If you find yourself in the frustrating position of thinking, “I can’t sell my house in Lehigh Valley PA,” you’re not alone, and this article is here to guide you. Perhaps you’ve been trying to sell your property in Lehigh Valley for an extended period without receiving any offers. Don’t worry! There are still several viable options available to you that can assist you in selling your house at a fair price.
You’ve likely already considered the first approach: lowering the asking price.
While everyone hopes to sell their home for more than what they originally paid, various factors might compel you to reconsider your price point. If housing prices in your area have dropped, if the economy is struggling, or if your home presents certain structural or locational challenges, adjusting your asking price may become necessary.
What are my options if I can’t sell my house in Lehigh Valley?
Here are five additional strategies you can consider if you’re unable to sell your house in Lehigh Valley:
1) Take It Off the Market
It’s possible that you’re attempting to sell your home during an unfavorable time, such as when numerous similar properties are available, during the winter season, or around the holidays. If this is the case, it might be prudent to temporarily remove your home from the market for a few months—provided you can manage the ongoing mortgage payments—and wait for market conditions to improve.
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
If you’ve built a significant amount of equity in your home, you might consider taking out a home equity loan, as long as you can comfortably handle the higher monthly payments. Alternatively, it may be feasible to renegotiate a loan modification plan with your lender or convert your adjustable-rate mortgage into a fixed-rate mortgage with a lower interest rate. The funds from this loan can be utilized for various purposes, including pursuing real estate investments.
3) Rent Out Your Home
If selling your home isn’t feasible and you wish to avoid the financial burden of maintaining two mortgages—one on your old home and one on your new one—renting out your property may be a suitable option. You could rent your home for an amount that aligns closely with your monthly mortgage payment, allowing you to apply the rental income toward your mortgage without incurring additional expenses, aside from routine upkeep, maintenance, and repairs.
4) Consider a Short Sale
If you find yourself thinking, “I can’t sell my house in Lehigh Valley because I owe too much!” you are not alone. This situation can arise if you purchased your home within the past few years and currently owe more than its market value, commonly referred to as being upside down on your mortgage.
In certain cases, you may be able to negotiate with your lender to accept a sale price that is lower than your outstanding mortgage balance. If foreclosure seems to be your only alternative, your lender is likely to consider a short sale as a viable option.
To proceed with this route, you will need to have a buyer ready to close quickly. Thankfully, we can help! Reach out to us today at (484) 549-0019 for a no-hassle offer on your house.
However, it’s important to note that engaging in a short sale can have repercussions for your credit score. This could potentially impact your ability to secure another mortgage in the near future.
5) Offer a “Lease to Own” Option
Another option is to provide a lease-to-own arrangement. This approach allows you to rent your home to a tenant with the option to purchase it at a predetermined price at or before the lease concludes. This option can be particularly beneficial if you are struggling to find qualified buyers. You can collect rent along with a lease option fee from your tenant, giving them the necessary time to save for a down payment and improve their creditworthiness, thus increasing their chances of obtaining a mortgage to buy your home in the future.
You can also incorporate a lease premium into their monthly rent. This premium can either be credited toward the down payment later or, if they choose not to exercise their option to purchase your home, it can serve as additional income for you.
I Can’t Sell My House in Lehigh Valley PA!
If you are interested in learning more your options for selling your home in Lehigh Valley PA, call us at (484) 549-0019 or fill out the form on this page to get more information sent to you right away.