Selling in a Slow Market: Strategies To Increase Your Home’s Appeal

Thinking of selling your home? Hoping for a quick and easy sale?
Well, reality check – in a slow market, it might not be a walk in the park. But don't let that dampen your spirits. Even in a housing market that's more sluggish than a Monday morning commute, there are strategies that can give your home the edge.

We've got five suggestions that could be your secret sauce to stand out, attract buyers, and turn that 'For Sale' sign into a 'Sold' celebration. From sizing up the competition to understanding the subtle dance of pricing, we've got you covered.

01Analyze the Competition

When you put your property for sale, you compete with every other home in your price range, especially if the market is down. Examine the repairs, upgrades, and staging of other for-sale properties. Attend one or two open houses to view the modifications done in those homes. You will be given some suggestions that may increase your chances of selling your home. You can also obtain an idea of what purchasers are ready to pay for the property after the owner has sold it.

Read More: Steps to Selling Your Home Successfully

02Understand the market and correctly price your home

Before you set a price for your home, do your homework. In a slow market, learn what is and is not selling. You don't want to overprice your home to the point where there is little to no interest. You also don't want to make the mistake of underpricing it. This may cause prospective buyers to worry about what is wrong with your house. Consider essential criteria such as the location of the home you wish to sell, whether it is your primary residence or one of your rental homes.

03Stage Your Home to Get More Eyeballs

When trying to sell your property, one of the most important elements is curb appeal. Trim the bushes and shrubs, prune the trees, and remove any old bulky or personal things from the property's exterior. In winter, doing these things gets tricky but you can try other things like applying a fresh coat of paint on the front door or shovelling the driveway and walkway.

Do not be put off by the prospect of staging your home. Consider giving the bathroom a new coat of paint. Include lighting that illuminates the space. Before you have a showing, clean the carpet. If the old carpet is beyond repair, replace it with new carpeting or hardwood floors. Change the cabinet hardware or install a new backsplash in the kitchen.

Buyers are not interested in smelling your pets. During scheduled showings, clean up any pet areas and take the pets to a neighbour's or family member's home. Make certain that the house is clean, with the dishes put away, the floors swept, and the toys collected. Remove the clutter. A messy room appears to be a small room. Put your family photos and personal items away. You may adore those items, but purchasers want to envision themselves living there.

04Get a Top Agent and Understand the Agent's Statistics

Even in a slow market, you need a real estate agent who understands the market and has a winning approach to selling your house. Find an experienced agent in whom you have faith. Learn how long it typically takes them to sell a home in your market. Consider another agent if the agent does not have a track record of selling homes in less than six months. It is critical to find the right man for the job. You want an agent who has outstanding communication skills and who you don't have to chase down frequently merely to communicate with.

05Be willing to bargain with potential buyers

Buyers hunt for bargains and incentives, especially when the market is slow. If you wish to sell the home, you must be willing to bargain with possible purchasers. You are not required to accept any offer, but you should be open to sensible ones. A buyer who makes a very low offer may make you squirm but do not dismiss the offer, especially if the market is quiet. A low-ball offer indicates that the buyer is interested in the property. Make a compelling counter-offer to the buyer.

You do not have to accept a very cheap offer on your home, especially if you offer buyers incentives. Consider options like leaving appliances or appealing furniture in the house. Make any necessary repairs or upgrades. The less money a buyer has to spend on furnishing the home, the more appealing the home is to them, and the home has a higher perceived worth to the buyer. Make an offer to reduce the interest rate. Either waive the home inspection expenses or accept a larger portion of the closing costs. Making these or other compromises that improve the bargain for the buyer may help you sell the house quickly.