Even in a slow market, people buy homes. Whether due to relocation or life changes or something else, they need to find places to live. It’s just that in a slower market, there are fewer buyers buying, meaning there are plenty of homes for them to choose from. Available buyers can choose from the cream of the crop, usually at affordable prices.
So what does this mean for you as a seller? Simply put, it’s not enough to stick a sign in the front yard and continue life as normal.
Essentially, selling in a slow market is all about outshining the competition so you can appeal to the smaller pool of buyers. How can you do this? Here are six ideas:
1. Comparison Shop: Are there other homes for sale in your neighborhood? What about in your city for the same price range? Compared to these other for-sale properties, which you can be sure buyers will see, how does your home stack up? Knowing this information will help you know what needs to change (amenities, price, etc.) and can give you a great starting point for preparing to sell.
2. Advertise Aggressively: You need to get the word out about your home, ideally at a highly trafficked website that can appeal to visitors worldwide. Buy Owner is the nation’s leading “For Sale by Owner” company, providing customized individual ad pages with virtual tours, professional photography, quality descriptions and more. Advertise your home at a site like BuyOwner.com for maximum exposure.
3. Improve Curb Appeal: First impressions are incredibly important. The initial appeal (or lake thereof) can encourage a buyer inside or deter them from ever entering. Manicure the lawn, plant flowers, power-wash the driveway and/or walkways. The front of your home should wow anyone who pulls up.
4. Stage the Interior: Effective staging should showcase your home’s strengths by opening up the rooms with strategic furniture and décor placement. The goal should be making it easy for buyers to see themselves living in your home.
5. Offer Incentives: When you’re trying to stand out amongst other for-sale properties, incentives are a sure bet. Offer to give money back to the buyer or throw in some bonus with a completed sale, be it new carpeting or a vacation getaway!
6. Think Outside the Box: Selling your home fully furnished could be a selling factor for interested buyers. Even throwing in extras like appliances, a lawn mower, etc., may be enticing. Alternatively, you could offer a rent-to-own option, or you may choose to just rent altogether.