Whether we like it or not, the local, national and international property markets certainly have a hand in how quickly homes sell, and what prices they ultimately sell for. Known for being hard to predict, the property market ebbs and flows along with other parts of the local and international economy, and sometimes, inevitably, slows down. This can lead to homes spending more days on the market or selling for prices that are lower than sellers might have hoped.
A slow market shouldn’t be the reason your home does not sell, though. Any real estate agent worth their salt will be able to navigate the tides of the real estate market with ease, and can give sellers the advice they need when the market slows down.
Because they have probably experienced the local real estate market in all its incarnations, experienced real estate agents will understand what challenges the market may pose at any given time, and know how to adjust their selling strategy accordingly.
If they have been doing business in a particular city or suburb for a while, they will also have a good idea of how real estate in this specific area performs when the market turns. This makes them indispensable to the average home seller, who may never have tried their hand at selling a property before.
How to sell your home fast?
Selling a home quickly is the ultimate goal of most property owners. If they have a choice, they would prefer that the home quickly generates interest, and that the administration associated with the sale of a property is completed in record time. It is important to note, though, that time is relative, and that what they experience as a long time, may be rather quick in terms of real estate time.
The real estate agents assisting home sellers will probably start off by telling sellers that patience is key of they are looking to make the best profit when a home is sold. Instead of selling a home “quickly”, real estate agents aim to rather sell a home in the shortest possible amount of time, at the best possible price. What exactly the quickest possible time will be will greatly depend on factors like the property market, together with the general state of the property and the way similar properties in the same city or suburb perform.
If you are looking to sell in the quickest possible time while the market is a little slow, this is what sellers should pay attention to:
Contrary to what many home sellers may think, pricing the home competitively doesn’t mean sacrificing all the profit they thought they would make when the home is sold.
When initially suggesting an asking price to home sellers, real estate agents will conduct a comparative market analysis to ascertain what prices properties that are similar fetch. This is done to estimate a price that is both fair and realistic, while still guaranteeing a profit for sellers.
Pricing the home competitively means settling on an amount that is not that much higher than the price similar properties are going for. This goes both ways, though: setting a price that is far lower than what similar properties are going for may put buyers off, too. If the price is much lower than the price of comparable homes, prospective buyers can get the impression that there is something wrong with the home and that they should steer clear.
A price that is competitive is one that is not too different from the price being paid for homes that are akin to the property that is being sold. This means that it will not be far higher or far lower than comparable properties. When the market is slower, your real estate agent may suggest that you drop the price a little bit in order to compete with other, similar homes that are on the market at the same time, but isn’t low enough to raise the suspicions of prospective buyers.
Plan and prepare
Especially when the market has slowed down, creating a good impression with buyers that view the property online and in person is key. It won’t cost you any money to undertake a deep clean of the entire property. Ensure that everything in and around the house is in good working order. Your real estate agent may advise you to complete a few renovations or repairs that will add value to the home, but you needn’t undertake elaborate décor upgrades, as these won’t necessarily appeal to the broadest group of potential buyers.
Speaking of appealing to buyers, it is important to stage the home before the official photos for the online listing are taken, and also before potential buyers come to view the property in person. Staging the home entails decorating and presenting it in a way that will appeal to the tastes of most buyers. Don’t try to remodel the home after current décor trends, as these will not always impress buyers. Instead, opt for a neutral palette that lets buyers imagine themselves in the space, while also exhibiting and accentuating the very best properties of the home.
If you have prepared sufficiently in the initial stages of the home-selling process, you will be saving yourself a lot of hassle later on, and won’t have to worry about not being ready when the buyers start coming around.
When the market is a bit slower, you can bet your bottom dollar that prospective buyers will push their luck by putting in offers that are below the asking price that sellers and their real estate agents have decided on.
Instead of getting angry about this, it pays to be open to negotiations. When setting the selling price, you and your real estate agent probably left some wiggle room, anyway. When it comes to making a counter offer, let your real estate agent handle the negotiations on your behalf. While the prospect of someone being intimately involved in selling one of your biggest assets may be nerve-wracking, you should remember that this is exactly why you enlisted the services of a real estate agent that you can trust to get the best possible deal.
Rest assured: your real estate agent will always aim to get the very best price for you because it will also affect the commission they earn when the home is eventually sold. Being a little more flexible is of cardinal importance if you don’t want to push away buyers that are already interested in securing the purchase.
Similarly, you might also want to be a little more flexible when it comes to people viewing the property. Be willing to make a few compromises for buyers, and you’ll soon see them making compromises for you.
Make your home stand out
In a slow market, it is more important than ever to make your property stand out among the rest. In this regard, it is worth discussing the option of a professional property photographer taking the pictures for your home’s online listing. Because this is the first place most prospective homebuyers will encounter your property, it is very important to make an immediate good impression that makes buyers want to come and see the home in person. Ask your real estate agent whether they know of someone reputable.
When people do start coming to see your home, make sure that it is in an impeccable condition and that all renovations and repairs have been completed. Don’t forget to improve your home’s kerb appeal – aside from the online listing, this will be the first impression that potential buyers get of the property. If the outside doesn’t look appealing, the rest of the property will be met with scrutiny from buyers. This is not something that you want.
It also pays to acquaint yourself with what types of properties your own home is competing with. Once you know what the competition is doing, it will be easy for you and your real estate agent to tailor your own listing accordingly.
Find the perfect real estate agent
Having a good real estate agent by your side is perhaps the most important part of selling when the market is slow. Qualified real estate agents will have garnered loads of knowledge about the local property market from years of experience, and will be able to provide the very best advice about what sells and what doesn’t.
Real estate agents don’t only provide valuable advice, though – they will also be able to assist you along every step of the selling journey. If you have never sold a home before, a trustworthy real estate agent will be of great help when it comes to the numerous administrative requirements associated with selling a home.
When you pay real estate agent’s commission, you are paying for training, experience and expertise that you simply won’t have access to otherwise.
Selling a home in a slow market is a breeze when you do the right preparations alongside an agent you can trust. Still looking for someone to help you sell? Perfect Agent recommends agents based on your exact requirements and needs.