The housing market is off to a slow start this year. On average a home is spending about 102 days on the market nationwide according to initial research. Having a house sit on the market for a long period of time is not good for the seller. Buyers tend to think there must be something wrong with a home which is why it is still on the market and will shy away.
Here are some tips to try and get your home to sell faster in a slower market.
Timing
Spring is the time of year most real estate professionals feel is the best time to sell a house. Try to list your home in early spring, like the last two weeks in March. This will be after the first wave of buyers who hit the market in January and February but before the mad rush of sellers listing in April. Listing in early spring buying season means your listing will be among the first ones seen. This early exposure can boost your chances of selling by 2 percent.
DDIY – Don’t Do It Yourself
It may seem cost effective and maybe a huge achievement to try and sell your home on your own, but it can backfire on you as well. Using a good real estate agent who has a good eye for marketing can not only get you more exposure, but they will do all the leg work for you. Also remember that it may cost you a little of your profit, but agents work on commission. Working on commission is motivation to bring in buyers and get your house sold at the best price possible.
Descriptions
Stan Humphries, author of “Zillow Talk: The New Rules of Real Estate” says to be careful about how you describe your home. The word ‘unique’ in a description can drop your chances of selling your home at a decent price and in a reasonable amount of time by 30 to 50 percent than comparable homes. Humphries says words like ‘unique’ and ‘nice’ let the buyers know that the house is ok, that you as the seller like it but it may not be likable by others. He says it is ok to talk up the features of the home to make the home appealing. Don’t over exaggerate, but strongly discuss the home’s best attributes.
Right Representation
It is important that you feel comfortable with your real estate agent, which is why interviewing more than one agent is a great idea. You will want someone with experience in your market or the market you want to move into. Make sure the agent has marketing experience to make your house stand out among the rest and get your house sold in a reasonable amount of time.
Price Reductions
Reducing the original selling price of a home has always been frowned upon. Typically thinking a buyer will think there is something wrong with the home or that the seller is desperate if they are reducing the price. Well, this is true if the seller drops the price after the house has been on the market for a long period of time. But dropping the price on a home shortly after it is listed doesn’t seem to be as big of a concern to buyers.
To avoid dealing the stigma of a price reduction, make sure your house is priced according to the local market and comparable homes. Something a good agent can help you with.
Pictures
In the cyber age, 9 out of 10 buyers start their house hunting online. Photos are crucial to selling a home these days. Most agents will take pictures for you, or even hire a professional to get the best shots. Professional staging is also very important especially for the pictures. Your agent can help you this as well. Someone you is not as emotionally attached to the home like the seller will stage the home with the buyer in mind, not the seller. You are enticing a buyer to make an appointment to come and view your home, your home and your pictures have to be eye-catching.
This last point is probably the most important. A potential buyer has to be shown the potential the house has, they need to be able to see themselves in the home. In additional, make sure you are confident with your pricing of the home and if you are willing to drop the price – don’t look desperate. Getting help from an agent is also important to make sure everything is buttoned up. And remember – stay positive and sell your house!
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