With an economic downturn comes a decline in the housing market, as people become more reluctant to buy. I can take a look at what you can do to increase the selling potential of your house when times are tough.
If you are looking to move your house at a time when it’s a Buyer’s market, you may find it a challenge to find a buyer. However, bear in mind that even in the worst economic crisis the housing market still exists – as long as there are people willing to sell, there will be people willing to buy, and vice versa.
Whether you have recently decided to put your property on the market, or have been braving the market for some time with little interest, there are a few things you can take into consideration that might just swing the odds in your favour.
Remember that what you are selling is not just bricks and mortar – rather you are selling a way of life to potential buyers. So take a holistic approach and leave nothing out of the equation when preparing your home for viewing.
Dealing with an agent
- It’s good advice to get at least 3 different valuations of your property before settling on an agent – and don’t necessarily go for the highest valuation.
- Negotiate agents’ fees and get them in writing when you are agreed at a price.
- Make sure you aren’t being tied into an exclusive contract with them, as you may want to switch agents if you are unhappy with their service.
- If you aren’t happy with the photos taken of your house by your agent, request for them to be taken again. There should be lots of pictures on your MLS listing. At minimum 21 or more.
How else can I improve the chances of securing a buyer?
Think about target market
Have a target market in mind when selling your house. Think about what kind of people the house would best suit, and tailor it as much as you can to suit that demographic. For example, if you think your house would be ideal for a young family, make sure there is a clearly set-out children’s room.
Make the most of word-of-mouth
Word of mouth is a powerful tool. The more people that know your house is for sale, the better – this includes your neighbours. Tell your family and friends you are selling your house, and make sure there is a clearly visible For Sale sign present at all times.
And if all else fails?
It may be frustrating, and you may end up getting a lot less for the sale of your house than you anticipated, but sometimes the only thing you can do is reduce your asking price – in fraught economic times, this may be the only alternative.
Keep me in mind
As you know, buying and selling a home is one of the biggest decisions most of us will ever make. I find it rewarding to help friends, family and their friends and family during this exciting time.