If you’ve found yourself saying, “Why can’t I sell my house in Dallas Texas,” this article is for you. Unfortunately, we are in a shifting market and it’s not looking like that will change anytime soon. All we can do is learn how to adjust to it while still accomplishing what we need to.
You’ve probably been trying to sell your Dallas house for a while now and haven’t received any offers, don’t panic just yet! There might still be some options available for you.
I’m going to assume you’ve already tried lowering the asking price so I’m going to skip past the obvious one. However, if you haven’t tried this you should! We’re now in a market where buyers have many available homes to choose from and can easily skip past yours. If you’re in a position where you can’t lower the price due to the debt on the property, then keep reading.
Everybody wants to sell their house for more than they paid for it (which is reasonable). But if housing prices in your area have dropped, the economy’s not doing well, or your home has some structural or locational problem, you may have to start considering selling for less or just hold onto the property for a little while longer to see what happens with the market.
What are my options if I can’t sell my house in Dallas?
Here are five things you can try when you can’t sell your house in Dallas:
1) Take It Off the Market
Just give me a minute on this one! I know you’re probably thinking I’m crazy for suggesting this when you came here for advice on selling your home, not taking it off the market. There are many external factors at play when it comes to selling your home and the biggest one is the season you’re trying to sell your home in.
Some seasons are better than others for buyers to start looking for homes to buy. Ideally, they prefer to purchase something in the spring and summer months. The worst time for them to buy is in the fall (because school just started) and of course, the winter months because those fall around the holidays.
This is just one example of external factors that could be affecting your home selling. Regardless, if your home has been on the market for several months, it’s starting to look like a stale listing to buyers. They’re now looking at your home and wondering what’s wrong with it. It could be beneficial to just take your home off the market, let the days on market (the number of days your listing is showing it’s been listed for) re-adjust, and then list again as a more “fresh” listing.
2) Take Out a Second Mortgage
Hopefully, you’ve built up a lot of equity in your home which could be why you’re looking to cash out by selling. If that’s the case, you may want to take out a home equity loan. Right now, beautiful homes that are priced right are selling. It’s the homes that are priced too high or are too outdated that are sitting on the market and not selling.
With this HELOC (home equity line of credit), it would make the most sense for you to use these funds to do some renovations to your home. For obvious reasons, start with the major items first (if there are any) because that will scare away all buyers. After that, work on making some upgrades that match the most popular search results on Pinterest.
Don’t pick the cheapest materials or go with the cheapest labor. You will get what you pay for and buyers will notice. If you’re going to be spending the money, might as well do it right the first time. Otherwise, you will end up spending the money on the renovations, buyers will be upset with the quality of work, and they will still walk away without making any offers on your home. The last thing you want to do is spend more money to end up exactly where you are right now.
3) Rent Out Your Home
Chances are, you’ve heard a lot of horror stories about tenants and rentals. The problem is that bad information seems to spread like wildfire. So before you completely discredit this option, give it a chance.
Keeping your home as a rental is a great way to gain another investment property to keep as a cash-flowing asset as well as another stream of retirement for yourself in the future. You just have to make sure you handle everything correctly when it comes to vetting and managing the tenant. I have good news for you though! You can hire a property management company to do this for you.
When it comes to hiring a property management company, a lot of people like to skip this part so they can save $100/month. This should also explain why there’s so much misinformation out there since people try to save the money, but then end up paying for it later on. Management companies are experts when it comes to screening/vetting tenants as well as the best ways to manage them. They are hired by you and are responsible for keeping your asset secure.
So if you feel this could be a potential option for you, I highly suggest you give it a shot. Your future self will thank you.
4) Consider a Short Sale
“Why can’t I sell my house in Dallas? Is it 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 (often referred to as 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. It’s also better for your credit if they do.
To do this, you’ll need to have a buyer on board who can close quickly. Fortunately, we can! Call us today at 214-761-3150 for a no-hassle offer on your house. Just let us know your situation, and we’ll tailor our offer to fit your needs as best as we can.
5) Offer a “Lease to Own” Option
A lease-to-own option is when you rent your house to somebody with the opportunity 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 payments plus a lease option fee (this is in addition to the normal rent) 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.
If you are in Texas, lease to own is a little tricky. I suggest consulting with an attorney before moving forward with it. You just want to make sure you have all of the correct paperwork and all T’s are crossed and I’s are dotted.
Overall, we have written many articles to help sellers in any situation. If you feel like you still need more guidance on “why can’t I sell my house” then read this other article we wrote that goes into more detail.
Why Can’t I Sell My House in Dallas Texas!
If you are interested in learning more about your options for selling your home in Dallas Texas, call us at 214-761-3150 or fill out the form on this page to get more information sent to you right away.