Financial experts will tell you that the real estate market is making a comeback, but the truth is that the recovery from the last severe recession is slow at best. Unless you’re in an area that has fully recovered, your home could potentially take a lot longer to sell than you’d like.
Keeping your expectations realistic can greatly reduce seller anxiety and relieve a lot of the stress associated with selling your home. Once you have made up your mind to get your home on the market, creating a plan of action is the smartest way to tackle the problem of selling your home quickly.
In this article we will show you how to sell your home fast in a slow market. Focusing on how to market your home to the highest bidder is a smart move. With fair market values still lower than they have been for decades, it is best to focus on how to generate interest and attract serious buyers to tackle your home sale.
Clean up and carry out repairs
Never underestimate the power of curb appeal and a first impression. Many buyers report that they instantly fell in love with the house they ultimately bought. You want potential bidders to be impressed with what they see the first time. In a slow market, it’s important that you deal with any repairs and cosmetic issues well in advance of listing your home.
Fixer upper projects are not as popular with buyers trying to make a quick transaction. Buyers are more interested in a house that needs less work and is in a move-in condition. So fix the porch railing Keep your landscape clean and tidy and fix any roof problems before considering listing.
The first impression of a home is what will ultimately lead to sale in many cases. When buyers tour your home, they want to be able to easily imagine themselves in the room. Showcase your home like an exemplary showroom that’s ready to move in and you’ll be impressed by the positive response you get from potential buyers.
If necessary, repaint the walls, have your carpets steam cleaned, clean up clutter and too many personal items, and show off your home on a short-term basis. Professional stagers can be hired to furnish your home to attract more offers from buyers.
Set your price for the current market
When the market is slow, you don’t want to overpriced your home. You might not be excited about having to list a lower price, but it can help you sell faster. Do some research for comparable homes in your area to get an idea of what homes are being sold for. Your real estate agent will help you choose the fairest price that leads to serious bids.
If houses stay on the market for months, it may be because their list price is just too high. For best results, you should list your home directly at market value, if not a little lower.
Reply to all offers
It may seem difficult to respond to offers from buyers that you think are way too low or even offensive. The problem with a slow market is that you may not be able to afford to bring up every offer that comes your way. You don’t necessarily have to entertain all of the offers that come in your way, especially if they are well below your asking price. However, confirmation of each bid is still essential. You can return a fair counter offer and proceed from there. Many buyers might be tempted to a Lowball offer to see how much you come down In a slow market, you simply cannot afford to ignore an active offer.
Tracking and recording all buyer leads is equally important. For example, if you’re planning to host an open house, it’s important that you capture contact information for people who walk through the door and keep it updated. Follow Up Boss shared this practical one Open house scripts to get you started.