There is no doubt that the once-hot housing market has officially cooled. With higher mortgage rates, limited supply, and more hesitant buyers, selling your home during the down market will take a lot of work. However, following these tips, it is still possible to sell your home in a down market for a great price.
Hire a top real estate agent
Sure, some sellers in the past could list their homes and sell within a day. But that was when inventory flew off the market faster than it could be recorded.
In a down market, you need someone with experience to list and sell your home correctly. A trusted real estate agent can market and show your home to many people using their influence and connections.
Make necessary home repairs before putting your house on the market
Before listing your home, take the time to complete any repairs that are deemed necessary. These may include repairs to your home’s foundation, plumbing, HVAC unit, or roof.
If these repairs are not completed, it may impair the sale process and deter buyers from moving forward in the purchase.
Know your home’s value
Prior to listing, you should have a comparative market analysis or pre-listing appraisal done on your home. A comparative market analysis (CMA) compares your property with recent property sales nearby.
A CMA considers comparable properties such as those with similar square footage, age of the home, location, upgrades, nearby amenities, and other data. Your real estate should be able to run a comparative market analysis on your home before listing.
Price your home to sell
Now that you and your real estate agent have a comparative market analysis completed, you can determine your pricing strategy. It’s best to stay within the range of prices that homes close to and similar to yours have priced and sold at.
Remember, just because your neighbor got $50,000 over the asking price two years ago does not mean you will have the same luck during a down market. Overpricing your home can lead to it remaining on the market longer, leading to a lower sales price in the end.
Maintain your home's curb appeal
99% of real estate agents believe curb appeal needs to be on point when selling your home. Time and again, curb appeal draws in buyers and leads to an increase in the final sales price of a home.
Get outside and powerwash the exterior of your home, plant a few easy-to-maintain perennial flowers and small bushes, and cover the landscaping with a layer of mulch. Finally, trim the grass, remove weeds, and trim overgrown trees.
Get creative with marketing
Finally, you’ve listed your home, and maybe the selling process isn’t taking off as quickly as you would like. Don’t panic. In a down market, bringing in potential buyers may take a bit longer. But don’t let the slow process discourage you.
Instead, get a little creative with marketing your home. With the assistance of your real estate agent, you can add more social media marketing on Facebook, Instagram, and even TikTok. Get the word out locally with flyers, for-sale signs, and word of mouth.
In a down market, having your home ready to sell, priced currently, and marketed effectively is the only way you will avoid a slow-selling process. Talk to a top real estate agent who knows where you live, can guide you through the selling process, and help you sell your house at a great price. Good luck!