There are several things to consider when you’re trying to sell a home in a slow market. Even though the housing market is primarily driven by supply and demand, economic factors also play a big part of the market and determine what will sell and what won’t. It’s fairly easy to sell a home in a ‘hot’ market where there are more buyers than sellers; however today we are in a ‘slow’ market which means that there is more supply than demand. Even though interest rates are at an all time low, buyers are still being cautious and comparing homes closely.
It is because of these conditions that you need to have a strategy when selling your home. There are more challenges and it can take much longer to sell in a slow market. Be realistic with your expectations. Pricing and the condition of the home is extremely important. Buyers have a lot of homes to choose from and will compare yours to the competition's. You should too. Be informed about your neighborhood and its selling activity. You should also be open to the fact that you may not get top dollar. Pricing a home correctly from the beginning is the most important factor in selling a home during a slow market. Preparing the home for sale is also crucial. Make sure you’ve made any necessary repairs and spruce it up whenever possible. Selling a home ‘as is’ may take longer to sell, or even be a deterrent to some prospective buyers.
You should also seek a real estate professional’s advice and help. Maximizing the home's exposure will spark interest and bring buyers. A successful real estate agent will know how to market the home correctly and have a variety of resources to ‘get it out there’ (internet, mailers, MLS, etc.). They will also be able to advise you as things change in your market place. Feedback is vital. It will tell you exactly what buyers are thinking and any adjustments you should make to expedite a quicker sale.
And finally, be sure that you’re committed to selling your home. It takes patience and flexibility to successfully sell your home in a slow market. Be open to making adjustments; whether it’s pricing or terms, there may be concessions required in order to close the deal. The buyers are out there and they're purchasing homes every day. If you have a successful strategy plan and a professional's help, yours could be the next one to sell.
Terrie Hunt, Broker/Owner
River Ridge Realty (916) 663-6300. “Outstanding Life Member” of the Sacramento Association of Realtors. DRE #01213387
www.RiverRidge Realty.net – Success and Experience Working For You