What to do if your house is not selling in 2023? Let’s dive right in
Welcome back, we’re tackling a topic that a lot of homeowners dread. And unfortunately, it’s happening right now, because interest rates are so high. If you’re struggling to sell your property, or you’re worried that this might happen to you, then this video is a must watch. By the time this video is over, you’re gonna know the common reasons why houses don’t sell, get actionable tips that are tailored to the market right now and 2023. And hear a live store example that I personally know of, of someone not being able to sell their house. First off, let’s dive into some of the reasons why houses aren’t selling right now let’s just talk about the elephant in the room, interest rates are high. So right now, interest rates are about 8.5, almost 9%. So that means for every $100,000 that you borrow, you’re paying about $900 on your house payment. For example, if you buy a property that’s $200,000, for every $100,000 that you borrow, right now, it’s around $900 In your mortgage payment for every 100,000. So again, 200,000, that’s $1,800 mortgage payment just on a $200,000 house, if that’s what you borrowed, that can be a lot for people, especially in markets right now in Utah, where a lot of the homes are still 500, half a million dollars and up, especially like if you have an $800,000 house $700,000 house, that’s an expensive payment every month, that’s expensive mortgage payment.
And a lot of people can’t afford that it’s not like wages have gone up a ton, right? A lot of it’s not like they’re keeping up. So that’s unfortunately what’s happening, interest rates are high. And that’s why a lot of houses aren’t selling. Now a lot of houses are staying on the market longer than they used to, especially during the pandemic. So now you have a lot of more options. So if your house is updated somewhat, and there’s another house that’s next to you, that’s the nicest house in the neighborhood, and it’s around the same price, who do you think’s gonna sell their house first, that nicest house in the neighborhood. Now, during the pandemic, you could just throw any house on the market, anyone would buy it because their inventory is low inventory is a little higher now.
So people have options. So again, if you do a crappy job on your flip, probably not going to sell it that fast. And that’s the truth. So what those are the things that are keeping thing houses from selling its high interest rates, and then properties that aren’t as nice and other options. If you find this information helpful, subscribe to my channel, so you can get more information on how to be a real estate investor. So now that you know what often goes wrong, when you can’t sell a house in 2023, let’s talk about what you can do about it. Number one, I know you’re not gonna like to hear this, but you can lower your price, if you lower your price, you’re gonna be able to sell it faster, just because it’s gonna be more affordable. Number two is that you could just rent it. Fortunately, if you need to sell it and move somewhere else, that’s not a very good option. But right now is not probably the best time to sell. So you can just rent it out Airbnb it. So you’re at least getting those payments taken care of that you have number three is you can sell it on terms, there’s a lot of people that have money down potentially don’t qualify for those high interest rates and for bank loans. But if you are willing to sell them, if you own the house outright, or if you have a mortgage on the property you can sell to them subject to that’s another option that might even get you more money in the long run. So those are the three ways that you can sell.
Okay, so let me tell you about a specific example that I know I have a real estate agent friend that he told me that he has more listings that he’s ever had in his life, but no one’s buying. And that’s unfortunate, because, you know, if he sold all his properties he’d be he’d be crushing it, but they’re not selling because of the interest rates. So it’s unfortunate to see that in the situation he’s telling me about is if the house is not the nicest house in the neighborhood, then it is not selling people have options. So if you didn’t do a very good job on your flip, then you know, nobody really wants to pay you what you believe your house is worth. Another issue is a lot of people because of you know, the memories and they lived in the house, it’s very hard for them to see that their house in is isn’t as valuable as their neighbors, and they can’t really see the difference. So people aren’t really realizing that the house isn’t is worth is what they thought and they’re not willing to drop the price. That’s one of the real life situations I’m seeing is that the flips aren’t done that well as they should be. And there’s competition out there that the houses look nicer, and they’re not that more it’s much more expensive or even more expensive. So that’s what’s happening and it’s unfortunate but the thing to do like I said is to rent your bad boy out Airbnb it don’t move yet or you know, sell it on term. So those are the three things you can do. But if you don’t need to sell, don’t do it. So if you found this information useful, hit the like button and leave a comment let me know what you think if you agree with me great and if you don’t let me know I’m always interested to see what you think we’ll see on the next video.
