If you need to sell your house fast in a slow housing market then you are not alone. The housing market is currently in the midst of a slow season. This means that houses take longer to find buyers, and when they do find buyers they often sell for less than the asking price.
Here are 9 tips that may help you sell your house fast in a slow housing market.
Table of Contents
- 1. Price the House Right
- 2. Make improvements before listing
- 3. Take professional photos of your house
- 4. Ensure the house is always ready for viewing
- 5. Work with the right real estate agent
- 6. Look at other houses’s price
- 7. Make the deal attractive
- 8. Be prepared to make a quick decision
- 9. Involve the Neighbors
- Final thought
1. Price the House Right
In a slow market, it is very important that you price your house correctly from the beginning. If you list your home at a price higher than what buyers are willing to pay, they will not make an offer.
If enough buyers think this way, your house will stay on the market longer and become stale in a slow housing market. While reducing your asking price can be difficult, it will benefit you in the long run if it brings more buyers to your property.
If you list your house for $200,000 and a similar one down the street is listed for $180,000, an interested buyer will more likely choose the cheaper one since there isn’t much difference between them. A price reduction of 5% may not seem like much, but if it helps your house sell fast and for top dollar, it will be worth waiting for.
On the other hand, if your house is underpriced and priced too low, then you may find yourself being outbid by other buyers. In a slow market it is best to price your house just at market value so that buyers can have confidence in making an offer – even if it is lower than what you are asking.
2. Make improvements before listing
You should never wait until your house has been sitting on the market for months. You’d better clean up and repair your property in advance in order to get it ready for sale.
Simple repairs and maintenance can make a big difference. Cleaning is also important, as it makes buyers see a cleaner and better-kept home, which they’re more likely to pay for.
When potential buyers come over to look at your house, they are looking for reasons NOT to buy your place. This means that you should put extra effort into getting rid of all clutter and cleaning up before showings. You should also make sure that you have good lighting in dark corners, take out the garbage, pick up toys from around your house, etc.
If you have not already started, then start getting your home into shape immediately. You will be more likely to catch the eyes of potential buyers if your house is well-maintained.
3. Take professional photos of your house
Professional photography can make it easier to sell your home. Good pictures are vital to selling a house, especially if the housing market is slow.
When the majority of house hunters search online, they rely on technology that allows users to upload and share images. The listings with high quality photographs will attract more traffic than those without.
4. Ensure the house is always ready for viewing
No matter how fast you want to sell, if the house is not ready for viewing, it will take longer.
5. Work with the right real estate agent
A real estate agent is the most important in the process of selling your home. Ideally, you’d want to work with an agent who has lots of experience selling similar properties in your area. If possible, look for someone who knows about relevant market conditions in the area where you live so that he or she can compare it with recent transactions in your neighborhood.
You should hire an agent that is willing to put in the work needed to sell your house fast. Don’t just settle for any real estate agent because they are not all the same. There is a wide range of experience and quality when it comes to finding an agent, so make sure to do your research.
6. Look at other houses’s price
If you are serious about selling your house fast, then make sure to go look at houses. This is the only way you will know what is on the market and whether your asking price is competitive with others. If you find that most houses are selling for less than what you’re asking, then you may need to consider dropping the price.
7. Make the deal attractive
In a slow housing market, property buyers are looking for the best deal. If you want to sell your house fast, you need to make the deal attractive and appealing. Here are some suggestions:
- Accepting offers that fall below your asking price since you never know how long it will take for another one to show up. You can always make a counter offer, but you should ask yourself if you are willing to wait months for a better offer that may not come at all.
- If you have a difficult time showing the house, lower the price another $5000-$10000 to attract more buyers. If it doesn’t sell within 30 days of reducing its asking price, drop the price again.
- Highlight any renovations you’ve made and offer to pay closing costs for the buyer.
- List your real estate agent as a bonus if they can sell your house fast.
- Allow buyers to move in once they buy your house, rather than wait for 30 days or more before you moving out.
8. Be prepared to make a quick decision
In a slow housing market, if you want to sell fast and avoid price reductions, be prepared to make a deal quickly. For instance, if someone makes an offer that’s within the range you’re looking for, don’t spend time trying to get more money out of them. Take it and move on.
9. Involve the Neighbors
An excellent way to speed up the selling process is by involving your neighbors in the sale. They may know potential buyers who are looking for houses in your neighborhood or even folks that would like to buy an old house like yours and renovate it.
They could also contact their friends, family members and business associates on your behalf. Make sure to provide them with a list of the selling points of your house such as its size, prime location and other features that appeal to home buyers.
Having your house sit unsold is an unpleasant experience especially if it has been months since you put up for sale and you have not received any offers yet. Hope these effective steps would help you sell your house quickly in a slow market.