Price Your Home Correctly When faced with a slow market, pricing your home correctly is even more important than usual. If you’re trying to sell in a particularly stiff buyers' market, you may need re-list your home at a lower price to remain competitive with comparable properties. Remember, chasing an unrealistic sale price is the worst mistake a seller can make.
If you aren’t willing to compromise on your listing price, it may be better to wait until market conditions improve before you consider selling.
Make Impactful Repairs and Renovations Have you been avoiding minor renovations and cosmetic repairs? Your inattention may be deterring buyers. Competition in a buyers' market is fierce and buyers can afford to be picky. This means it’s especially important for pre-listing renovations and repairs to be completed at a high standard.
If you need to offload your property fast and don’t have the time to finish improvements, you can offset the cost of renovations and repairs from the asking price of your property. Not only will this save you time and energy, but it can also be used as a bargaining tool in negotiations with potential buyers.
Have Your Property Professionally Cleaned and Staged When people are looking for a home, they need to be able to see themselves and their families within the space. If your home looks dirty, cluttered or messy, buyers will find it difficult to get a true sense of the property.
If you want to give yourself the best chance of selling during a buyers' market, your property must be in top-notch condition. If you’re short on time, consider hiring a professional cleaner to go through your home before listing. For more appeal, book a consultation with a home stager.
Establish a Unique Selling Point In a slow market, many houses within your area may boast similar features, making it difficult for buyers to differentiate your home from other local listings. You can make your home stand out from the crowd by highlighting any interesting or unique aspects of the property. These features may include: • Architectural design • Unique fittings and fixtures • Large backyard or entertainment area • Scenic views • Recent home improvements
Embrace Unconventional Marketing Strategies Unorthodox marketing tactics are a great way to expose your listing to a larger audience of buyers. We’ve listed a few unconventional promotion tactics that can easily be integrated into your marketing strategy: • Design and distribute creative newsletters to distinguish your property from competing listings. • Use a drone to capture ultra HD videos and photos of your property. • Leverage social media platforms to broaden your engagement with millennial buyers.
Partner with a Local Real Estate Agent If you’re struggling to sell in a slow market, it might be time to partner with an experienced real estate agent. A good agent will be familiar with local market drivers and can help restructure your listing and marketing strategy to better optimize buyer engagement and offer competition. To connect with an agent who has experience in fast property turnover, reach out to us.