How Do You Sell Your House In A Slow Market?

By
Real Estate Agent with Gayle Harvey Real Estate, Inc.

Nobody wants to sell anything when the market is bad. This rings true even for home sellers. But while selling a house in a sluggish market can be hard, it is possible. All it takes is a unique kind of game plan.


In this article, you will discover the secrets to selling your Charlottesville VA house in a slow market.


If you are selling your home in Charlottesville VA, take note of the following strategies to increase your likelihood of a sale:


1. Be familiar with your market
2. Sell for a good price
3. Stage your home
4. Advertise your home
5. Highlight the best features of your home
6. Offer incentives
7. Adjust the terms of the sale
8. Tap your neighbors to market your home


Read on to learn more about the things you can do to get your Charlottesville VA house sold in a slow real estate market.

 

Tips to sell your house fast in a slow market


While it is still possible to sell your Charlottesville VA home fast and for top dollar even in a cooling market, you will have to refine your selling approach to make your home sale successful.


Take a look at the following secrets to selling your house in a slow market:


· Be familiar with your market


Learning your market and your competition is key to a successful home sale. It’s not enough to offer your house for the price you want. You have to regard what other properties in your area have sold for and are selling for. Knowing your market will help you avoid overpricing or underpricing your property, which may cost you tens of thousands of dollars.

· Selling for a good price

 


While selling a house for a good price can be tricky in today’s market, it is necessary. Don’t turn off potential buyers by asking as much for your property as your neighbor got a year ago. Instead, look at similar houses in your area and price your home conservatively.

· Stage your home

 


Before selling your home, repair everything that is broken and replace things that you need to replace to make it look presentable to buyers. You may want to consider a professional home staging service to help your home make a strong positive impression during showings.

· Advertise your home


Marketing your home aggressively is another key to a quick home sale. To boost your chances of selling fast even in a slow market, don’t just rely on multiple listing service. Advertise your home in local papers and make sure your home’s photos highlight its best and unique features.

 



· Highlight the best features of your home


When you play up the best features of your home, you make it much easier for prospective home buyers to appreciate and want to buy your property. Features such as fireplaces, a gourmet cook’s kitchen, and an outdoor oasis are some of the features you can highlight when marketing your home.

· Offer incentives


While some homebuyers may find a low price attractive, that’s not enough incentive if you want to sell your house fast in a slow market. Most homebuyers may hold out for something more than just that, so you need to be a creative home seller. Offer incentives that will speak to the heart of buyers, such as a paid vacation or a set of living room appliances.

· Adjust the terms of sale

 


Most of the time, the easiest way to sell a home fast in a slow market is by offering flexible terms to buyers. While it is sometimes enough to lower the asking price, there are times when offering help with closing costs or extending the settlement date are necessary to win a buyer.

· Tap your neighbors to market your home


Involving your neighbors in your home sale may also help you sell your house fast. Before you put your home on the market, inform them about your upcoming home sale so they can inform their friends about it. That way, you will be able to generate interest before you even list your home.

 

 

If only you can do things your way, you will sell your home whenever you want and at the price that you want. In reality, however, the condition of the market is a huge factor in the outcome of your home sale. And since every house is different, what it takes to sell your house in Charlottesville VA could be different than your neighbor’s situation.


Mistakes to avoid when selling your home in a slow market


As a home seller, you must be aware of the telltale signs that you are in a slow real estate market. These signs may include “for-sale-signs” taking over your area, or huge red price reduction labels tarnishing the online listings in your neighborhood. These signs tell you one thing: If you are selling your Charlottesville VA house now, the odds may not be in your favor.


The good news, however, is that while changing the conditions of the market isn’t as easy as waving a magic wand, a slow market is an opportunity for you to channel your competitive side. No matter how slow the market is, it is not impossible to sell a house. With the right game plan, you can still be successful with your home sale.


Whether the market is good or bad, the key to a successful home sale is having the right game plan. Along with having the right game plan is avoiding the mistakes that will doom your home sale. Here are some of them:


· Not preparing your house for sale


Selling a house in a slow market is never for the lazy. If you want your home sale to be successful, you have to put in some sweat equity to make your home as presentable as possible to house hunters.

 

 

 


Deep cleaning and decluttering are necessary to meet the bare minimum buyer expectations. But if you are in a buyer’s market, you will need to go far beyond just cleaning to boost the desirability of your home. Generally speaking, staged homes sell faster than unstaged ones, especially in slow markets.

· Foregoing professional photography


Nowadays, more than 90% of home buyers search online for homes. Hence, if your goal is to attract homebuyers online, you can’t just settle for amateur photography when marketing your home.

Making sure your online listing photos are on point is critical in home selling. While you can take good listing photos yourself, it’s not worth the risk if you are in a buyer’s market. Hiring a professional real estate photographer will not cost you much, so go that route if you want to get a leg up on your competition.

· Overpricing your home


Selling a home isn’t like selling loads of products in the market, where you can lower the price when you get stuck with inventory just to be able to sell. When you sell a home, your home is your only product, so you can’t afford to discount if it doesn’t sell.

· Refusing to let buyers access your home

 

 

Showings are necessary when selling a home. While you wouldn’t want to be told to get out of your own home, you will need to do that when your home is on the market. Don’t demand access restrictions like requiring half a day’s notice before showings because that’s a major turn off to potential buyers. Remember that when selling a house, the more foot traffic, the better.


If you need a top local real estate agent to work with, call me, Pam Dent, at 434-960-0161 today. My knowledge and experience in selling homes in Charlottesville VA will help you navigate tough decisions towards a successful home sale.

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Comments (10)

Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing.  I hope you have a great day.

Aug 20, 2020 01:42 AM
Realtyna Inc
Realtyna - Newark, DE
Realtyna- MLS RETS Integration software & services

Hi Pam Dent, you have some good tips here. I think a lot of sellers will find them useful. 

Aug 20, 2020 02:59 AM
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Aug 20, 2020 05:19 AM
#3
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Pam. When the market is slow you must make your house glow to stand out while pricing it correctly. Enjoy your day!

Aug 20, 2020 06:15 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Good Morning Pan, Excellent blog for you to share here in the Rain.  I am sure lots of people can use your advice.

 

Aug 20, 2020 08:23 AM
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

A great wealth of advice and strategy. I'm sorry to hear your market is slow. San Diego, CA is booming like 2003 right now, crazy times. But, we're squirreling it away because the economists are predicting a slow don in or around 2022 here.

Aug 20, 2020 09:21 PM
Greg Mona
eXp Realty - Scottsdale, AZ
Professional Real Estate Representation for YOU!

All good and salient points, Pam Dent. Being in a current real estate market here in Phoenix-metro that is off the charts crazy with bidding wars and very low inventory, it is difficult to imagine what it was like a few short years ago when it was definitely a buyer's market!. Things change all the time with real estate cycles, so the best thing we can do is anticipate when the shifts might be ready to occur, then change our strategies for representing both buyers and sellers accordingly. 

Aug 21, 2020 09:10 PM
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

These are helpful tips no matter what the market is like.  Sell for a 'good price' is subjective--perhaps, price the house at market value would be more precise.  And sellers need  to understand: yes, it can be a lot of work to declutter, clean and get the house ready but it MUST be done!!

Aug 24, 2020 07:26 AM
Anita S. Zahn
Advantage Realty 863-840-1420 - Sebring, FL
Highlands County Real Estate Source! I work 4 U!

Hi, great Blog.  Its all about comforming to the market.  Luckly we have had a busy market here.  When the market changes you have to be able to work that market as best as you can.  You have great points!  As I always say you want top price make it shine. 

Aug 24, 2020 11:27 AM
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Great post that will stand the test of time.  Revisit it in a few years and repost!  

Aug 25, 2020 11:27 AM