In any market, it is the supply and demand that will determine the speed in which your house will sell, but even in the slowest markets, a seller can improve its chances for a faster sale. Here are some tips to generate some interest and get the best price for your house even in a declining market.’
#1 – Prepare the House for “Move In” Condition.
That means cleaning all the clutter, all the pictures, all the boxes, and all that is personal matters. It means cleaning the house of all knick-knacks, and all small decorative items, all excessive books, and making space for buyers to walk in and imagine their own personal items in the house.
Consider even hiring a stager to change some items in the house, using neutral furniture and items throughout the house to make it more appealing to all tastes. Move-in condition also means to ensure that all electrical, plumbing, doors, and appliances are in working condition and in compliance with current building codes, so buyers could enjoy their purchase from the moment they move in rather than fixing it up.
#2 – Differentiate from the Competition.
Know the comparable properties that are for also for sale in your area and the features they offer. Learn how you can improve your property and add some value to your home. Improvements should be practical and make your home more memorable, to attract more attention, such as new landscaping, high-grade windows, or new shutters. These additions, while improving aesthetics of a house, also increase the home value. Another amenities to consider are building a deck or an adjacent patio. Be careful, though, of not over-improving. Some renovations, such as adding a new swimming pool, new shingles on a roof, or new bathrooms might not have a good return.
#3 – Improve the Curb Appeal.
The first thing a buyer sees in a home is its external appearance and the way it fits in the surrounding neighborhood. Sellers often overlook the importance of their home’s curb appeal. It is not just a fresh coat of paint and a manicured lawn, but the overall look that matters. Is the tree in front of the house too big? Can you plant or cut some bushes to make it more attractive? Appearances in real estate can men a lot and the first impression count.
#4 – Pricing it Right.
It is not how much you want for the house, or how much your friends think it is worth. The market will determine the value of your house. You need to check the sales history of your neighborhood, the value and features of the houses that were sold in the area last year, and get a marketing analysis of the features of your home, to see how your house compares to those houses. Consult a real estate agent to get this comparative analysis and be competitive.
#5 – Sweeten the Deal.
Do you want to make it impossible to resist to your home? Offer incentives to buy your home. Part of strong negotiation strategy is to offer dollar credits towards closing costs, or higher commission to real estate agent who brings full price offers. You can also offer buyers to transfer your home warranty services for a year. Or offer to pay cable for a year, making your house more attractive than a competing one.
The Bottom Line
Selling a home takes some work, and it is best to get your home in excellent share and prepared before showing to potential customers. To sell it fast, it is best to price it attractively, and be prepared to make some concessions at closing.