Who knew that selling your house would be this complicated? You took care of the necessary repairs, made a few updates, advertised aggressively, hosted an open house, and priced your home competitively, but you still haven’t received any decent offers. It’s a frustrating and expensive process, especially if you had plans for the cash after closing. Although it seems like all hope is lost, there are ways to increase your chances of selling your home. Continue reading to learn more.
Hire A Real Estate Agent
If you tried to sell your home yourself and forego the 5-6% realtor commission, it might be time to reconsider. While the desire is to maximize profits, sometimes the for-sale by owner process is more expensive. Real estate agents are experts in selling properties despite the conditions. They will work hard and tap into their many resources to get you the best offers.
Working with a real estate agent streamlines the home-selling process, protects your interests, expands your property’s exposure, and substantially increases the chances of closing faster. If you’re concerned about having thousands of dollars to cover commissions, you’ll be pleased to know the proceeds from your sale cover the real estate agent’s commission.
Home Renovations With High ROI
Chances are you took care of some basic home improvements to boost the appeal and value of your home. However, investing in renovations with a higher return could give you a leg up if you’re having trouble selling your property. These updates will not only draw the attention of new audiences, but they will increase your property value and asking price.
While you might assume that means a modernized kitchen or bathroom, there are other improvements that cost less and have a higher return on investment. Some suggestions include refinishing your hardwood floors (147% ROI), new wood floors (118% ROI), or upgrading the insulation (100% ROI).
Offer To Cover The Buyer’s Closing Costs
Another way to draw larger audiences to your property is to offer to cover a portion of their closing costs. While the amount you can pay will vary by location and mortgage type, any contribution saves the buyer money. You’d be surprised how many people would appreciate having $2,500 – $5,000 taken off their shoulders. Ultimately, they could use the additional funds to cover moving costs and renovations or set them aside as a nest egg.
Consider Rent-To-Own Options
Inflation has caused the cost of living to rise, making it difficult for most people to afford to become homeowners. Rent-to-own opportunities enable hopeful buyers to reside in the property as tenants for a few years with the option to purchase the property in the future. For sellers, you can reduce out-of-pocket expenses by using the rent payments to cover the mortgage and other financial obligations. Your real estate agent can help you determine terms and rates for your rent-to-own contract.
Sale Leaseback Companies
Not every seller wants to give up their property; however, their financial need causes them to believe it’s their only option. For instance, maybe you fell behind on your mortgage payments during the pandemic and have been struggling to recover ever since. The mortgage company may demand you get caught up or risk foreclosure. Rather than potentially losing your home, sale leaseback companies can assist.
A sale leaseback company offers homeowners the chance to sell their home, stay as tenants, and repurchase the property at the end of the term (2-5 years). This process may allow you to improve your financial situation without losing the home you worked so hard to build. The sales leaseback company provides you with an estimate and a notice of intent. After 2-4 weeks, you sign a purchase agreement, close, and begin your lease.
Selling your home yourself is possible but only sometimes ideal. Although it reduces the cost of real estate commissions, it leaves various tedious tasks on your shoulders. Unfortunately, some properties sit on the market for months without a significant offer, costing owners thousands of dollars. Luckily, there are options like hiring a real estate agent, renovations with high ROI, seller closing assistance, rent-to-own, and sale leaseback programs to increase your odds of selling your property.