Considering Selling Your Home? Concerned that the market isn’t moving? Here are some great tips on Selling Your Home in a slow market.
It is no secret that home prices have dropped over the last few years, providing an incentive to credit-worthy or cash buyers to get off of the sidelines and to get into their new home. The playing field has changed significantly and you must be able to adapt to these new market conditions when trying to sell your home.
1. Price to the Market - As a seller, you must be prepared to sell your home at fair market value. If this doesn’t sit well with you then it may not be the right time. Contact an agent in your area to help you determine what your home is worth, sometimes called a Market Value Report or CMA. Any Real Estate Agent in your area should be able to provide this to you for free.
2. Tidy Up - Clean up all areas of your home and make all necessary repairs. If you can see that something needs to be fixed, prospective buyers will see it as well. Try and view your home as it you were walking through for the first time and take note of any issues which need to be resolved. Buyers have many options in today’s market and they may just go down the street to buy that foreclosure or short sale in better condition.
3. Be Flexible - Providing access to your home may be an inconvenience but it is a necessary part of the process. Keeping your house “show ready” at all times will make it easier for prospective buyers to see it. In addition, homeowners should be willing to disappear on weekend afternoons if potential buyers are planning on viewing the property.
4. Know Your Listing Agent - Finding an agent with experience selling homes in your market will help ensure that your home is priced properly and that is marketed as well. Choose an agent whose properties sell in an average of three or four months in today’s market, a sign the agent understands how to market your property. Ask them about their online marketing efforts and how they attract buyers. Make sure that they point out all positive aspects of your property and ask to review your listing once you are ready to move forward.
5. Don’t Be Easily Offended - Buyers are affected by current market trends and they are well aware of all of the foreclosures and short sales on the market, resulting in significantly low offers at times. Don’t take it personally, buyers are looking to get the best deal. Always offer a counter, no matter if you think both sides are too far apart. You have nothing to lose by countering, the buyer may eventually turnaround and they’ll have a better idea of where you stand.