I Can’t Sell My House In Connecticut CT… Help!
If you’ve found yourself saying, “I can’t sell my house in Connecticut CT,” and you are not sure what you should do, this article is for you.
Maybe you’ve been trying to sell your Connecticut house for a while now and haven’t received any offers, don’t panic! You still have a few options at your disposal to help you sell your house for a fair 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 locational problem, you may have to reduce your asking price. Fortunately, there are many things that you can do if your home is not selling. First and foremost, you should consider the reasons why your home is not selling. Once you have a better understanding of any problems, you can begin to take steps that will help you move forward.
What To Do If Your House Isn’t Selling
It can be really difficult when you can’t sell your house and you feel like you are stuck and out of options. Here are five other things you can try when you can’t sell your house in Connecticut:
1) Take It Off the Market
The first thing to consider when figuring out what to do when your home is not selling, is look at the Connecticut market. You may be trying to sell your home at a bad time, such was when there are a lot of other houses just like yours on the market, during the winter months, or during the holidays.
It is also important to consider the climate we live in now, and the way the pandemic has affected the current economy and housing market. Issues with interest rates and demand are going to exacerbate issues in the housing market. An option if you cannot sell your house, is to review the market and see if you are trying to sell at a bad time.
If this is the case, you might be best served by taking your home off the market for a few months – if you can afford to keep paying the mortgage – and wait until market conditions improve.
2) Take Out a Second Mortgage
If you are unsure on what to do when your house won’t sell, you may consider looking at your mortgage options. 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 can’t sell your home and don’t want to hold two mortgages (your old home and your new home) one option may be to rent out your home at or near the price of your monthly mortgage payment. That allows you to apply the rent to your mortgage without having to incur any additional expense – other than upkeep, maintenance and repairs. This is a popular option for homeowners when they need help when their house won’t sell.
4) Consider a Short Sale
“I can’t sell my house in Connecticut 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 it looks like the other option is foreclosure, your lender probably will accept a short sale. To do this, you’ll need to have a buyer on board who can close quickly. The option of a short sale is a great one for those who can’t sell their homes. The best kind of buyers who can close quickly are property investors, also known as cash buyers. They will enable you to sell your house for cash, under a very short time frame. Keep in mind, however, that short sales can affect your credit. Redeeming a pre-foreclosure on your credit history might disqualify you from getting another mortgage, at least for a little while. It is therefore important that you consider all options when your house isn’t selling, so you can choose the most appropriate one for your circumstances.
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 sell your house or 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 – if they don’t end up exercising their option to buy your home – you can keep it as income.
I Can’t Sell My House in Connecticut Connecticut!
There are many options and sources of help if your home is not selling. If you are interested in learning more your options for selling your home in Connecticut CT, call us at (860) 249-0950 or fill out the form on this page to get more information sent to you right away.