How to Sell Your House in a Slow Market

After a couple of years of strong real estate markets in the Birmingham area, things have slowed down considerably. Rising interest rates have increased the cost of home ownership and have caused home sales to slow down and stall both locally and across the country.

This has caused many sellers and buyers to simply put off buying or selling until market conditions are more favorable. However, there are times when sellers need to sell their homes regardless of the market conditions. A new job, out-of-state move, financial crises, or changes in family situations can all force sellers to list their homes even in slow markets.

If you do have to sell your home in the current market, there are some things you can do to help it sell faster. Here are 6 tips for selling your house even in a down market.

1.   Price Your House Correctly

This is one of the most important things to keep in mind when selling your house in a challenging market. It’s always important to price your home correctly, but it’s even more important during times when lots of houses are just sitting on the market.

If your house is overpriced, it won’t sell. Even if you lower the price, you risk the listing getting stale before you get it priced correctly.

To avoid this, it’s important to do plenty of research before pricing your house. You need to look at comparable sale prices in the area. When doing so, make sure to focus on recent sale prices – even 6 months ago markets looked very different.

Because pricing correctly is so important and can be challenging to do, it’s a good idea to work with a real estate agent. An agent that’s experienced in your area will be able to pull the right comps and help you price your home based on current market conditions. While working with an agent means paying a substantial commission – usually 6% of the sales price – it can be worth it to avoid having your home sit on the market.

2.   Get Your Home in Move-In Condition

Because there are more homes on the market right now, it’s important to find ways to make your home stand out to buyers. One way to do this is by making your home move-in ready. Buyers don’t want to have to spend additional time and money after closing to get the house ready to move into.

Making necessary repairs, replacing old carpet or damaged flooring, updating appliances, and painting the house are a few ways you can help to get it ready. While you don’t have to completely update the kitchen and bathrooms, making a few repairs and upgrades can help get your home sold faster.

3.   Take Professional Photographs

Most people begin their home search online. Because of this, pictures are a big part of selling homes. If buyers don’t like the photos, they won’t even look at a house. In slow markets, it’s particularly important to have professional photographs that attract the attention of buyers and present your home in the most favorable light possible.

If you work with an experienced real estate agent, they will probably have a professional photographer that they use. If you don’t, it’s worth spending the time and money to have a professional take listing photos.

4.   Make Sure Your Home is Always Available for Showings

If buyers have an interest in seeing your home, you want to make sure that they can. Once it’s listed, you should make sure your home is always available for showings, even on short notice. You don’t want to miss any potential buyers or have them pick another house because they weren’t able to get into yours.

Ideally, in addition to making your house readily available for showings, you should schedule a couple of open houses to make it even easier for buyers to get into your home.

5.   Stage Your Home

A little bit of staging can go a long way towards making your home more appealing to buyers. While staging might sound intimidating, you don’t have to be a professional stager or designer to do this. Instead, start by depersonalizing your space. Next, declutter and deep clean everything. If you’re able to, consider renting some modern furniture or decor to help buyers envision living there.

6.   Offer Buyers Incentives

Another way to make your listing stand out is by offering incentives to buyers. These can help buyers manage higher interest rates and the increased cost of home ownership.

For example, you can offer to pay closing costs, provide owner financing, or provide a credit for repairs or upgrades.