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There are times when the real estate market slows and the number of homes increase while the number of buyers decrease. Many things can cause these slow downs but most common is the rising of interest rates or changes in minimum qualifications to buy a home.
It goes without saying that in slower market conditions selling a home is more difficult, yet some homes still sell. What is the secret to getting offers on your home during slowing markets? Frequently a review of the marketing of your home can result in opportunities to improve the way your home is being presented to potential sellers.
A picture is worth 1000 words.
So the saying goes but have you looked at the photos representing your home online and in print advertisements? Photos should give a buyer a reason to visit the home. Avoid photos like these:
Dark interior shots with window coverings closed
Cluttered Rooms
Pets sleeping on the furniture
Photos that are not cropped, cut out the unnecessary parts of the photo
Photos that take too long to view because of resolution size
Focus on your home's unique features. Every home description has the basics but many don't give a sense of what makes this home special, different. Descriptions should give the buyers a reason to come see the home. Try to remember why the home was purchased in the first place. Was it a great view, closet space, new appliances?
Even if you don't use a real estate agent to list your home, remember that real estate agents collectively work with many potential buyers. They can be your best friends so be sure to entice them to come see your home so they will prospective buyers about the home. Send flyers to the real estate broker offices, offer a drawing or small gift for each agent who shows your home, have a "agents only" open house with snacks or lunch.
Lack of "show time"
If an agent can't easily show your home, he or she is going to show another agent's listing instead. Don't give an agent a reason to pass up your home.
Not allowing the lockbox
Restricted hours to show
Requiring 24-hour notice
Only allowing showings by appointment only
Instead, let the realtor put a lockbox on your home and ask them for just a courtesy call before coming over. Yes, you'll have to be sure your house is ready to show at all times but if your home sells faster, you won't have to worry about it for long.
Getting stingy with commissions
If you are trying to get a good deal on realtor services, don't scrimp on the commissions. Agents, like every other person who works for a living, must earn money. Selling listings that pay better is a natural magnetic force. Instead of trying to get a break on commissions, pay good money to the best realtor. Chances are this individual will work harder and smarter to get your home sold.
Failure to budge on the selling price.
In a slow market buyers take the lead. If you aren't willing to move even a little on your asking price, you may be costing yourself a sale. Not to mention that agents who know you aren't willing to negotiate may interpret this as lack of motivation to sell and therefore may not show your property as often. In slow moving markets, buyers expect to negotiate.
Give buyer incentives
An incentive doesn't have to be expensive or elaborate. It doesn't even have to cost the you (the seller) if the home price is structured to account for the discount. Here are some typical incentives:
Dollars towards the buyer's closing cost
A Home protection plan
Pre-paid homeowner association fees for a year
Be sure your home is being actively advertised
Don't expect to sell your home if you don't let anyone know it's for sale!
Sunday classifieds in daily newspaper
Picture classifieds, if offered
Local monthly publications
Internet based listings service
Agent's website featured listing
These are just a few ideas that can put you on the right track to getting your home sold faster in a slow market. If you are looking for a home during a slow market - you've got the advantage, spend the extra time and shop wisely for the best home to meet your needs. |
