Tips For Selling Your House Fast in a Slow Market
Anyone who has tried selling a home during a financial downturn or when the real estate market is slow knows how challenging it can be. It is during times like these that listing your home isn’t enough. It is essential to go out and actively sell the house. That's also where hiring real estate agents comes in.
While not many people want to sell their homes when the market is terrible, those that do should know it isn’t entirely impossible. It takes having a positive attitude and a game plan to sell in a slow housing market.
While the market may not be favorable right now for sellers, economic recovery could be around the corner, but just as plausible is that it could be years away. Fortunately, you can use a few tactics to improve your odds of a sale at market value.
Study The Buyer's Market
It is essential to start with an understanding of the market. Understand the value of what you are selling and what you’re up against. Many sellers, unfortunately, take shots in the dark, offering the property for what they want without knowing how much other homes have recently sold for or are selling for. Think of it this way: undervaluing or overpricing will cost you big time.
Price It Just Right For Potential Buyers
When the prices of homes are plunging, selling a home for the price you want is highly unlikely. Based on data from the National Association of Realtors, the median home price has slipped by over 7% compared to the previous year. So, if you ask as much as you want for that property, as perhaps your neighbor got last year, buyers aren’t going to bite. It would help if you instead priced conservatively by finding out how much similar homes have sold for in the past few months.
If you want to quicken the sale, then slightly underprice the property for interested buyers. Taking a few thousand dollars off the price can help generate more interest and thus ensure a sale sooner in a slow real estate market.
Make The Home 'Show Worthy'
It is essential that your home looks good at all times. Make sure that everything broken is either fixed or replaced. In a slow buyer's market, every bit counts.
Add a layer of fresh paint, use neutral colors, brighten your landscaping, eliminate clutter and hide all personal items. This will help prospective buyers see themselves in the home instead of their personal belongings, which helps with the selling process.
Ideally, you’ll want to invest in professional home staging. That way, your property will make a positively strong impression. It is also the cheapest way to ensure your home looks nothing like that of the competition.
Market It Aggressively
We may have touched upon this earlier, but you need to do more than list the home. You will also want to advertise it in the local newspapers and with beautiful photos. Every photo should show a unique side of the house.
Place signs and flags in the front so the home is hard to miss. A flyer in front of the house may also be a good idea. The flyer can have high-resolution photos of your home from all angles. Plus, it won’t hurt if you have a website people could visit for a virtual tour.
Showings Should Be Flexible For The Real Estate Agent
Consider the fact that you only need to hook one buyer to sell. So, always welcome a realtor’s request for a showing, anticipating a quick sale at any time.
Show Off the Best Features Of Your Home
If you have a jacuzzi, fireplaces, or another part of your home, which is its best feature, ensure you show it off. Whether a video or a physical tour, please spend a few minutes talking about that space and why it is special in your home. The right real estate agent can help you with this approach.
Offer Incentives To Buyers
Yes, a lower price is undoubtedly an incentive for many property buyers to make you an offer, but others may be holding out, waiting for something better. This is where you can get creative. A few things you can do is throw in new kitchen appliances or flooring. Think of incentives out of the box to find something that will appeal to a prospective buyer to sell your house fast.
We’ve found that the best way to sell a home quickly when the market is down is to adjust your terms of the sale instead of only the price. Sometimes, changing the asking price is essential; you might want to offer to cover closing costs or maybe have an extended settlement date. Think about how you can make the sale easier for the buyer. It will certainly attract buyers if you are flexible with the terms.
Get The Neighbors Involved
It goes without saying that your neighbors play a significant role in helping to sell your home, and they can help speed up the process. For starters, you can tell them that you are preparing to sell the house in the next few months. That way, they can inform people they know, like friends and family, because it is in their interest for someone they enjoy being around to be next door to them.
Make sure to inform them about the dates and times of all the open houses you have planned. Plus, having great neighbors makes an excellent impression on potential buyers. Some feel inclined to pay more for a home with good neighbors.
Take The First Offer
Generally, when a seller gets an offer within the first few weeks of putting a home on the market, they hold out for something better. In our experience, this is a big mistake. Generally, the biggest fish tend to be the first to bite. That’s why it may be your best offer. Plus, it always helps to keep a positive attitude.