If you want to sell a property fast but you’re not getting the number of offers that you thought you would. You may have a local market that has turned into a buyer’s market which is when there is a greater supply of houses then there is buyers. With a lot of houses on the market a buyer can take their pick of houses, so how do you make sure that they pick your house and not one of the other ones.
Here are a few tips to sell a house in a slow market:
Make Needed Repairs
You can believe that when a buyer looks at your home during a showing, they are hyperaware of any indication of greater structural and foundational problems. You may not think they will notice the small crack in the wall or the funny handle that you have to wiggle a certain way to get the faucet to work, but they will. During a time in which buyers have plenty of homes to choose from, most buyers will choose one that is move in ready to a comparable, slightly damaged one. So stay abreast of the competition, fix the repairs yourself or hire a handyman if necessary. Make an inventory of all the work that needs to be done and go down the list.
If you have not already done so, consider staging your home. Staging involves redecorating your house in a certain way in order to attract the most buyer offers. During the staging process, first remove the clutter and pack away as much unnecessary items as you can since clutter only makes room appear smaller. Go ahead and pack away personal photos and religious memorabilia as well since you want buyers to focus on the home itself and their own lives within instead of your family and ideals. Consider leafing through home and garden magazines to give you an idea about optimal furniture placement, contemporary colors, and design. It is important to give each space a purpose so that buyers can have an idea of how even small rooms can be used such as making a turning a tiny loft into an office or an expansive space into an entertainment area.
Consider Cutting Prices
Everyone wants to make a profit on the sale of their house but sometimes a lowered price is what you need to attract a good buyer. During a buyer’s market you should price your home in the middle range of the comparable homes, and if you want to sell a property quickly, think about pricing it towards the lower part of the comparable range. Pricing is the single biggest driver of home sales, and a price change is a great way to increase the interest people have towards your house. When a house has been on the market for a long time it can throw up some serious red flags to most buyers, even if there is nothing really wrong with the house. Some people will not even look at a house that has been on the market for a long time because they think there is some serious problems with the house. Cutting your prices can stop your listing from being stale and help ensure that your home does not get passed up because of the age of the listing.
You may not always be able to lower your price, but when an offer comes your way, make sure you are ready to negotiate. There is a lot more that you can work with then just the cost of the house. You can keep the conversation going by offering some simple concessions and being flexible with your closing dates, financing options, or even something like new appliances for the kitchen. When you have a few buyers ever offer should be handled with care and sometimes you will have to make concessions to close the deal.