Selling your house at a good price in a slow market can seem difficult, but it is not entirely impossible. Here are few valuable tips for selling your house in a slow market.
Many people have a tendency to keep their very first offer on hold, because they expect a higher quote. In a slow market, it is possible that the largest buyer will approach you first, so don’t keep him waiting.
A slow housing market affects buyers and sellers equally. While sellers find it difficult to sell their homes, buyers are reluctant to invest as they fear the prices will dip further, once they buy a home. Hence, it becomes slightly difficult for homeowners to convince buyers to buy their house. However, if the sellers incorporate some smart tips, they will definitely be able to sell houses fast in a slow market.
Simple tips like putting up boards on lawns, like prices reduced or sale, can also work in your favor. Apart from that, undertaking the right kind of marketing and hiring a professional real estate agent can also help in selling the property. Here are few more tips that will tell you how to sell a house fast in a slow market.
Know Your Market and Competition
Even before you start searching for buyers, you must be aware about the composition of your target market. If your house is a traditional one and based in a quiet cul-de-sac, in all probability, baby boomers or empty nesters will get attracted to it. If you have a modern house, it will be more appealing to a newly married couple. You must understand the USPs of your house to predict the kind of buyers who will get attracted to it. Remember, all your marketing efforts will be based on your buyer preferences and location, so analyze this wisely.
Also, you really cannot just quote a price for your house and wait for buyers to pay for it. Remember that buyers will inquire about other houses on sale in and around your area. Hence, you must be aware of the estimates of your competitors to get buyers, especially in a slow market when the sellers outnumber the buyers.
Professionally Stage Your Home
While you may believe that home staging is additional expense, it is in fact one of the best ways to stimulate desire in the buyer to live in the house. Hiring a professional home staging agency is highly recommended. This is because they know the psychology of buyers, their tastes and preferences. They also know how to optimally cash on the strengths of your house, and how to camouflage the weaknesses. They will position your furniture in such a way, that it will leave the prospective buyer impressed. It will etch your house in the memory of the buyer, and make it stand out among other competitive options.
Make Your House Visually Appealing
In order to get your home noticed among competition, you must make it visually appealing for the buyer. Keep the fire burning in the fireplace, spray fragrance, bake something in the kitchen, play mellow music and have bright light to make the place look positive. Also, ensure that your house curb looks beautiful too. Clean the yard, undertake landscaping, trim trees, remove weeds, etc., so that the house will look beautiful from the inside as well as outside.
Hire a Professional Real Estate Agent
Find a professional real estate agent. Don’t just end up hiring any one from the directory. It is best if you could get recommendations from family and friends who have recently bought or sold a house. Also, try to rope in a high-profile real estate agent who invests in billboard advertising, flyers, website, etc. for better results. Though this may turn out to be expensive, at least it will guarantee that you will get a buyer who will offer a considerable price at its earliest. The real estate agent must provide you valuable inputs about advertising in listings and online. He must also have a fair idea about the property market and target market.
Negotiate With the Buyer
It is always better to adjust the terms of sale instead of the selling price. If a buyer is finding it difficult to pay in cash, you can adjust the terms and conditions to clinch the deal. Instead of lowering your quote, you can propose to make all the repairs before the transfer. You can also pay the buyer’s closing costs or even extend his closing dates. Such alternate adjustments instead of price negotiations serve a two-way purpose. They help you get a good price as well as seal the deal with the buyer.
Price it Right
It is important that you price your house right. Sometimes, the market is favorable while sometimes it is not. Hence, if you over-value your house, chances are there will be no takers. However, don’t end up undervaluing it as well. The selling price will also be based on a few other factors like value of property, competition prices, urgency to sell, amenities on offer, property location, etc. It is best to ask your real estate agent to conduct a market analysis for your property before deciding on the final selling price.
Formulate a Marketing Plan
Work with your real estate agent to formulate a marketing plan. Enroll your house in many real estate listings. Place advertisements in real estate columns of local newspapers and websites. Ensure that the advertising copy is accurate and has all the right claims. Also, when the buyers visit your home, ensure that whatever is mentioned in the copy has been adhered to. Similarly, you can click professional-looking photos of your house. You can also invest in mail outs and articles in newspapers. Use social media websites to promote your house. Many homeowners today create virtual tours of their homes so that online buyers can express interest without traveling from their place.
Arrange Open Houses and Auctions
You can help arrange an open house where people can come and inspect the house. Your real estate agent should also be present at the venue to interact with any prospective buyers. Having an open house ensures that maximum number of people visit your house, and this drastically increases the chances of selling it at a higher price. You can also conduct an auction of the house, and sell it to maximum bidder.
Don’t go beating round the bush. Remember, it does not take more than 15 minutes to see the property, ensure that you inform the buyer about the uniqueness of the house immediately. Now that you know how to sell a house fast in a slow market, you must highlight the strong selling points of your house to leave your buyer impressed.