Selling Your Home In A Slow Market
How to sell your home regardless of the market
There are few things as daunting as the thought of selling your home in a slow real estate market. In a slow market, homes are not exactly selling themselves. While it would be nice to wait for the market to pick up, this is not always an option.
With the right attitude and game plan you can sell your home regardless of the market.
Here are five great tips that you can use to get the right price for your home even in a slow market:
Understand your market
Knowing the market is going to be your secret weapon. Be sure you understand the value of your property and your competitions. Knowing the comparables is key as these will give you a bargaining chip with potential buyers.
Listing the home blindly could lead you to over- or underprice your house costing you tens of thousands of dollars. Not to mention lead to a lot of wasted time.
Know how to price your home
Selling in a poor market is always a challenge, even for those with experience. Just because your neighbor sold his house for X amount of money last year does not mean you will be able to get that for your home this year. By asking that kind of price you could be turning away potential buyers. Fast.
It is a far better idea to look at homes like yours in the area and make a note of what they are selling for. You should also take a look at the ones that are not selling and try to determine why that is. Are they overpricing their home? Keep in mind that the longer a home stays on the market the less the seller is going to get for it. You don’t want to be one of those people.
You should price your home competitively. You might even want to underprice is slightly as this could lead to a bidding war. This could mean you get more for your property than you thought you would and that is always a good thing.
Home staging
Making your home not just presentable, but livable, is key to getting the right price in a slow market.
If there are broken appliances fix them. If there are holes in the walls or the house desperately needs a paint job, go for it.
You might even want to consider home staging. This is where you buy or rent new furniture and accessories to set up the home like a show home. This can go a long way towards showing people what kind of life they could have there.
Don’t forget the outside!
Many people think about fixing up the inside of their homes but never put any thought into the yard. This is a mistake. By simply trimming and cleaning your yard you can make a big statement. The first thing people see when they pull up is the outside of the home and you know what they say about first impressions. They matter.
Be flexible
Flexibility is important. Every buyer you schedule to come and see the home should be treated like a buyer. In fact, they could be for all you know. Be flexible about showings, even when it is inconvenient.
Flexible terms are also important. Adjusting the terms of the sale instead of just adjusting the price can mean the difference between selling your home and not selling it. Before you lower the price, consider offering an extended closing date.
If you are selling in a slow market it can take longer to sell your home. That is something you can’t always get away from but use these tips and you will improve your odds dramatically.