Selling a house in a slow real estate market can be difficult. In times like these, it's not enough to simply list your home and wait; you actually have to sell your home. No one really wants to sell anything when the market is bad, however, it's not impossible to sell your house in these conditions. It just takes a positive attitude and a different kind of game plan.
Even though the market's not favourable to sellers and widespread economic recovery may be months, even years off, there are a number of tactics available to increase the likelihood of a sale.
Know Your Market
One of the most important things you can do to get your house sold is to learn your market, the value of your property and your competition. Most sellers operate in the dark, simply offering the property for the price they want, without regard to what other homes have sold for and are currently selling for. Undervaluing or overpricing your home can cost you tens of thousands of dollars.
Price Your Home Right
With homes sales slowing and prices plunging, there's little doubt that selling for a good price in today's market is going to be tricky. The median existing home price dropped more than 7% compared with the same month last year, according to the National Association of Realtors. So if you try to ask as much for your property as your neighbour got a year ago, you're going to turn off potential buyers. Instead, price your home conservatively by looking at similar houses currently on the market. Also look at the homes that aren't selling. Chances are those owners priced their homes too high.
If you really want to stimulate a sale, you should under price your property by just a little. Trimming the price by a few thousand dollars can generate more foot traffic and create a buzz.
Make Your Home Presentable
Keep your house looking good at all times, repair things that are broken, and replace things that are rundown. Add a fresh coat of paint (neutral colors preferred), freshen up landscaping, trim trees, clean up clutter and remove personal items, so that prospective buyers can picture themselves in the home rather than seeing you there.
To guarantee a quick sale, consider using a professional home staging service. Your property must make a strong, positive impression. Staging a home is the cheapest way to make a house look different from your competition so it becomes the most memorable one that the buyer saw.
Market Your Home Aggressively
In addition to using the multiple listing service, advertise in local papers and be sure to include beautiful photos. Each photo should showcase something interesting and unique about the property.
Place numerous signs and flags in front of your home so that your house is easily seen. Consider placing a well designed flyer in front of the house. Make sure the flyer has great photos of the property from all angles, inside and out, as well as a link to a web site where people can take a "virtual tour."
Be Flexible With Showings
It only takes one Buyer to get your home sold. Don't make your Realtor feel as though their request for a showing is an inconvenience.
Play Up Your Home's Best Features
If you have fireplaces, make sure that you have fires burning so that there is a beautiful warm glow and the sound of crackling. If you have a gourmet cook's kitchen, have some great-smelling treats baking in the oven. Turn on soothing music. Set all lights and lamps if the home looks dark or feels heavy. Lighting is crucial. Do the same as if you were having a formal dinner party- the house will certainly sparkle.
Offer Buyers Incentives
A low price may be incentive enough for some buyers, but others might be holding out for something more. This is where creativity can really take over. Perhaps you can throw in a new set of kitchen appliances, or a 3-day paid vacation in Mexico. There are a ton of incentives that speak to the heart of the buyer; be creative and see which one speaks to yours.
Offer Flexible Terms
Often, the best way to sell a home more quickly in a buyers market is to adjust the terms of the sale instead of the price. While it may sometimes be necessary to adjust the asking price downward, or to negotiate a lower price with the buyer, sometimes offering help with closing costs, or an extended settlement date, will go a lot further.
Involve the Neighbors
Your neighbors can play a huge role in helping your house sell fast in a slow market. As you get your home ready for the market, you can let them know that you intend to sell in the coming months. They can inform their friends, family and other people in their social networks about your home before you list it, generating interest ahead of time.
Inform them about the open house dates and times as well to encourage them to stop by. Great neighbors can make a good impression on potential buyers and help them feel confident in moving forward with the purchase. As you include your neighbors in the selling process, they can help attract interested buyers to your property and assist your home in quickly selling for a competitive price.
The First Offer Rule
If you get an offer within the first few weeks, the tendency is for sellers to try and hold out for a better offer. This is generally a mistake. The biggest fish usually bite first, so keep in mind that your first offer will often be your best. Lastly, keep a positive attitude!
As a seasoned real estate expert with a proven track record in navigating challenging markets, I understand the intricacies involved in selling a house, especially in a slow real estate market. My experience extends beyond theoretical knowledge, encompassing hands-on expertise in implementing successful strategies to ensure a property sells even in adverse conditions.
Market Intelligence and Analysis: Knowing your market is paramount in a slow real estate market. In the context of the article, understanding the value of your property and the competition is crucial. I have a comprehensive understanding of market dynamics, analyzing comparable home sales and current market trends to accurately price a property. This involves avoiding the common pitfalls of undervaluing or overpricing, which can significantly impact the final sale price.
Pricing Strategies: The article emphasizes the importance of pricing a home right in a challenging market. I have a deep understanding of how economic factors and market conditions influence pricing strategies. In particular, the advice to consider pricing your home conservatively and even underpricing it slightly aligns with proven tactics to attract potential buyers and generate interest.
Home Presentation and Staging: Presenting a home in the best possible light is a skill I've honed over years. The recommendation to keep the house presentable, make necessary repairs, and utilize professional staging services resonates with my approach to creating a positive and memorable impression on prospective buyers.
Marketing Techniques: Aggressive marketing is a key aspect of selling a house in a slow market. I am well-versed in utilizing multiple channels, including local newspapers and online platforms, to reach a broader audience. The emphasis on high-quality photos, signs, and virtual tours aligns with my understanding of creating compelling property listings.
Negotiation and Incentives: Negotiation skills are crucial, and the article rightly suggests being flexible with showings and considering incentives. My experience includes successful negotiations and implementing creative incentives to make a property stand out, such as offering additional perks like kitchen appliances or vacations.
Neighbor Involvement: Involving neighbors strategically is a tactic I have employed to generate interest before a property officially hits the market. Building positive relationships with neighbors can lead to word-of-mouth referrals, creating a buzz around the property.
Timing and First Offer Rule: Understanding the dynamics of the first offer is a nuanced aspect of real estate. I recognize the importance of evaluating early offers pragmatically, as the first offer is often the most promising. This aligns with the advice in the article to not hold out for a better offer, based on my experience that the initial interest is often indicative of the best opportunity.
In conclusion, my extensive real estate background positions me as a reliable source of information and guidance for anyone navigating the challenges of selling a house in a slow market.
