When the economy is sluggish, real estate market lumps too. But look closely and you will still find plenty of houses to be sold, irrespective of the cold economy. So, how to offer your house on sale and achieve the goal when the demand is low? The answers are quite simple.
Study the market
For the past few years, economic volatility and political turmoil are eating up the global real estate industry from inside. You can’t just put an inflated price for your house anymore. First, evaluate the median prices of the similar homes such as yours. Also, the real estate market is constantly changing due to massive layoff, millennials preferring flexible lifestyle or automation. So it’s wise to do your homework first.
Be lenient with pricing
It’s always better to stick to a modest price initially for your house. Once you test the waters, you may negotiate harder. Gone are those days when a proprietor of the house can cite a price he/she fancied. On the off chance that your location has been a viable spot but currently losing its sheen due to closure of any manufacturing unit/ market/ or school nearby, then you need to quote humbly. Additionally, underestimating your property value may diminish the price of it further.
Adapt good promotions
Selling your house means circulating good vibes about it around. So keep a decent rapport with your agent. A little gift card here or coffee treat there won’t hurt. Rather, your agent will be super motivated to put great words regarding your house everywhere. Take nice (and most importantly, professional looking) pictures of your house and spread them everywhere- from your social network profiles to property dealing sites.
Play with best features
Do you think that, if the roof of the bedroom spills or there are hairline cracks on the drawing room wall, would it be able to lure the buyer? The answer is a buzzing no. You don’t need to go over-the-top. However, doing a nip-and-tuck job is necessary. When a purchaser comes to your home for the first time, she will let her imagination play vivid. If your drawing room has garish wall color, it will definitely put her off. Nonetheless, don’t overdo or overspend on fixing your house. Rather, do it just to put the best face forward.
When the market situation is tight, don’t sit rigidly on your seller’s terms. In the event that a buyer fulfills your demand within the first week itself, no need to wait for better ones. Sometimes in a downward economic spiral, the first offer proves to be the best one. In case, the buyer/ agent wants to inspect your house more than once or twice, don’t show your grumpiness. It’s natural for the other party to take an action after multiple recces.
The above points provide you with a blue print, but the decision making remains with you. Nowadays, a house gets a bit longer to be sold. So not giving in to pressure and waiting patiently are the ways to go.