Your Options When Your Home Isn't Selling

When you are struggling to sell your home after you listed it for sale and believe you've done the best you can it can affect other parts of your life.

Homeowners ask some real estate agents why their home isn't selling. Typically, there's many home owners who share common reasons. Sometimes your circumstances requires a specific course of action.

The following are some of the better options you can consider doing when your home is getting little interest from buyers.  They may involve compromise. They may be less than ideal.

1. Put off selling now.
Even though, you believe your home is in a desirable location in California, a more favorable time to sell your home could be the answer. You may be selling in the middle of the holiday season, when buyers are not preparing to move, or your seller's market may have abruptly hit a decline.

For example, homes in Porter Ranch and nearby have a major natural disaster with a methane gas leak. Some homes in Florida have canals that bring in green algae from the overflowing Lake Okeechobee in .  Once more buyers are satisfied the area is no longer suffering from the natural threats it will be a better time to sell.  Not only will homes sell faster, they will fetch for more money for you.

It’s always smart to speak with a local real estate agent to find out what time of the year is best for homebuyer demand. Anytime should not be their answer.  A good agent knows their details about the neighborhood.

2. Struggling to Make the Payment; Rent It Out
If your financial situation is immediate due to mortgage payments, consider leasing your home to help your situation. Sometimes even renting out a room or two for six to nine months can strengthen your financial situation.  It may not pay the whole mortgage, but it gets you closer, your credit is saved, and you put yourself in a better position to buy your next home.

If you rent out your entire home decide if will you do it yourself or hire a property manager to manage it for you. Some of the nicest and qualified tenants on paper can also become headaches.  Establish house rules and terms of lease termination, including eviction clauses.

3. Sell your home as Rent to own.
Offer your home as a Rent to own or lease option. These are a great way to attract buyers who are not committed to becoming a buyer. Generally, they can rent your home at a price above the normal market rent with an option to buy the home at an agreed upon price.

4. Maybe the problem is your real estate agent
Sometimes the issue with your home not being under contract is because of your agent. Some real estate agents are simply better than others.  It could be attributed to a lack of experience, they're a part-time agent with other daily obligations, or the agent and seller are just not a good fit.

Unfortunately, some real estate agents put very little extra effort into marketing a home. All they do is put your home in the multiple listing service, place a sign in the yard and wait. You signed a contract for them to earn 2.5-5-percent of the sales price for only that?  You might as well pay a discount broker a 1% MLS listing fee to that and if you're a very good marketer, then you do those extra duties.

However, a good real estate agent may get you a sales price above asking and get your home sold seamlessly in 30-45 days.

5. If you are relocating for work, inquire about a guaranteed purchase program.
If your company needs you to relocate, a guaranteed purchase program may be available. Many major companies in Orange County which require employees to transfer hire relocation companies to handle home sales exclusively.

6. Think about a home equity loan for cash.
For homeowners who are selling due to financial challenges, sometimes getting a second mortgage is the way to go when cash is needed quickly.  Another financing option is to refinance your first loan with some cash back.  Be sure to discuss with a financial adviser that has no interest in the sale of your home before you make a final decision.

7. Sell Your Home Under Market Value
Slashing the price by a lot can be only option you have when everything else is not working. Nobody wishes to sell their home for less than its worth, but sometimes it is best way to get it off your hands and accomplish your goal.

The other ways to sell it due to financial issues are a short sale or letting it go to foreclosure which messes up your credit for years.

Tips for Selling Your Home on a Busy Street in Orange County

Even in a seller's market where prices seem to always be increasing there are concerns to selling a home. However, some concerns are truly more challenging than others.

 In Southern California, everyone knows the freeway commutes can test your level of patience whether there is traffic accident or just normal congestion. Some drivers avoid them altogether and use major streets and side streets.

Homes located on busy streets are the type of home that presents challenges and requires additional skills to sell at a good price. 

The following are some tips to sell your home in neighborhoods with lots of traffic. Most importantly of all, your home needs to be priced accordingly based on your location. Appraisers certainly value homes differently that back a major street or receive more normal amount of traffic. 

1. Have realistic expectations.
Many homeowners are thrilled when they find homes online that they believe matches theirs and begin to think they can ask for the same price. The sad fact is that, this type of research can be inaccurate — particularly if the other homes are on a quiet street and your home is on a busy street.

A realtor will have plenty of data available to figure out an accurate price of your home.  In general, homes on busy streets are likely to be priced 10% less than similar homes on a quiet street.

 2. Improve the landscaping
Like many of the upscale neighborhoods in L.A., there's a lot of tall privacy bushes in the front yard. Make the front of your home lush so the curb appeal just makes it very welcoming.

 

3. Add a barrier
Many of the new subdivisions in Orange County have their backyard or one side of the house backs busy streets like El Toro Road, Moulton & Alicia Parkway. You'll notice most have a stone wall, a wooden fence and/or shrubs to create not only for a sound barrier but also a visual barrier.

In addition, a fence or stone wall comes in very handy for those with children and/or pets as it keeps them more secure.  

4. Install noise-reducing windows.
If you have the funds available,  look into buying and installing noise reducing windows. You want to maximize your insulation against street noise. 

5. Hire a local experienced agent 
If you want to sell your home on a street with much more traffic than nearby streets,  a local agent who knows how to find buyers for a home like yours is a must.

Although areal estate agent needs to be paid a commission, which is subtracted from your profits, the agent is more likely to obtain a very favorable offer. 

While many test the waters of selling their home as a "for sale by owner" in a sellers market to save on commissions, they could still be losing!   In strong seller's markets such as Orange County,  bidding wars on homes are not unheard of. Lots of homes sell substantially more than the list price because of how competitive it is for buyers.

People are literally fighting over homes and will pay more. Instead of you dealing with all the headaches of time wasting unqualified home buyers, those that are undecided or want inspection upon inspection, your agent could have handled it and fetched you a higher price by maybe $10,000-$20,000 more.