Advice for Selling Your Home in a Slow Market
The rules for marketing a home don't change when the market slows down, but the competition heats up and you may have to give up a little more to make a sale. You will have to do everything you can to push your property to the forefront and get in the spotlight.
Other People Are Reading
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Be Creative
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Create a dedicated website for your property and include the web address on your yard sign and all other marketing pieces. Include a printable "Economic Stimulation" coupon for a $300 home fixup allowance and add a financing widget from your mortgage broker that allows customers to explore a variety of financing alternatives.
Sizing Up the Competition
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Examine the list of recently sold comparable homes in your neighborhood and focus on three things: 1) the sales price, 2) the terms and 3) the number of days the house was on the market. In a slow market, particularly, it is important to not be priced higher than the competition, if fact to sell quickly, your home should appear to be a bargain.
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Adding Value
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Slow markets demand that you offer value added perks, so have a professional home inspector pre-inspect the home and offer the report along with a free home warranty, offer the selling agent a bonus for a quick close, or offer an appliance upgrade allowance to make your listing stand out. Show your house in its best possible condition so that it outshines the competing homes on the market.
Buzz Marketing
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Create some buzz in your advertising by emphasizing your incentives, then pile on more "limited-time values," such as a "$500 Moving Truck" allowance for a deal closed by a certain date. Throw in a large flat screen TV and home theater sound system for a full priced offer in the next two weeks.
Getting Face to Face with Buyers
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Buck the slow market doldrums and boldly publicize your open house by creating a festive atmosphere with flags, balloons, door prizes, and freshly baked cookies and lemonade. Unless you get face to face with potential buyers in a slow market your incentives will never create any urgency. It is crucial to get contact information from those who stop by so you can follow up with any changes you make in your offering.
Financing Alternatives
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Offer as many "Slow Market" financing alternatives as you can. These would include creative terms such as full or partial owner carry, a wraparound mortgage, offering your FHA or VA loan as an assumable loan, or offer a lease to own option. These are financing alternatives that you would be less likely to offer in a brisk market.
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References
Resources
- Photo Credit Image by: Keith Olsen and Creative Commons public domain
