Selling In A Slow Market? Here Are Some Tips For You
A market where supply overshoots demand is a sign of a slowdown. Here the properties are not being sold as the buyers are fence-sitting or there are no buyers at all. This could be due to an economic slowdown or change in policies or even due to shooting up of property prices.
This slowdown largely affects sellers, that are in the market to sell their property for immediate financial gains. If you are one such seller treading a slow market, here are some tips that could help you:
Price it right
One of the first things you need to do to sell your property in a slow market is to price it right. A potential buyer who is ready to invest in real estate even in a slowdown will be looking at a price lesser than the average asking price. Give them a price cut. To know what is the right asking price, consult your real estate agent or you could also browse real estate advisories online that list properties. The idea is not to offer the lowest price property in the locality but to be priced right depending on what are you offering to the buyer.
Focus on staging
Not ready to pull down the asking price of the property? It is time to make the property look worthy of the asking price. Stage the property so that it stands out when compared to other properties in the neighbourhood. While a homebuyer wants a price lower than the existing asking price, you give them a property that looks worthy of the asking price. For staging tips, click here. If listing online, you could also try virtual staging.
Make the repairs
There are certain repairs or upgrades that home sellers overlook and keep it for the buyer to make in accordance with their need. In a slow market, make these repairs rather than cutting down on the asking price. This way you would be able to cut down the cost the buyer would have incurred and the time and effort they would have put in. This would encourage them to pay the asking price.
Make an offer that they can't refuse. Not just a competitive price, a sweet deal can help you sell your property quickly in a slow market. While you were earlier planning to sell a semi-furnished property, you could think of selling a furnished property. Sell them the appliances and furniture already staged in the property. You could pay for some of their paperwork costs, too.
Make the home 'ready to move in'
A buyer in a slow market is desperate to buy and move into the property. Give them exactly that -- a ready-to-move-in property. Offer a fully-furnished property that is ready to move in. This would help the homebuyer to take a quick decision.