Do you plan to sell your home and feel that the home will sell easily with no issues? If you have visions of multiple home buyers making offers on your home even during a slow market, come back down to reality. You may think it is a charming home, but that does not mean that it will sell easily in a slow market. Do not let a slow housing market keep you from putting your home on the market. Consider these five tips for selling your home when there is a slow market.
Size up the Competition
You compete with every other home that is within your price range when you list your home for sale, especially when there is a down market. Check out the repairs, upgrades, and staging of other homes that are listed for sale. Go to an open house or two so that you can see the improvements made in those homes. You will get some ideas that may help boost the likelihood of you being able to sell your home. You can also get an idea of the prices that buyers are willing to pay for the property after the owner sells the home.
Learn the Market and Price your Home Correctly
Do your research before you price your home. Learn what is selling and what is not selling in a slow market. You do not want to price your home so high that there is little to no interest. According to We Buy Houses Cash Florida website, you also do not want to make the mistake of pricing your house too low. That may make potential buyers wonder what is wrong with your home. Consider important factors such as the location of the home that you want to sell, whether you are selling your own primary home or one of your rental properties. Some other factors for you to consider before pricing your home include the local economy and the time of the year that you place your home for sale.
A 2022 analysis provided by ATTOM, a leading curator of real estate data across the U.S., indicates that May, June, and July are the best months to sell a home, with the best 15 days being in the month of May. The worst months to sell a home, according to the ATTOM analysis, are October, November, December, and January. The month of October, over an 11-year period, was the month with the lowest seller premiums, which were just 5.2 percent.
Know the Importance of Curb Appeal and Staging
Curb appeal is one of the top factors when trying to sell your home. It may become even more important during a slow market as prospective buyers are looking for deals and incentives. They do not want to have to pay a landscaper or do hard work themselves to improve the curb appeal of a home. Maintaining a high level of curb appeal at your home or rental property helps to make the property have a positive impression when buyers come to look at it. Trim the bushes and shrubs, prune the trees, and clear out old bulky items or personal items that are on the outside of the property.
Add some color to the outside of the home with a fresh coat of paint on the front door, or colorful foliage, and flowers. Do not let the idea of staging your home scare you. Staging is as simple as changing cabinet hardware, or adding a new backsplash in the kitchen. Consider adding a fresh coat of paint in the bathroom. Add lighting that brightens up the home. Clean the carpet before you have a showing. Replace the old carpet with new carpeting or hardwood floors if the carpet is beyond repair.
Buyers do not want to smell your pets. Clean up all pet areas and take the pets to a neighbor’s house or to a family member’s home during scheduled showings. Make sure the home is clean, with the dishes put away, floors mopped and toys picked up. Get rid of the clutter. A cluttered room looks like a small room. Put away the family photos and your personal items. You may love those items, but buyers want to see themselves in the home.
Get a Top Agent and Know the Agent’s Stats
It is important for you to have a real estate agent who understands the market and who has a winning strategy for selling your home, even in a slow market. Find an experienced agent that you feel that you can trust. Find out how long it usually takes them to sell a property in your market. If the agent does not have a record of selling homes in less than six months, consider another agent. It is important to have a connection with your real estate agent. You want an agent who has excellent communication skills, and one who you do not have to repeatedly track down just to communicate with them.
Be Willing to Negotiate with Prospective Buyers
Buyers look for deals and incentives, especially when there is a slow market. Be willing to negotiate with potential buyers if you want to sell the property. You do not have to accept any offer but be open to reasonable offers. A buyer that makes a very low offer may make you cringe but do not ignore the offer, especially during a slow market. The buyer that makes a low offer is showing interest in the home. Make a serious counteroffer to the buyer.
You do not have to accept an extremely low offer on the home, especially if you offer incentives to buyers. Consider doing things like leaving appliances or desirable furnishings in the home. Make additional repairs or upgrades. The less money that a buyer has to spend to furnish the home, the more attractive the home will be to them, and the home will likely have a higher perceived value to the buyer. Offer to buy down the interest rate. Wave the home inspection fees or absorb more of the closing costs. Making these or other concessions that sweeten the deal for the buyer may help you quickly sell the home. Are you a landlord? If so, check out EZ Landlord Forms for the best state-specific legal lease and rental agreement templates online.
Conclusion
In a sluggish real estate market, selling your home may require some extra effort and savvy tactics. By sizing up the competition, pricing your home correctly, focusing on curb appeal and staging, choosing a top agent, you may boost your chances of a successful sale even in difficult circumstances by being open to bargaining. With the right approach, your home can stand out and attract buyers, making your selling journey a rewarding one. Before you leave, make sure to check detailed blog regarding selling home:
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