When you are trying to sell a home in a down market in which homes are selling quickly, you need to find ways to set your home apart from competing homes for sale. People move for a variety of reasons, including financial changes, divorce, and retirement, so it’s best to think about what your home can offer people during these transitions. Your best option is to work with experts who know what buyers want and what is hot in your area, which is why the professionals at The Real Estate REPs Group have created this list of a few home-selling tactics for you to consider.
Is it worth it?
Before putting a lot of effort in updating, renovating, and marketing your home, consider if it’s actually worth selling in a down market that favors the buyer due to a high availability of housing inventory. Keep in mind that economic indicators can be highly localized. If a few towns and cities largely depend on one major employer, for example, and that company experiences a downturn, that area will suffer economically even if nearby cities and states are thriving.
Pay attention to area housing market statistics that display available inventory, average sales prices, and how fast sales are closing. A high number of houses for sale typically indicates it’s a buyer’s market. If this is the case in your city, evaluate whether this is the best time to sell. You may not need to wait for a significant economic uptick. Oftentimes, home sales pick up in the spring and summer months, favoring sellers and more quickly depleting available inventory, and then slow in the winter.
Other timing considerations should include any financial concerns about your next home purchase when your home sells. Would you reap enough from the sale in a less-than-ideal market to afford your next home? A real estate agent can also advise you on whether your home is considered one that is in demand in this market. For example, if luxurious, high-end homes are moving, but starter home sales are relatively flat, and you have a starter home, waiting may be the best approach so you have better odds at a better price.
When it’s time to sell, take care of the basics
Chances are you feel best in your home when it’s clean, free of clutter, and well-lit. It should be no surprise, then, that these are also basic measures to help your home look its best. It’s also a good time to add a fresh coat of paint — both inside and out, if appropriate — and replace any worn carpet or flooring. These steps require minimum out-of-pocket expenditures, but can have a big impact on the appraisal value of your home. many you can do yourself if you have the time and ability. Be sure you keep the interior cleanliness as constant as possible. It may require discipline if you are still living there, particularly if you have children, but you’ll be glad for the effort when you get calls for last-minute showing requests and there is minimal preparation before hopeful buyers come to view your home.
How you present the exterior of your home is equally as important and in fact, since it provides the first impression as curious buyers do drive-by viewings, it’s a good idea to tackle your “curb appeal” elements first. In addition to a fresh coat of paint if applicable, consider updating your front door, whether with an attractive contrasting paint color, or a new door altogether. Your deck should be freshly power-washed, and you should replace any worn patio furniture that is displayed, even if it’s not being sold with the house. Potted plants, and in particular flowers that add a “pop” of color to your exterior, are also a charming touch.
Naturally you will also want to make sure your landscaping looks professional and is well-maintained. And, if you have an automatic sprinkler system for your lawn, make sure the sprinkler heads are all in working order.
Making your move
Even if now is not the best time to sell your home, whenever you do, be sure to present your home in its best light to maximize your gain. And when it’s your turn to go house-hunting, trust the professionals at The Real Estate REPs Group to help you get the most out of your home, and find the perfect place for your move. Contact them today to get started on your new real estate adventure.
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