Financial experts will tell you that the housing market is making a comeback, but the truth is that the recovery from the last severe recession is slow at best. If you are not in an area that has fully bounced back, you may find that selling your home can take much longer than you would like.
Keeping your expectations realistic can go a long way to lowering seller anxiety and alleviating a ton of stress about selling your home. Once you decide to put your home on the market, coming up with a plan of action is the smartest way to attack the problem of getting your home sold quickly.
In this article, we will show you how to sell your house fast in a slow market. Focusing on how to market your house to the highest bidder is a wise move. With fair market values still being lower than in decades past, concentrating on how to draw in interest and entice serious buyers is the best way to approach your home sale.
Clean Up & Make Repairs
Never underestimate the power of curb appeal and a first impression. Many buyers relate that they fell in love on sight with the house that they ended up buying. You want potential bidders to be impressed by what they see right off the bat. It’s important in a slow market that you take care of all repairs and cosmetic issues long before listing your house.
Fixer upper projects are not as popular with buyers that are trying to make a quick transaction. Buyers are more likely to show interest in a home that has less work needed and is in move-in condition. So, fix that porch railing, keep your landscaping neat and clean and repair any roof issues before you think about listing.
The first impression of a home is what will ultimately make the sale in many cases. When buyers are touring your home they want to easily be able to picture themselves in the space. Present your home like it is a model showroom, ready to move in, and you will be impressed at the positive reaction that you get from potential buyers.
Put a fresh coat of paint on the walls where needed, have your carpets steam cleaned, get rid of clutter and too many personal items and be ready to show your home on short notice. Professional stagers can be hired to come in and set up your home in a way that can attract more offers from buyers.
Set Your Price For The Current Market
When the market is slow, you don’t want to overprice your home. You may not be thrilled about having to list at a lower price but it may help you sell more quickly. Do your research about comparable homes in your area to get an idea of what homes are selling for. Your real estate agent will help you pick the fairest price that will bring in serious bids.
When homes are staying on the market for months at a time, it may be because their list price is just too high. For the best results, you should be listing your home right at the market value, if not a little bit lower.
Respond To All Offers
It may seem tough to respond to buyers’ offers that you feel are way too low or even offensive. The problem with a slow market is that you might not be able to afford to address every offer that comes your way. You don’t necessarily have to entertain all offers that come your way, especially if they are well below your asking price, but acknowledging each bid is still essential. You can send back a fair counter offer and go from there. Many buyers may be tempted to throw out a lowball offer to see how much you will come down. In a slow market, you simply cannot afford to ignore any active offer.
Following up and recording all buyer leads is equally important. For example, if you plan to host an open house event, it’s vital that you capture contact information for people walking through the door and keep them updated. Follow Up Boss have shared these handy open house scripts to get you started.