Tips for Selling in a Slow Market
Tips on Selling your home in a Slow Market
1. PRICE. Buyers will look at 10-12 homes on average before making a buying decision. It is especially important in a slow market to be competitively priced. By setting an asking price above market value, homeowners risk driving potential buyers away. If your property is being perceived as overpriced, buyers will just move on to the next. Lowering the price may be difficult, but if you want to sell your home in today's market you may need grit your teeth and do it. Discuss with your real estate professional.
2. Get a Pre-Inspection. This actually works for both you and the buyer. By having a whole house inspection done before listing the house, you can address any issues before prospects see the home increasing your homes sale-ability. By having the home inspected before listing it people don’t have to guess what kind of condition it is in, they can see it in writing.
3. Cover Closing Costs. Sometimes it just takes a little nudge to close the deal. You can offer to pay the buyers half of title and closing fees, or pre-paid interest charges. Paying the points on the loan may also be a tax deduction for you. Many lenders may limit how much of the closing coats you can pay, but if the buyer is short of cash, offering to pay some closing costs can make a difference.
4. Bite your tongue. If a potential buyer comes in with an offer you consider too low, resist the urge to turn up your nose. After all, it takes time to complete paperwork to make a formal offer, so even a low bid signals interest. You should respond—even if you feel insulted. Do a serious counteroffer. You have nothing to lose by countering but may lose a potential buyer by rejecting it right away.
5. Flexibility. Ensuring that your house is ready to show at all times will make it easier for prospective buyers to see it. So tidy your entry, clean the dishes, make your bed each morning before heading off to work, just in case someone may want to come by at the last minute. Access is very important. In addition, homeowners should be willing to disappear on weekend afternoons when many showings occur. Things like limiting the hours of showing or requiring an appointment because you have a pet are reasons for real estate agents to bypass your house when they go to show.
6. Repairs. Make those repairs! While in years past it may have been enough just to cut the grass and do some paint touch-ups, in today's market you can’t give buyers an excuse to not write an offer or to make a low offer due to repairs needed to your home! If you have a property that needs a lot of work, you are competing against the home down the street that is compelling to buyers rather than interesting.
In today’s real estate market, not only does your home have to be more attractive than the other homes on the market, but the deal has to be more attractive also. With these tips, you can make the deal as attractive as the house, and close the sale while other homes stay on the market.