How To Sell Your House In a Slow Market
Welcome, to my Ezine article.
This week I will be writing about selling your house in a slow market.
The market in certain parts of Canada has already slowed down and the U.S. is still recovering from their recession. It doesn’t look like there will be any major recovery for the U.S. anytime soon. I’m in Toronto and now we are seeing a slow stabilization of the Real Estate market since the interest rates of Canada have gone up a bit. The new H.S.T. is here and has kicked in to scare buyers away.
Now that you have listed your house for sale, what are you going to do to sell it in this slow market? Some people can just cancel their listing and hope for a better day. Some people have already purchased a home and are on their way to being sued if their house does not sell. These people cannot wait any longer.
Here are some IDEAS to sell your house, and kick-start some offers. Some of these IDEAS are very obvious but some sellers are very stubborn and think that their house is the royal palace and want quadruple the market value without doing any work. Even if you are listing your house on M.L.S. you still need to do some work to sell a house.
IDEA #1 Speak to a professional Real Estate agent: Sounds obvious but some people who are trying to sell a house on their own have no idea how to do it and are just putting their house on the market like they are selling muffins at the local market. Some agents will steer you in the right direction and might offer some advice even though you are not using them. After speaking to them and you realize how uphill your battle is, you might want to hire them.
IDEA #2 Price your house correctly. I can’t stress how important it is to this IDEA is. YOUR HOUSE IS NOT THE PALACE! This might be a problem even if you hire an agent. Your collective might be pricing your house too high! This is a major factor why houses do not sell. Look around the neighborhood for houses that are comparable, and price your house according to recent sales. You might want to try to find a house that is identical if possible on your street and price a bit lower. You might get a few bids in and sell for more in the meantime. Just a thought!
IDEA #3 Offer Incentives: Offer them appliances, quick or long closing dates, cash back, free landscaping for a year, offer them whatever you need to get the deal to close. You obviously do not want to compromise your deal and what your bottom line is, but try to make the closing as accommodating as possible. A few thousand dollars worth of incentives in a slow market isn’t really that bad considering if the market slows down even more. It could mean tens of thousands of dollars later on.
IDEA #4 Offer a Seller Take Back Mortgage: If you can afford it, offer them a mortgage. It is a great investment for you. It might make it a lot easier to ease the financial strain on a family if they can obtain financing from you. Think of it as your first investment in Real Estate. You should consult a financial adviser or lawyer on the proper ways to qualify the buyer. MAKE SURE YOU DO THIS! If you can qualify them, you might be able to get a quick sale and enjoy the sale at both ends.
IDEA #5 Stage your home: Consider staging your home with a professional staging company. Some staging companies can transform a house over night. It might mean a few dollars out of the sale but there are a few homes I have witnessed not being sold because of their decor. You want to make sure your house looks like it is being photographed for one of those Real Estate magazines. This is what attracts buyers to buy. Buyers imagine themselves living there. If you have decor from the 70’s, most people do not want to live valor couches and pleather chairs.
IDEA #5 Make sure your house is clean. Keeping your home immaculate is another way to make your house easier to sell. Make sure the house is tidy at all times and make sure it is clean especially your closets and washrooms. Yes people open the drawers.
Well that’s it for me. I hope this helps to sell your house on your own or with your agent.
Until next week, have a great open house this weekend!