So it seems like the real estate market conditions are not the best at the moment. Inflation and high-interest rates are the tip of an iceberg that screams from the horizon "Don't sell your home now!" yet you want - or have - to sell your home. It is a dire situation, but it doesn't mean that you have to settle for a bad deal, you just have to be flexible to make the most out of it.
How can this be achieved? Let's find out!
Price your home to appeal to a wide range of potential buyers by setting your top and bottom prices right in the middle of two consecutive price ranges. For example, if you see that the most common ranges for houses like yours are $250,000 to $275,000 and $275,000 to $299,000, you can price your home between $262,500 to $287,500. That way, it will appear in searches for both ranges, effectively doubling your options.
In a buyer's market, competition is fierce, and half of the battle is getting eyes - and feet!- on your property. To make your home stand out from the crowd during a downturn, you have to present it in the best possible way for the least amount of money.
The best way to do this is by giving your home a thorough cleaning, including the exterior of your home – a well-landscaped lawn can make a huge difference in attracting potential buyers. If your budget allows it, you should also consider refreshing the paint of your house. A home that seems taken care of is one of the most effective strategies in real estate.
Showings are one of the most disliked parts of the home-selling process. Inconvenience, privacy concerns, and preparation are some issues sellers have with showings, especially when a property is hot. However, during tough times buyers are scarce - good buyers even more! So you have to cast a wide net to increase your chances of landing the best buyer.
Doing more showing can't be avoided, but you can be strategic about it and develop 30, 45, and 60 minutes walkthroughs to accommodate your available time. Try to set aside a time of your day for showings to take the opportunity or unscheduled showings. You can also suggest video streaming a walkthrough as an alternative. Planning that you'll need flexibility is the best way to have options available for the best deal.
It might be counterintuitive, but being patient when selling your home during a downturn is important because it sets expectations right and helps you avoid mistakes.
In downturns there is a limited buyer pool, prices are lower, and the selling process is longer. With these facts set right, you can adjust your expectations to the current reality and be able to recognize the best opportunity when it presents itself and even wait for the market to improve and potentially get a better price for your home.
There is no upside to selling fast and desperate. By being patient, you can detach emotionally from your home and make rational decisions about selling, including pricing it correctly and avoiding bad offers, since you'll be able to recognize such.
Being patient doesn't mean being slow. Being patient means making the right decision with the right information at the right time.
The amount of time, effort, and money you have to put in to sell your home is more than you think, it doesn't matter when you read this.
Except if you sell to Simply Homes.
At Simply Homes, we approach real estate investing with a unique perspective. Unlike many other companies that aim to reduce their offers, we strive to purchase homes as close to their fair market value as possible. With our offers, you can expect a quick closing time, often within a matter of days, and without any real estate fees to pay. With Simply Homes, you can have money on hand faster than any other way of selling your home. Find out what your property is worth today!