If you are like most home sellers, it is your dream to sell your property fast and at the best price. However, in a sluggish real estate market such as the buyers market, where there are plenty of unsold properties and few buyers, selling your home can be difficult and frustrating. In this kind of market, it is not enough to simply list your home, place a “FOR SALE” sign on your lawn and wait for buyers. You have to optimize and refine your selling approach to find a buyer quickly and maximize the sale. Read on for four tips for selling your home fast in a sluggish market.
1. Understand your housing market
Most home sellers list their property with little or no regard for the housing market. This results in homes staying for extended periods in the market or getting lower offers on their properties. For this reason, before you list your house, ensure you familiarize yourself with how your area’s housing market is performing.
The housing market refers to the collection of property buyers and sellers within a region. It operates within the constraints of infrastructure, land availability, zoning regulations, environmental quality, and the private and public developers’ actions. A healthy housing market provides citizens with safe and affordable homes.
Various factors influence the housing market’s health. For instance, population growth, consumer confidence, job security, credit availability, and mortgage interest rates impact the Canada housing market. Be sure to check the sales volume, market days, and average pricing to get an idea of your local housing market before listing your home.
2. Price the property right
Pricing is one of the most significant aspects to consider when selling your home in a sluggish market. While you may want to get the highest offer for your property, you need to be reasonable. Be sure to research comparable homes within your locality to set a realistic asking price.
However, it is worth noting that most potential home buyers will likely opt for homes with lower prices in a slow market. For this reason, you should consider re-listing your home at a lower cost to increase the chances of selling your house quickly. If reducing the listing price is not ideal, you could consider postponing the home sale until the market conditions improve.
3. Sweeten the deal
Give your home a competitive advantage over comparable homes within your locality by making the deal more appealing to potential buyers. In a sluggish real estate market, potential buyers will opt for the best deal, so you should strive to make them feel they are getting one by purchasing your home. Consider providing a transferable home warrant or cushioning the closing costs to sweeten the deal.
4. Sell for cash
The easiest way to sell a home quickly in a stiff market is by selling to a cash buyer. Since cash buyers do not have to wait for financing from lenders because they buy houses for cash, you are assured of a quick closing period. You also do not require additional time and money to renovate, repair or stage your home. Investors purchase houses in their current condition!
Sudden illness and job offers in another town are some situations that could necessitate selling your home in a sluggish market. Be sure to research the market, price the home appropriately, sweeten the deal or sell for cash to sell your house quickly.