If you’ve found yourself saying, “I can’t sell my house on the Oregon Coast,” this article is for you. If you’ve been trying to sell your house in Reedsport or anywhere along the Oregon Coast 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.
The Oregon Coast housing market has been extremely strong lately, and everyone assumes they can sell their house for more than they paid for it. But one problem that comes with a strong market is a lot of competition among sellers. There’s only so many buyers out there, and they’re going to look at the best houses first. If your home has some sort of structural or location problem, you may have to reduce your asking price.
What are my options if I can’t sell my house on the Oregon Coast?
Here are five other things you can try when you can’t sell your house on the Oregon Coast:
1) Take It Off the Market
We already know the Coronavirus pandemic has wreaked havoc on the economy, but we don’t know yet how bad the affect on housing market will be. Buyers are being much more selective because they don’t want to buy at the peak of the market. If your house isn’t attracting the attention you thought it would, it might be time to take it off the market for a few months.
2) Take Out a Second Mortgage
If you have built a lot of equity in your home, and you can’t get it out by selling, you may want to take out a home equity loan — if you can afford to pay the higher monthly payment, that is. The loan can be used to fund other things, including buying a new home or 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. Being a landlord isn’t for everyone, but it also doesn’t need to be a permanent situation. If you don’t want to collect rent and take late-night phone calls from tenants who have a broken toilet, you can hire a property manager. And if you decide being a landlord isn’t for you, you can still sell the house when the market is more favorable.
4) Consider a Short Sale
Fortunately, very few people these days find themselves upside down in their mortgage. But it is possible if you recently refinanced, or if your house has developed maintenance problems that you haven’t been able to fix.
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.
One problem with a short sale is the bank can take forever to approve it. And most traditional buyers who are looking for a place to live aren’t going to wait around for the bank. To successfully complete a short sale, you’ll need to have a buyer on board who is patient enough to wait for the bank. Fortunately, we can be patient (when we need to be!). Give us a call today at 503-383-1686 for a no-hassle offer on your house. We can close on your schedule, or the bank’s schedule.
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
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 find qualified buyers because you can collect rent (to help cover the mortgage) plus a lease option fee from a tenant (to help with a down payment on your next house) 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 might be able to 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 on the Oregon Coast!
If you are interested in learning more your options for selling your home on the Oregon Coast, call or text us at 503-383-1686 or fill out the form on this page to get more information sent to you right away.