If you’ve found yourself saying, “I can’t sell my house in Tucson AZ,” this article is for you.
If you’ve been attempting to sell your home in Tucson for an extended period without any offers, don’t despair! There are still several options available to facilitate a fair sale.
You might have already explored the initial option, perhaps even more than once: adjusting the asking price.
While the desire is to sell your house at a profit, external factors such as low housing prices in the area, economic downturns, or issues related to the structure or location of your home could necessitate a reduction in the asking price. If you find yourself thinking, “I can’t sell my house,” consider reassessing the pricing strategy as one of the potential steps to attract more interest and potential buyers.
What are my options if I can’t sell my house in Tucson?
Here are five other things you can try when you can’t sell your house in Tucson:
1) Take It Off the Market
Selling your home during certain unfavorable times, such as when numerous similar houses are on the market, during the winter, or amid the holiday season, can present challenges. In such situations, it might be in your best interest to consider temporarily removing your home from the market, especially if you can afford to continue covering the mortgage. Waiting for more favorable market conditions could potentially improve your chances of a successful sale.
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 can’t sell your home and don’t want to hold two mortgages (your old home and your new home). Renting out your home at a rate close to your monthly mortgage payment can be a viable option. This approach allows you to use the rental income to cover your mortgage without incurring additional expenses, apart from the typical costs associated with upkeep, maintenance, and repairs. This strategy may provide a way to ease financial burdens while maintaining ownership of your property. However, it’s important to consider the responsibilities and potential challenges associated with being a landlord.
4) Consider a Short Sale
If you find yourself in a situation where you owe more on your home than its current market value, known as being upside down, negotiating with your lender might be a viable option. In certain cases, you can work with your lender to reach an agreement where they accept an amount less than what you owe on your mortgage. This process, known as a short sale, can be an alternative to foreclosure, providing a way to settle the debt and avoid the more severe impact on your credit associated with foreclosure.
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 (480) 389-6484 for a no-hassle offer on your house.
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.
5) Offer a “Lease to Own” Option
Another option if you can’t sell your home. A lease-to-own option involves renting your house to someone with the potential for them to purchase the home at or before the lease concludes. This can be a beneficial alternative if you’re having difficulty finding qualified buyers. With this arrangement, you can collect both rent and a lease option fee from the tenant. This provides them with the opportunity to save for a down payment and improve their credit during the lease period, making it more feasible for them to secure a mortgage and buy your home in the future.
I Can’t Sell My House in Tucson AZ!
If after these options you remain thinking ” I can’t sell my house” and you are interested in learning more your options for selling your home in Tucson AZ, call us at (480) 389-6484 or fill out the form on this page to get more information sent to you right away.