When you need to sell your home in a less than ideal economy, you need to be a bit more creative than usual in your approach. Luckily, the advent of new technologies and resources make the prospect of moving, even in a slowing market, much more manageable. Below are five alternative approaches that can help you make the most of your home sale no matter what the economic climate.
1. Make Sure the Price is Right
It might be painful to put a price on your home in a slowing market, because you will likely need to mark it at a lower price than you believe it is worth. However, this is probably the most important factor for successfully selling your home in a slowing market. Do your research so that you know the local market, and make sure to investigate the prices of comparable homes for sale in your area. You need to price your home to the market. A slowing economy is not the time to price your home high and hope for an offer.
2. Consider Offering a Buying Bonus
New home builders often offer incentives for purchasing a property in order to bring in more business, so why not take a page out of their book? Incentivizing potential buyers to put an offer on your home is a great way to kick start the selling process in a slowing market. If you are able, consider offering an expedited closing, or possibly credit towards their closing costs. Another option is to purchase a transferable home warranty that would benefit the new homeowners.
3. Be Your Own Fixer Upper
Buyers are typically more hesitant to commit during a slowing real estate market, so it’s up to you to do everything in your power to entice them to consider buying your home. This starts with the visuals of your property. Fewer people will be interested in purchasing a fixer upper in a slow market, so do your own fixing before you put your home on the market. Improve the curb appeal of your property with landscaping or painting, and make sure to take care of any upgrades or projects that could increase the aesthetic value of your home.
4. Hire a Good Real Estate Agent
While you should of course do your own part, hiring an expert is essential to maximize the chances of selling your home in a slowing market. An experienced real estate agent will know the specifics of the area in which you are selling, and understands how to market your property to specific buyers who are most likely to purchase your home.