In situations of unemployment and economic hardships faced by the national or global markets, the number of people willing to buy a home may also decrease significantly. But, even when the market has decelerated, there are still enough buyers looking out for a nice home. The right steps and approach can help in boosting the chances of a sale. Performing a little extra effort is all what you need to sell your home in a depressed market. Here is a detailed guide about how to sell your house fast in a slow housing market.
1. Price The Property Wisely
The first and foremost element of working towards selling your house in a slow market is to understand the market thoroughly as well as to know what is happening. Gaining a deeper insight into the same increases the chances of a successful sale as it enables you to plan out the budget accordingly. Make sure you don’t set the price of the house above the current market value as an overpriced property is likely to languish on the market. It is important to set the prices for your home in a competitive way. Although, realistic and reasonable pricing is always crucial to selling a house, it becomes even more necessary when you are selling it in a slow market. If there are similar property listings in the nearby areas, then you should select a price that is a little below that of the most comparable properties to yours. Just a little under-pricing of your house relative to others being offered in the same location can significantly help in cracking the deal.
2. Find The Right Agent
Finding the right real estate agent or consultancy with supportive services can actually make the whole process of selling the house and getting potential buyers very easy on a slow market. You can always seek recommendations from your friends, neighbours and workmates when it comes to hiring an efficient agent. Whenever you meet an agent in person, make sure you discuss about the marketing plan in detail. A good real estate consultancy will possess more operatives and a huge database of potential buyers, which makes them different from small property brokerage firms with limited resources and network.
3. Adopt Efficient Marketing
Selling your home fast in a slow housing market requires efficient marketing techniques and exposure to a large audience. Some ways that can present your house to thousand of potential buyers in a very short span of time are listed below :
– Listing your house on different listing services
– Marketing on real estate websites
– Posting ads in local newspapers
– Distributing flyers
– Employing community publications
Also, you must present and market everything that’s good about your house. For that, include as many pictures as you can with your listings as it helps in cutting out the buyers who won’t like your property. You surely would not like wasting your time in displaying your house to people who are seeking something different. Posting a lot of photos also helps in generating the interests of those buyers who are looking for a place like yours. You must not presume that people will already know the little things, instead showcase the curb appeal and home staging, while making sure to point out all the big and small features.
4. Make Your Home Stand Out
When the housing market is down and the demand is low, it is quite essential to make your home look appealing and presentable. A well-maintained and clean property always attracts potential buyers. The right staging also involves removing the personalization you have done to the house as far as possible as prospective buyers are willing to visualise a house with their own belongings and identity in it. Remove all personal items such as drawings or photos on the walls or stickers on the fridge. Make sure you keep only those items in the house that enhance its value.
Also, it is more cost-effective to make a small investment in enhancing your property than going for a price reduction. Fix all issues associated with improper window frames, cracks in the masonry, water seepage, loose railings or plumbing. With so many choices available on the market, buyers prefer to go with a house that is move-in ready and doesn’t require much of effort and expense on refurbishing and repairs. Appointing a professional stager can be very helpful in providing you with all the required advice when it comes to working on the look of your property.
5. Offer Negotiations And Incentives
Being a little flexible when it comes to the terms and conditions can make huge impacts on a buyer’s market. Most buyers are likely to look for some scope for negotiation. Usually, a home has chances of being ignored by potential buyers if it is priced too high and the seller refuses to negotiate on terms. Be open to making slight changes to the price that you have set as well as try offering an extended closing date for the financial terms if required. It is advised to offer an an adjustment to the terms of the sale in order to counter an offer that asks for a cost reduction.
The next thing that can help is to offer potential house buyers some attractive and interesting extras that sound great to them, but don’t cost you too much. Offering to pay for some of the buyer’s closing costs, paying for a renovation on upgrade to the house as asked by the buyer and giving seller-funded property warranties are some of the common incentives in today’s housing market. Particularly, when the housing market is slow, buyers find it quite attractive when the seller offers closing cost assistance.
Undoubtedly, it is quite a stressful task to sell your home in a slow housing market. But, at the end of the day, a good property will always have its potential buyers. So, avoid showing any signs of desperation and employ the right resources. All you need is to keep patience and be flexible with the different aspects of the whole process.