Selling a home especially in a slow market is really hard. In times such as these, it is not enough to list your house and just wait to sell it. Indeed, no one is willing to sell his or her property when the market is bad. However, it is not impossible to sell your home in such situations. In spite of the fact that market is not good particularly to sellers, and economic recovery might take some time, there are many ways of increasing the probability of a sale. Lowering the price of the house is one of the ways of selling it faster. But, there are many other ways of enhancing the attractiveness of the house apart from lowering the asking price. Here are 7 practical tips to sell your house fast in a slow market.
1. Price your house aggressively
When mortgage rates are very low & buyers are chasing few homes for sale, the sellers have an opportunity to demand high prices, and they will get them. This is because the buyers are desperate to get a home that satisfies their needs.
However, in a situation where the market is slow, pricing is very critical. Instead of pricing your house high, it is important to price it not higher than the middle of the range for the houses similar to yours. And in case you want to sell your house faster, you should price it among the bottom 25% of similar homes. This is because the demand for homes is lower than the supply. Hence, you should quickly attract the attention of the serious buyers buy pricing your home low.
2. Cut the price quickly if you don’t get action
All people want to sell their houses for as much money as possible. No one is ready to sell his or her house at a lower price. However, houses that languish on a market especially in a slow market are usually forced to reduce their prices. This is because the buyers may start to question why the houses are been on the market for a very long time. Therefore, in a slow market where there are few buyers and more sellers, it is important to cut the price of the home to sell quickly.
3. Find the right agent.
This is critical. Any agent can actually list your home. However, when there are few buyers in the market, your need a professional on your side. Experienced agents can help with everything right from pricing of the home. Therefore, it is important to find an agent who can outsell the other agents in the market. Discuss with your friends, and family to get the best agent(s). Only agents who can do the best work should be employed.
4. Curb appeal
After pricing, there is nothing that will bring more prospective buyers to your house than a home with exceptional curb appeal. Hence, it is critical to ensure that your house stand out from the rest.
5. Consider house staging
The quickest way of adding value to a house for sale is a fresh coat of paint. You may consider house staging. You can do this yourself or even employ an outside company. A house staging expert will come in and take in some furnishings & rearrange others in order to make your house more appealing to potential buyers.
6. Fix stuff
The broken pane of glass, loose railing, or leaky faucet should be repaired. In case you don’t have the skill or time, it is good to find handymen to go through the house and make necessary repairs. Besides, any old roof that appears like it can leak should be replaced. The stained rug and antique furnace should also be replaced. With many houses on the market, the buyers will only buy the houses that are in move-in condition. Hence, it is important to fix what should be repaired before listing your property.
7. Offer flexible terms
Mostly, one of the best ways of selling a house quickly is to adjust the terms of sale instead of the price. Despite the fact that sometimes it can be necessary to negotiate a lower price with a potential buyer, offering an extended closing date sometimes is also important.
The above are the 7 practical tips to sell your house fast in a slow market. These tips will increase the chances of getting your house sold.