It is normal to wonder if you should wait to sell, especially if the real estate market in your area is experiencing a downturn.
- 51% of homeowners still believe that now is a good time to sell their house.
- A down market is when the prices of real estate start to fall.
- Home staging can attract offers 1%-5% more than the asking price.
What is a Down Market?
A down market is when real estate prices start falling and sales become sluggish. It is often called a buyer’s market.
Steps To Sell Your House In Down Market
In a down market, buyer’s become picky. You need to make changes and make your house stand out with the help of professionals.
1. Know Your Market
Before you make any selling decision, it is important to understand your market, your property’s value, and your competitors.
A thorough amount of research and analysis will assist you in pricing your property and may even save you from undervaluing or overvaluing it.
2. Price Your Home
Pricing your home is a critical decision, as you have to be realistic while quoting the price.
Buyers will look for a house with low pricing; you have to set competitive pricing to stand out in the down market. High or unrealistic pricing will increase your property’s days on market.
3. Make Necessary Repairs and Renovations
A down market makes buyers fierce and picky, rational pricing is not enough. Your house should also look appealing.
Now is an excellent time to get started on that renovation you had been putting off. It will also help you in negotiations.
💡Creative Ways To Market Your Home
To persuade potential buyers to look at your house, use as many real estate marketing methods as feasible. The more people are aware of your listing, the more probable it is that you will sell quickly.
Here are some creative ways, you can use to market your home:
- Tell your neighbor or the people around you.
- Put a ‘For Sale sign in your yard
- Use different social media platforms
- Create and distribute newsletters that stand out your property from your competitors
- Shoot high-HD images and broadcast aerial videos of your property
- Try direct email marketing
- Organize an open house and deliver a brief elevator pitch for your listing
Another technique is to market directly to real estate investors. Real estate speculators are generally eager to seize opportunities.
Listing on real estate websites such as Houzeo ensures that your listing will be seen by thousands of real estate investors.
4. Hire a Professional Home Stager
Home Staging is the process of making your home more appealing. A home stager cleans, rearranges, and makes other aesthetic changes to make your home look presentable and attractive.
A staged home can attract offers of 1%-5% more than the asking price. You can even hire a local interior designer to make the necessary changes.
Best Home Staging Companies: Find the best staging companies in your area.
5. Choose Your Selling Method
The selling method you choose should meet your needs. Some selling methods are more expensive than others.
1. List With Flat Fee MLS Services
Listing with a Flat-Fee MLS service gets your house on the market within 24 to 48 hours.
Flat-fee MLS is the best way to sell your house fast and has four significant benefits:
- The MLS is the fastest way to hit the market, plus your listing is syndicated to Zillow, Realtor.com, etc.
- Your listing gets maximum exposure.
- You can negotiate on all offers.
- You skip paying commissions or service fees.
2. Connect with your local Real Estate Agent
A real estate agent is a licensed professional who helps in all real estate transactions.
They are well-versed in the local real estate market, its trends, pricing, and procedures. Their networking can help you sell your house in a down market.
3. Sell to iBuyers
However, iBuyer services are restricted to only metro areas. They also have strict eligibility criteria which they do not compromise on.
4. Sell FSBO
“For Sale By Owner” implies that your home won’t be listed on the MLS. As an FSBO, you market your property yourself, conduct market research, manage offers, schedule showings, draft an FSBO contract, etc.
77% of FSBO home sellers closed on their homes within two weeks because the homes were sold to someone the seller knew.
» For Sale By Owner Listing Sites: Check out the rankings for America’s top FSBO websites
Bottom Line – Plan Your Sale Before Market Slumps
A down market can become challenging given the supply of houses and the lower demand from buyers. Listing your property on the MLS and marketing it slowly is your best bet!
Houzeo Flat-Fee MLS listing makes it possible for you to list your property on the MLS. You also get a variety of packages to choose from, depending on your needs.
» LIST WITH HOUZEO NOW « Market your home on the MLS and hundreds of other websites to reach multiple buyers and sell your house quickly.
Frequently Asked Questions
What is a Declining Market?
A falling or down housing market is one in which values begin to decline. There are many homes are available for sale, but only a few purchasers are available.
How Can I sell my house fast in a declining market?
If you want to sell your property quickly in a decreasing market, iBuyers and WeBuyHouses investors may be a viable alternatives.
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