Over the past decade, home sales have gradually become a buyer’s market. Although this is good news for the buyer, it is becoming something of a nightmare for those who are trying to sell their home. Because of this, sellers often have to slash the price of their homes to make the sale, resulting in huge losses. However, there are ways to increase the chances of making the sale without the seller having to take a big loss. The following will be a list of seven tips for successfully selling a home in a slow market.
1) Appearance is key: When looking to buy a home, the buyer will naturally go for homes that have a nice appearance. Houses in need of repair are not as popular as they used to be. The first thing a seller should do is fix anything that might catch the eye of a potential buyer. For example, the patio must look impeccable at all times. If the gutters in your house are down, that’s the first thing people will notice. If there is peeling paint in the house, paint it. It’s worth the money to stage your property for curb appeal.
2) Be flexible: Be prepared to sneak out on the weekends if you have to for the realtor to show you the house. Keep things tidy at all times for any last minute appointments made by potential buyers. Try not to limit the times you are willing to provide access to the home.
3) Keeping the house at market value: If you are stuck in the mindset of making a lot of money from the sale of your house, your house will probably be on the market for years. The best way to scare off potential buyers is to list your home for above market value. Keeping the house for sale at a reasonable market price means there will be more interest in attending an open house, improving your chances of making the sale. It is a well known fact to real estate agents that if the price is right, there is a buyer for every house.
4) Find an agent with a long history of selling in your town: A good real estate agent will know exactly how to determine the fair market price for your home. You must also have a record of being able to sell a house within three to four months. A real estate agent with experience selling properties in your particular neighborhood will be able to guide you through the process in an efficient and timely manner. If you have a real estate agent who doesn’t have many years of experience, you’ll be wasting valuable time and money while you’re still working to hone your craft.
5) Give the house a warm and cozy feeling: If the walls in your house are painted in vibrant colors, tone them down with neutral shades of tan and beige. This will allow potential buyers to view their own furniture in the home without distraction. Create ambiance with lightly scented candles in bedrooms and bathrooms. Soft relaxing music in the background will give the buyer a relaxed and comfortable feeling. Buy new bedding for the beds and cushions for the sofas. Give your home that “homey” feeling that everyone is looking for.
6) Do your research: Go to open houses and see the other houses that are on the market in your area. See what they have to offer a potential buyer. If they have a cozy seating area in the master bedroom, create your own cozy seating area to attract those potential buyers. You’d be surprised what you can do with just a few oversized cushions and a window with a view. Gather ideas from other houses and use your imagination for the rest.
7) Offer Potential Buyers Incentives – When a buyer is interested in buying your home but wants you to lower the price, try using other incentives instead. For example, you may want to offer to pay the buyer’s closing costs. This is always tempting for buyers as it will save them money and allow them to have more money for a down payment. Some sellers choose to include appliances such as a refrigerator, dishwasher, or washer/dryer.
In a buyer’s market, the seller is tasked with being inventive in finding a way to move their property. Making the sale is not always a piece of cake, but with a little effort, it can still be done quite successfully.
