In the past decade, home sales have gradually become a buyer’s market. Although this is good news for the buyer, it is turning into a nightmare for those trying to sell their home. Because of this, sellers often have to drastically lower 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 incurring a large loss for the seller. The following is a list of seven tips for selling a home successfully in a slow market.
1) Appearance is key: When looking to buy a home, the buyer will naturally lean towards homes that have a nice appearance. Repairmen are not as popular as they used to be. The first thing a seller should do is fix anything that might get the attention of a potential buyer. For example, the garden must look impeccable at all times. If the gutters in the house are down, that will be the first thing people will notice. If there is peeling paint in the house, paint it. It is worth the money to prepare your property to make it attractive.
2) Be Flexible – Be prepared to run short on weekends if you need to get the real estate agent to show the house. Keep things neat at all times for any last minute appointments made by potential buyers. Try not to limit the time you are willing to provide access to the home.
3) Keep the house at market price: If you are stuck in the mindset of making big money from the sale of your house, your house will likely be on the market for years. The best way to turn away potential buyers is to list the home for sale above market value. Keeping the house for sale at a reasonable market price means there will be more interest in attending an open house, which will improve your chances of making the sale. It is a fact well known to real estate agents that if the price is right, there is a buyer for every home.
4) Find an agent with an extensive sales history in your city. A good real estate agent will know exactly how to determine the fair market price for your home. You must also have a history of being able to sell a home in 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 does not have many years of experience, this will waste valuable time and money while you are still working to perfect your craft.
5) Give the house a warm and inviting feel: If the walls of your house are painted in vibrant colors, tint them with neutral shades of tan and beige. This will allow prospective buyers to envision their own furniture in the home without distraction. Set the mood with lightly scented candles in bedrooms and bathrooms. Soft and relaxing music in the background will give the buyer a feeling of relaxation and comfort. Buy new bedding and cushions for the sofas. Give your home that “homey” feeling that everyone is looking for.
6) Do your research: go to the 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 living room in the master bedroom, create your own cozy living room to attract those potential buyers. You’ll be amazed at the things you can do with just a few oversized pillows and a window with a view. Gather ideas from other houses and use your imagination for the rest.
7) Offer incentives to potential buyers: 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 for closing costs. This is always tempting for buyers, as it will save them money and allow them to have more money for the down payment. Some vendors choose to include appliances like the refrigerator, dishwasher, or washer / dryer.
In a buyer’s market, the seller is tasked with being inventive in finding a way to move his property. Making the sale is not always a piece of cake, but with a little effort, it can still be done quite successfully.