How To Sell Your House Fast in a Slow Market
One of the hardest things you can do in the real estate market today is to sell your house in a slow market. Nowadays, simply putting your home on listings and waiting for customers is not enough because of competition and no one wants to buy a house when the market is not doing that well. Despite this, you should not lose faith. This article will show you how to sell your house fast in a slow market.
There are ways to still sell your home despite the market being slower. However, you should understand that the economy today is making it more challenging for sellers and buyers to have their real estate properties. According to the National Association of Realtors, existing home sales in the country have decreased constantly from June to September.
The report also states that sales fell for the eighth month in a row, to an annual rate of 4.71 million when adjusted for the season. Sales went down by 1.5% from August and by 23.8% from last year.
How is the real estate market slowing down
Slow real estate market | Photo from Freepik
According to Daniel Hale, chief economist at realtor.com, rising mortgage rates, and affordability issues are the reasons behind the slowdown of the real estate market. Hale added that buyers today are facing higher costs in general and they are less able to find homes within their desired price range.
Interest rates and mortgage hike
Higher interest rates | Freepik
Reuters reported that on November 2, the US Federal Reserve will go for its fourth consecutive 75 basis point interest rate hike (0.75%) based on the poll that the news firm conducted towards several economists. The respondents also stated that the central bank should not pause until inflation falls to around half its current level.
On the other hand, mortgage rates have increased over the years. The weekly average for a 30-year fixed-rate loan today is 6.92%, the highest in 20 years. Because of the rise in mortgage and interest rates, more and more homeowners are slowly giving up on buying homes.
What people should understand is that there is a correlation between the housing market and interest rates. Interest rates determine how much money you should borrow to buy a house. Low-interest rates drive up prices. And because of these increases in mortgage and interest rates, the market might be slower.
If you are planning to sell your house, you might want to consider doing these tips so you can sell your house faster in a slow market.
How To Sell Your House Fast in a Slow Market
Have the correct price for your home
Have the correct price | Photo from Freepik
You won’t have the right buyer if you overprice your house. Yes, selling your home for the best possible price should be your goal as a seller. However, you should also realize that the market is low while the competition is high. The best way to sell your property fast is to undercut the prices of comparable houses.
In a slow real estate market, property price is critical. As mentioned earlier, people are looking for properties in the right price range. A house with a lower price compared to others will have more interested buyers. If the goal is to sell, the best way is to sell low. However, if the goal is to have profit, you should let the property hang in there for a while.
When pricing your property, you should look for two things. First, you should look for similar houses in the market and compare them. And then, look for houses that are not selling because it means that the property price for these houses is too high. The good news is that a larger buyer pool can give you higher value offers even if you sell your house below market value.
Make your property more presentable to sell your house fast in a slow Market
Home repairs | Photo from Freepik
Pricing your home lower will make potential buyers interested. However, making the property presentable while having a lower price will make them buy. The best way to sell your property in a slow market is to keep your house in check. Have necessary repairs and replace the rundown things.
Landscaping, repainting, and decluttering can go a long way in selling a house. If you can make some improvements to your home, the better. Buyers would want to have the best deal for them. Most of them are looking for properties that are cheap and not in need of repairs.
They would think that buying an affordable house and lot that is presentable will get the most out of their money. This is somehow true, but what you can do to recover from repair costs is offset the cost of outstanding renovations and repairs from the asking price of your property.
This tactic creates an illusion. For example, you had to spend $10,000 for repairs on a $200,000 home. You can set the asking price for $220,000 and if a buyer is interested, you can cut $10,000 off the asking price. That way, you still have $210,000 and you recovered the money you spent on home repairs.
You should know how to market your home
marketing | Photo from Freepik
Nowadays, you can put your home on property listing sites and sell your property there. If you know how to market your home online and handle paperwork, you won’t need that much help from a real estate agent. You can do all the work without having to pay for commissions.
The best way to market your home is to get high-quality pictures. Don’t even dare to take pictures of your property with your old iPhone and post them online if you have no experience in photography. What you can do is hire a professional to take pictures of your property. These photographers will bring out the best in your property from every angle.
And when the market is slow, you want your house to stand out compared to others. What you can do is highlight the unique features of the property. This is the reason why you can find property listings that have titles such as “Home near Carnegie Museum of Art” instead of the property address or home specifications.
The property’s architectural design, antique fixtures, large backyards, pool areas, scenic views, recent repairs, window spaces, and interior design are some of the selling points that other sellers overlook. These selling points are unique and you can capitalize on them.
Make sure your property is ready for showings
Open house | Photo from Freepik
You can sell your house fast by marketing online. However, there is no replacement for the good old-fashioned open house and showings. You should make sure that your house is always ready for showing any day of the week. Clear, readable signage can attract more potential buyers.
Make sure that the house is always clean. You never know when someone will call you for viewing. Cleaning takes time and a client that needs an appointment to view your house will most likely bypass it. So make sure that every day, you are prepared to cater to even walk-in clients. If you can have multiple viewers at once, go for it.
Your neighbors can also help sell your property. Once your house is up for sale, you can tell your neighbors everything about the property. Who knows, your neighbors might have friends and family that are looking for a house. They can also tell everyone about the neighborhood or even answer questions, which is a good selling point most of the time.
Real estate brokers sometimes offer open house food to viewers. You can use this tactic to make potential buyers more welcome in your property. Your property should not just be ready for showing. It should also be ready for move-in. Buyers will likely buy a property more if there is no hassle in their moving process.
Offer them a deal to sell your house fast in a slow market
Best real estate deal | Photo from Freepik
Low prices and beautiful homes are not the only deal you can have when selling a home in a slow market. Terms such as paying closing costs and offering a home warranty can make a client think of buying your home. In some cases, even a new set of kitchenware can make a sale on the right property.
Is there an easier way?
Doing all of these steps can certainly sell your house in a slow market. However, they can be a bit of a hassle. If you want an easier way of selling your house fast, you can sell them to Buys Houses! If you are selling a real estate property in the Pittsburgh area, we are willing to buy your home at the best price!
With BPH, you don’t have to go through the process of cleaning your home and accommodating potential buyers. We do the pricing, repair, and marketing for you! The only thing you should worry about is where to spend your earnings once the sale is made. Selling your house in a market that gets slower will no longer be difficult with BPH!