This guide outlines the key strategies you can use for how to sell a house when the market is low and slow.
Selling your home in a slow market is a struggle you wouldn’t wish to engage in. Potential buyers will be waiting for the market to rebound before making a purchase, which leaves your home sitting on the market for longer than you’d like. While this problem looks rigid to many homeowners, there are still things you can do to speed up the sales process.
How to sell a house in a slow market
From simple preparations like decluttering your home to complex decisions like setting the right price, we discuss strategies and tips to help you sell your home faster, even when the market demand is low.
1. Choose a Selling Strategy
Before you list your house, it’s essential to determine the right selling strategy. Some of the most common strategies include listing on your own (For Sale by Owner), hiring a real estate agent, and working directly with homebuyers like Gem State Cash Offer.
The best option for you depends on various factors like market demand, sales price, the urgency of the sale, and whether or not you’re willing to renovate your house or sell as-is. It’s best to have confidence in the strategy that you choose and stick to it to avoid changing strategies when your house is already on the market for sale.
2. Price Your House Corrrectly
The right pricing strategy is one of the most effective ways to sell your home faster. The market demand can be low at times, but an accurate price tag will make all the difference in selling speed and profitability.
To determine an appropriate listing price for your house, you may compare your property with similar houses for sale or recently sold in the area. You can also get an estimate from a local real estate agent.
If you’re selling as-is, it’s best to price your house at least 20% below its market value, especially if it will take some time to sell your home because of the low market demand. This way, you can avoid reducing the price later on and potentially taking a loss.
3. Declutter and Clean Everything
With a low market demand, buyers will be more selective with the houses they’re considering. This means that you have to wow them right away if you want your home to stand out among your competitors.
A sure way of doing this is by making sure that every part of your home is clean and organized. You could invest in efficient cleaning tools that will make your work easier if you’re doing the cleaning yourself. Anytime a potential client wants to view it, they should find it clean and organized.
Some of the critical areas you should keep clean throughout the period your home is on the market include:
- Showers, bathroom counters, toilets, and tubs
- Window panes and tracks
- Doors and door knobs
- Light fixtures
- Ceiling fans
- Appliances in the kitchen and bathrooms, etc.
If you can’t keep your home clean by yourself, it’s best to hire a professional cleaning service. Not only will this ensure that your home is always clean for potential buyers, but it will also give you more time to focus on other essential things.
4. Stage Your Home
Home staging is an important aspect of home selling, especially during slow market periods. When you stage your home, it means that you’re making efforts to make the house more attractive or appealing to buyers.
You don’t always have to hire a professional stager; getting a family member or friend who’s good at interior design to help you out can be just as effective. Clients are more likely to buy a house with classy furniture and excellent decor than buy a plain-looking house or an empty one.
5. Work With a Professional Photographer
It’s a good idea to hire a professional photographer who can take high-quality photos of your home. These are the kind of photos that will leave potential buyers wanting more, and this is how you’ll get them interested in seeing the house for themselves.
High quality pictures of your home will reach potential buyers spread all over the internet. This means, even with a slow market, you’re more likely to sell your house faster and attract better prices.
6. Update to a Modern Style
Some features like kitchen and bathroom faucets, lighting fixtures, and smart home appliances might be out of date by the time you’re putting up your home for sale. If you’re not selling your house as-is, you’ll need to update these features to modern taste.
Your bathroom should at least have a walk-in shower, and the kitchen should have modern appliances to appeal to most buyers. You don’t have to go over the top and install granite countertops, but you should at least make sure that everything is clean, updated, and in working order.
If you’re not interested in making these updates yourself, you can always hire a professional to do it for you. All these will cost you a fortune, but you might end up attracting high-paying clients who are willing to pay the prices of a modern home.
7. Set Flexible Viewing Hours
Even if you’re not available during the week, ensure that your listing has flexible viewing hours. You can either hire a realtor or ask for help from friends and family to show your home whenever interested buyers call. Remember, buyers will always want to view their home of interest in their free time and not yours.
That means you’ll have to adjust your schedules to meet their needs and be as flexible as possible. You can also offer to leave during the viewing so that they can have some privacy.
8. Offer a Good Deal
Buyers want to choose you over other sellers based on your unique offerings You can choose to sweeten the deal by providing a home warranty, home inspection, and even closing costs.
9. Be Creative With Your Marketing
Use creative marketing techniques to draw buyers in. For example, if you have a beautiful backyard oasis, take pictures of it and post them on social media. If your kitchen is stunningly renovated, snap some pics and put them online. You want to show buyers that your home has features they can’t find in every other property on the market.
Selling a house in a slow real estate market is no easy feat. However, if you utilize these tips, you will have an easier time attracting buyers and getting more offers on your home.