Like the weather, the real estate market has its fair share of highs and lows. One houses might last just days or weeks on the open market, and the next they may not even have a viewing. Trying to sell your home in a slow market can be difficult, but there are things you can do to counteract the trends, whether you're selling on your own or through a realtor. For anyone stuck in the real estate listings, here are some tips to help bring those buyers back to your door.
Why do housing market bubbles pop?
The importance of marketing your property cannot be overstated, especially in a slow market. There may be fewer buyers, but they are still out there, making your home's exposure that much more important. As popular and important as the internet is to high volume exposure, don't forget the old standbys like for sale signs, bulletin boards, and classified ads in the papers. Even the swankiest condos sell through these techniques, and every outlet helps.
That said, the internet is still the most effective way to get people's attention these days. Don't just throw your ad on every site you see, however. Make sure the sites you list on aren't filled with properties that sold months ago, as this puts off many browsers. It's always a good idea to find a site that allows you to post pictures as well, as most buyers are more inclined to view your home if they can get an idea of what to expect. A picture is worth a thousand words, so the more pictures, the better.
Other than marketing, the most important thing you can do as a seller is to make sure that your property is in prime condition for showing. Getting people in the door is half the battle, but the sale is your ultimate goal. Taking the time to clean and repair your home will help set you apart from the competition.
Because most buyers view several homes before settling, brochures are a great way to remind them of what you offer. After seeing half a dozen homes and condos for sale, they begin to all look the same, and having your brochure to jog their memory can put you miles ahead of the competition. It may seem like an unnecessary step to take, but in a slow market you need to set yourself apart.
Lastly, be reasonable when it comes to the selling price. Everyone wants to get fair value for their home, but at the end of the day it's better to take a lower price and move your property than to get stuck in the market because you're unwilling to compromise.