get a mortgage to buy your home down the line.
You also can add a lease premium to their monthly rent that can either be applied to the down payment later or kept as income if they don’t exercise their option to buy your home.
If you are interested in learning more your options for selling your home in Raleigh NC, call us at 984-689-9785 or fill out the form on this page to get more information sent to you right away.