Five Tips for Selling in a Slow Market
Selling your home in a slow market simply means you'll need to be creative. Homes are still sold all across Chatham-Kent each day, regardless of the market. There are however, things you can do to give your house the edge on the Chatham-Kent real estate market, and here are five tips to get you started:
Tip 1: Make Necessary Repairs
Usually, a little clean up like mowing your lawn, a good cleaning, and some staging is enough, but in a slow market you might need to go the extra mile. When houses aren't selling, an old roof, leaky faucets, or rickety looking deck could be deal breakers. If your house isn't selling when the Chatham-Kent real estate market is slow, it might be the perfect time to complete overdue repairs. Then, if the market picks back up, your home will also have added value.
Tip 2: Know the Market
When pricing your Chatham-Kent home, especially when the real estate market is slow, it's important to be competitive, and to know the market. You and your Chatham-Kent real estate agent will need to be extra aware of comparables, average house prices, what tactics work locally, and any changes in the market. Competitive pricing will be key, particularly in relation to similar properties. As well, you will have to be prepared for low ball offers and negotiations, as buyers will be aware that the demand for houses is far outweighed by available properties.
Tip 3: Flexibility is Key
Always have your home ready, night and day, and be ready to adapt on the fly. If a potential buyer wants to come over at 9pm on a Saturday during the Stanley Cup finals to view your house, you need to be flexible and make it happen. Make sure your Chatham real estate agent has access to your home, and be flexible to fulfilling the requests of any potential buyer. Also, when the market does appear to be improving, holding impromptu open houses, additional advertising pushes, and bringing in other brokers might be necessary. If you're not flexible in a slow real estate market, you may lose out on a potential deal. Similarly, you will need to be flexible in terms of contract negotiations once you do receive an offer. Don't give away the farm for free, but be willing to compromise.
Tip 4: Add Value
In a slow Chatham-Kent real estate market you might be dealing with people desperately reducing prices, foreclosures, and other short sale properties. That's why it's important to continue to add value to your property. Upgrading appliances, adding outdoor living space, or considering a price reduction yourself might be needed. Remember, sometimes selling your home quickly will save you more money in the long run than keeping your house on the market, particularly if you've bought another property, and in terms of a double mortgage, utilities, insurance, and taxes. Any way you can make the value of your house higher, without raising your asking price is a bonus, which will make your Chatham-Kent home more appealing to buyers.
Tip 5: Pick the real estate agent that is right for you
In a slow market, your Chatham-Kent real estate agent really has to work for you, and they must be using innovative methods to try to put your property in front of others. I currently use Twitter, Facebook, and YouTube in my marketing arsenal in order to spread the word and find elusive buyers. Social media, mixed with traditional advertising, pounding the pavement, open houses, networking with other agents and brokers, and consulting with you on how to improve your property, are things that all agents should be doing. Before you sign on with a Chatham-Kent real estate agent, be sure they'll fight for you not only when the selling is easy, but also when the market stalls.
Has your house been sitting on the market too long? Give me a call at 519-360-0141 and we can discuss ways to get your house sold, contact me via the website, or keep reading my Chatham-Kent real estate tips for ideas to help sell and market your home.