4 Tips For Selling A House Fast In A Downward Market
If you have listed your home at a specific selling price, you need to understand that you may have to lower it for that chance to sell.
17/06/2021
The real estate market can go up or down. It's easier to sell homes when the market is doing well. But once it hits a slump, a house can go unsold for a long time. For some, they may find it difficult either way, especially for first-time sellers. If you're trying to sell your house, you cannot control the direction of the real estate market. You can, however, leverage the odds with these tips.
1. Price Your Home Right
Fighting a downward market is a losing game. If you've put up your property for sale at a specific selling price, you need to understand that you may have to lower it for that chance to sell. While waiting for a buyer, you can do research and compare prices with other homes in the market. Look into homes that are similar to yours in terms of size and number of rooms.
Lower your price to undercut the ones you saw. While you're not putting your house up for sale at a meager foreclosure price, you'll have more advantage over sellers who won't lower theirs. During this time, you'll need to be practical and make a level-headed approach. The fastest way to sell a house is to be flexible and to seek the assistance of a real estate agent.
2. Make Use of Technology
If you're still selling your home the old-fashioned way, such as printed listings, then you're missing out. In this technological age, it's essential to keep up with the technological advancements we have today. You don't even have to be a tech graduate to use software or make a search on the Internet.
Create a virtual home tour that you can send to potential out-of-town buyers so they can get a preview of the place. It's better than photos, as virtual tours can give viewers a sense of spacing and dimension. Take advantage of social media and create a page that features the home's rooms like the bedrooms, kitchen, living room, bathroom, and more. Include links to your email and phone number. Use social networking ads as well. You're more likely to get a broader reach that way.
3. Stage Your Home
Take a close look at your home's interior and exterior. Are you sure that what you see is enough? Or is there too much of it? Staging your home can also make or break your attempts to sell it. The visuals are what the potential buyers need to see, which piques their interest from the beginning.
Here are ways on how to stage your home:
- Focus staging on the significant areas of the home such as the living room, master's bedroom, kitchen, and dining room.
- Clean the home and the outer areas. Get rid of clutter, stains, and solicit a painting service if your home needs it.
- Remove signs of your family living in the property, such as family photos and other family memorabilia. It needs to look neutral so that potential buyers can see themselves living in the home and raising a family.
- Call for repair services. If your home's wiring and plumbing need updating, it's best to invest in professional services to check if they are in good working order. Doing this will make the buyers feel at ease as if they have nothing more to worry about the house.
- Add more lighting to brighten up dark areas in the home.
- If you have wooden furniture such as pine that you want to include in the home's sale, you can revamp and paint them in acrylic, chalk, or spray paint. The quality of the wood tends to age over time. You may also use varnish, stain, or sealer to improve the natural look of the pine furniture.
- Check the exterior of the home if the paneling is good. If the outside requires masonry, you will need to call for contractors.
4. Find Out If a Short Sale Is Possible
You may want to inquire if the house can be sold at a price lower than what was owed to the mortgage. If the bank or lender that provided the loan agrees to the short sale, the home seller may be able to pay the mortgage provider back. A short sale is a strategy of homeowners when the status of the economy is currently stagnant.
A known advantage of the short sale is that it will help improve your credit score. When you're able to pay the lender back, your credit score will shoot right up. It will also help ease selling fees because it can take up to 15% of the property's selling price.
In Conclusion
The down market can discourage anyone trying to sell a home, but if they know to follow tips, they may improve their situation. The real estate business can be complicated, especially if there is minimal knowledge about the business. One can still seek out a real estate agent for help.