5 Tips for Selling a House in a Slow Market

A slow housing market is no news in the U.S. With the increasing competition affecting prices, sellers take more and more time to dispose of their homes at a fair rate. As the inventory of single-family homes and condos keeps getting larger, the message is clear – the market favors buyers. However, this is no reason to believe that it’s impossible to sell a house or that the asking price should plummet to the ground. Leave dark predictions and market analyses to researchers and economists. Selling a house in a slow market is not as simple as ABC, but it is absolutely feasible.

There are things you can do to make your property catch a buyer’s eye. To help you get rid of your property, we have chosen top 5 tips from experienced real estate agents that are bound to speed up the process. Simple but effective, these are the best ways to make your home appealing to a number of buyers, and thus increase your odds of selling it in no time.

Set a price to suit the market

Setting a price high above the market value is not a good idea in today’s real estate conditions. Pricy properties such as premium waterfront homes have their target audience, but these are out of reach for most buyers. Yes, there are homes to suit every pocket, but you need to be aware of the conditions that determine the price of your property. Some of them are the following:

  • location
  • lack of home improvements
  • street appeal
  • demographics
  • local job market

 

Obviously, you cannot affect all the conditions that determine the price of your home. But you need to be aware of them. Setting a fair price allows you to keep up with the competitors around the neighborhood. If it means you need to bring down the asking price, so be it. Sometimes it is the only way to stay in the race.

Make the repairs and clean up

Would you be interested in a house with a leaky roof or problematic plumbing? No, thank you. If there is work to be done around the house, it needs to be done before the home is listed for sale. The main reason why buyers are looking to buy new build homes is because there are no extra costs for repair work. Instead of a decrepit home, they should be able to see an old but well-kept traditional home. It doesn’t have to be a new build.

Cleaning up and de-cluttering is a must. If the home requires full-range cleansing, find someone who can help you with your furniture, pull up the sleeves and take action. Staging layers of dust, sticky surfaces, and unkempt bathroom will definitely drive buyers away. Even if the home on offer has a number of qualities, messiness will camouflage the strengths and bring down the value.

Hire a professional real estate agent

Michigan’s housing market is large and diverse. It has had its highs and lows, but with the strong economy, the prices have not decreased over the past years. On the contrary, there is a steady yearly increase of 6.2 percent.

Many Michigan residents are moving within the state for work and family reasons, looking for a place to settle in. In order to sell your home at the best possible price on the current market, hire an experienced real estate agent. A professional agent will know how much you can ask for when planning on moving out of St. Paul, Grand Rapids or Kalamazoo. As Grand Rapids ranks among 20 best places in America to live in, at this moment, you can cash on the popularity. However, some neighborhoods are facing a negative trend. It’s best to have a professional help you set a price and stage your home the best way.

Become flexible and accessible

Real estate experts often say that there is a buyer for every property. But in order to find the one for your property, you need to make it accessible to a number of prospective clients. Put a “For Sale” sign in your backyard and be prepared to host potential buyers at any time. If you can’t make it on your own, ask the family members to help you out. They can always do the dishes and keep the place clean and tidy just in case. A real estate agent can explain all there is to know, highlight the strengths and keep quiet about the weaknesses of your home. All you need to do is display the property in the best light.

Get to know the market and advertise

Knowing the target market is the first step to successful marketing. The second is advertising, advertising, and advertising. In addition to a “For Sale” sign, the property should be listed in local newspapers, websites, and ads.

The more ads you launch, the more people will have the chance to see your house. Once again, contact your real estate agent. Real estate agents have access to online listings that make property search easier by narrowing down the choice in accordance with clients’ preferences. In addition, you should know your target audience. If your property is a perfect single family nest, then this is the focal point of your advertising message. However, if it’s a modern condo in the vicinity of the city center, it may be more appealing to young professionals or couples.

 

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EdConstable.com Team
Your Realtor for LIFE

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Ed Constable is a top Realtor in Fenton, MI, and surrounding areas!

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