If you’ve found yourself saying, “I can’t sell my house in New Orleans Louisiana,” this article is for you. Maybe you’ve been trying to sell your New Orleans 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.
What are my options if I can’t sell my house in New Orleans?
Here are five other things you can try when you can’t sell your house in New Orleans:
1) Take It Off the Market
When it comes to selling a home, timing can be everything. There are certain times of the year and market conditions that can make it more difficult to sell a home. For example, if there are a lot of other houses for sale in your area that are similar to yours, it can be tough to attract buyers and stand out from the competition. Similarly, trying to sell during the winter months or during the holidays can be challenging, as many people are focused on other things and may not be actively looking for a new home.
If you find yourself trying to sell your home during a bad time, one option is to take your home off the market for a few months and wait until market conditions improve. This can help you avoid the frustration and disappointment of having your home sit on the market for an extended period of time without any offers. However, it’s important to consider whether you can afford to keep paying your mortgage while your home is off the market. If you can’t afford to wait, you may need to consider lowering your asking price or making other adjustments to make your home more attractive to potential buyers.
2) Take Out a Second Mortgage
If you have built up a significant amount of equity in your home, a home equity loan can be a smart financial move. By using your home as collateral, you can often qualify for a lower interest rate than you would with other types of loans. This can make it an attractive option for funding other investments or big-ticket expenses. However, it’s important to keep in mind that taking out a home equity loan means taking on additional debt, and you’ll need to be able to afford the higher monthly payment. If you’re not sure whether a home equity loan is the right choice for you, it’s always a good idea to consult with a financial advisor who can help you weigh your options and make an informed decision.
3) Rent Out Your Home
If you’re having trouble selling your home and don’t want to carry two mortgages, renting out your home can be a smart option. By setting the rent at or near the price of your monthly mortgage payment, you can apply the rental income to your mortgage without incurring any additional expenses. This can be a good way to generate some extra income and avoid the financial strain of paying for two homes at once. However, it’s important to keep in mind that being a landlord comes with its own set of responsibilities, including upkeep, maintenance, and repairs. You’ll also need to be prepared for the possibility of having tenants who don’t take care of your property or who don’t pay their rent on time. It’s important to carefully consider all the pros and cons of renting out your home before making a decision. If you’re not sure whether renting is the right choice for you, it’s always a good idea to consult with a real estate professional who can give you expert advice based on your specific situation.
4) Consider a Short Sale
“I can’t sell my house in New Orleans 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. Fortunately, we can! Give us a call today at (504) 399-3155 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
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 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 New Orleans LA!
If you are interested in learning more your options for selling your home in New Orleans Louisiana, call us at (504) 399-3155 or fill out the form on this page to get more information sent to you right away.