It’s a fact of real estate life that sooner or later, the market will slow down, and as Murphy’s Law would have it – it will be when you decide it’s time to sell!
If it’s not an option to wait out the slump and sell when the market picks up again, you’ll need to work with your real estate agent to help sell that house fast in a slow market.
Here are our tip five tips on selling property during these times!
1. Be ready at any time
It’s Wednesday afternoon, you’re at work, and you get a call asking if a prospective buyer might be able to visit your property to take a look. However, you know you ran out of the house that morning – leaving the dirty dishes, unmade beds, and pile of laundry for later.
The trick is to be ready at any time. Stay on top of those little chores so your home is at least largely presentable for any prospective buyer who wants to make a last-minute viewing, as it only takes one to make the sale!
2. Make repairs
Even if major renovations are out of the budget (or the time constraints), you may still be able to make repairs. When the market slows down and buyers become a little pickier, simple repairs could put them off.
Whether it’s dealing with a hole in the wall or replacing a broken fence post, these relatively simple repairs could make a big difference.
3. Don’t ignore the lowball offers
In a seller’s market, lowball offers may be scoffed at or simply told a polite “no”, as there will always be another offer around the corner.
In a market slump, even lowball offers could offer potential. Buyers could be quite keen on your property, but knowing the market, may try their luck with a low offer well below your listed price. Instead of ignoring these offers, respond with a reasonable counter offer – at least then it’s up to them to walk away, or to continue the conversation if they have a genuine interest. This is where the right agent will help you hold your nerve and negotiate your way to the right outcome.
4. Phone a friend
Who is your closest friend or family member who visits often, and loves you enough to be honest (but kind) with you?
Often, we become accustomed to seeing the front of the house, and walking into our homes every day. This familiarity makes it harder to see detractors – potential problems with curb appeal, or even odd smells as you walk inside. A trusted friend might be able to remind you to trim that overhanging tree, tidy up the garden, or give the carpets a deep clean.
Other things to consider include:
- Is the headline of my ad not attracting the right people?
- Are the photos I've selected for the ad working?
- Is the listing copy doing its job?
- Is my ad in the right places?
RELATED: 6 tricks to market your home
5. Choosing the right agent
Most people selling their home choose agents from the mmost recognisable agencies, or perhaps who they bought the property through initially. The problem with this is that the agents from the biggest agency on the block aren't necessarily the ones who understand the market, what buyers are looking for, or what the best tactics to sell your house are.
Not all agents are created equal, there are good and bad agents everywhere, so make sure that you take the time to find the right agent by reading reviews on websites like Rate My Agent.
In a tough market, every dollar counts. A real estate agent with a transparent affordable fee (such as ours here at Upside!) and no hidden extra costs will ensure that you know exactly what to budget for when selling a house, and also means more of what you make from the sale stays in your own pocket.
Thinking of taking that first step? Start the conversation with your local, experienced Upside agent in your completely free (and zero obligation) property appraisal for an idea of what your home could be worth.