Tips for Selling Your Home for Big Money in a Slow Market

How long is too long? In a dry market, a sales period of six months to a year is not unusual. Look at recent sales reports for similar homes nearby to determine a reasonable sales range. In a hot seller’s market, a house that hasn’t sold in a month indicates a problem. In either case, there are several steps you can take before raising the white flag.

  • Videotape your home, inside and out, and watch the tape as if you were a prospective buyer. Is the lawn overgrown or the garden bare? Is your house tidy and impeccably scrubbed? Spotlessly clean homes sell faster than those that appear overcrowded or display an abundance of the owner’s personality.
  • Take a second look at your list price. Visit open houses in your neighborhood. Do similar houses have a lower price? Sales prices may have dropped since your first comparative market analysis. In a hot market, if you haven’t sold your house within a month, chances are you’ve overvalued it. If you lower the sales price, consider a figure slightly lower than other comparable homes if you’re interested in a quick sale.
  • Do whatever it takes to be away from home during exhibits and open houses. The presence of sellers makes it difficult for prospective buyers to take their time or speak openly with their partner and agent. Leave a few freebies to make potential buyers feel more comfortable: drinks, nuts, cookies—anything that won’t lose freshness or make too much mess.
  • Pay close attention to the comments of the exhibits. Feedback can guide you in making home repairs, toning down your decor, making landscape improvements, and the like.
  • You can offer buyers perks like cash bonuses, closing costs, or lowering your interest rate to lower monthly payments. You might also consider owner financing.
  • Neutralize your color scheme. Most buyers prefer pale, neutral colors that make it easy to imagine a new home as their own. Houses with white exteriors are the best sellers; for interiors, try whites, off-whites, or pale grays.
  • Expose hardwoods and polish them to a shine. It’s amazing how many buyers won’t even look at a home without hardwoods.
  • If you have dogs, cats, old carpeting, mold or smoke problems, a potential buyer is likely to be offended by the smell. Ventilate the house and invest in an air cleaner and deodorizer to remove odors. Another option is a cleaner with live enzymes that consume odor-causing agents and permanently eliminate odor.
  • Staging your home is one of the best ways to sell your home faster and for the best price. Staging sets the scene throughout the home to create immediate buyer interest in the property. The way you live in your home and the way you sell your home are two different things. One idea is to pack several large pieces of furniture and as much clutter as possible in each room. Don’t just move to another room or garage, rent storage space and move it out of the house before showing it.
  • Pay attention to lighting. Make sure light sources are clean. Cleaning them is not pleasant, but bright lighting will be worth it. You can even increase the brightness factor of your rooms by adding brighter bulbs or placing accent lamps or cabinet lighting. Be sure to open the curtains and raise the blinds. For best effect, use a balance of natural, overhead, and table or floor lighting.
  • Try to readjust your sights. Determine the lowest price you find acceptable, and consider anything else the icing on the cake. In a long-standing dry market, you may even have to sell at a loss, so it’s important to take all offers seriously. You don’t want to alienate a potential buyer who has solid financing because you’ve set your sights too high.
  • If the market is underwater, consider offering a higher commission or bonus to your listing agent as an added incentive. If you sweeten the boat for your agent, amend your listing contract to reflect the change and make sure it’s added to the Multiple Listing Service (MLS) book—buying agents will also be inspired to give your home some extra attention.
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