If you’re buying a new home or relocating, you might be considering selling your house. But even seasoned property investors know that selling a home isn’t as simple as it seems. The success of your sale will depend on the current state of the real estate market.
Depending on where you’re located, you may not sell your house as quickly as you’d like to, especially when it’s a buyer’s market. Keep reading to find out about a few things you can do if your house won’t sell.
1. Sell Your House Below Market Value
During a buyer’s market, the demand for housing may not be as high—or, even if there is sufficient demand, the competition is just too tough to get yourself a buyer. This makes the market highly competitive because there are more properties available than there is buyer demand.
If you really want to sell your house fast, you can list your property for a price below its market value. The downside of doing this is that you aren’t guaranteed a good return on your investment. You might be able to sell your property, but you might just be able to break even or even lose money.
2. Upgrade Your Property
If you have the budget for renovations and some home improvements, you could upgrade your property to attract buyers. Renovating the property is a sure way to increase its value—but there is no guarantee that it will sell fast.
The success of your sale will still depend on the availability of buyers who will want to buy your newly upgraded home. This option may take more time because you’ll need to wait for the renovation project to finish before you can list your house for sale.
3. Wait for a Seller’s Market
If you’re not in a hurry and you don’t want to spend more on renovation costs, you can wait for a seller’s market before you list your house for sale. In some cases, the real estate industry can turn around quickly, and a buyer’s market this year could turn into a seller’s market next year.
There’s no way to know when the market will shift in your favor. If you don’t mind waiting indefinitely, this option may be a good choice. But it can also be impractical, especially if you don’t know how to study and analyze the market trends.
4. Rent Out Your House
Listing your house for rent might be your best option if it hasn’t sold for a good price yet. After all, investing in rental properties is one of the best and most effective ways to earn income in real estate.
Owning a rental property comes with several advantages—aside from earning a passive income, you don’t have to worry about competing in the market to sell your property. Even if you’re moving away, you can still own a rental property with the help of a reliable and experienced property manager.
Why You Should Consider Renting Out Your House
Here are some reasons why you should consider renting out your house:
1. Earn Extra Income
The most common reason that property owners and investors choose to rent instead of sell is the ability to earn additional income. What’s more, this income can turn into passive income when you work with a professional property manager.
2. Build Equity
When you rent out your home, you’ll remain the owner of the property, which means you can keep building equity on it. You’ll also benefit greatly after a few years if your home appreciates in value. Plus, you may be able to use the equity in your house to acquire a new one.
3. Keep Your Options Open
If you rent out your property instead of selling it, you’ll be keeping your options open. You’ll get to enjoy the benefits of earning extra income while keeping the ownership of the house. This means that when the market turns in your favor, or when your house’s value appreciates, you’ll be able to choose if you want to sell it or even move back in.
4. Tax Benefits
Owning a rental property means you’ll enjoy the tax benefits of being a landlord. It’s important to keep a record of your expenses, including professional services costs, appliances costs, and costs of repairs so you can claim them for tax deductions.
Conclusion: Rent Out Your Property and Hire a Property Manager
Renting out your property is the best option for you if it isn’t selling fast enough. You can earn additional income and enjoy the opportunity to wait for a favorable market to sell your house. This way, you won’t be forced to sell your house without a good return on investment.
Are you worried about who will tend to your property while you’re no longer staying there? That's what property managers are for! Whether or not you’re away from your house, working with a property manager is a wise decision, especially if you’re new to rental property investing.
The property manager will take care of everything—from making sure that your house is rent-ready to marketing the property effectively and screening residents. Professional property managers will aim to get your house rented out in no time by high-quality residents who will take care of your property like their own.
Not to mention, property managers will maintain the upkeep of your property and take care of repairs regularly to make sure it stays in great condition. With the right property manager, you’ll enjoy maximum profits minus the added stress of managing and operating a rental business by yourself.
If you need help managing your rental property in Nevada, call Evolve Nevada at (775) 398-2700 and we’ll be happy to assist you!