In a falling real estate market where supply surpasses demand, a desperate seller could reduce the price of a house to sell it quicker. However, there are several other ways to attract more attention to your house than to reduce the price.
If selling your house is your top priority in a receding real estate market, take a look at the following tips and find ways to generate interest in your home and get the best price you could have.
#1. Stand Out
To draw more attention to your home and to make it more memorable, you should probably consider doing some improvements. Things like landscaping or placing a new roof or making the front garden more attractive can up your home’s beauty and interests. Ensure that it actually improves the home whilst increasing the value of your home. Be sure not to go over and beyond, making unnecessary changes. Stay reasonable about the colors, designs or additions, making sure that it attracts a wide audience.
Remember, to keep it simple but chic; don’t over-improve it. A 2013 article in Realtor Magazine showed that certain improvements such as an additional bathroom or new roof may not always work. Data suggested that the nationwide average amount of homes recouped for a bathroom remodel is about 58%. The figure is even less for roofs.
Thus, before investing in any improvement, be sure to do your research and find out the improvements that will yield the best outcomes. Include any new and attractive features or improvements when listing the information regarding your house. Be cautious especially with the current state of the real estate market.
#2. Create More Space
It is advisable to clear your house of every clutter, including furniture and personal belongings. Buyers would like to be able to picture themselves in the house. Do your best to create more space. You may hire a stager if that is in your budget list. Costs vary so find the most affordable.
#3. Draw More Attention
In the competitive world of real estate, house hunters are looking for a good deal and the best way to give them one is by sweetening it. Offer sale perks like granting the buyer a few thousands in cash credit toward closing costs or propose to cover the closing costs yourself.
Additionally, you could transfer your home’s warranty which can cover some of the cost with a one-year policy and should be able to cover utilities such as refrigerators or heaters, if they fail. The policy may cover other appliances if they fail depending on the warranty. Buyers may feel more eager to buy your home knowing that they are covered against certain problems, making your home better able to face the competitive market.
Also, buyers may also opt for your home if it is possible to close the deal between 30 to 60 days.
#4. Get The Right First Impression
The first thing buyers look at is your house curb. Your home’s external appearance and the way it goes with the rest of the neighborhood matters to the buyer. So improve your home’s exterior by adding in the colors and trimming the bushes and lawn. Don’t forget that appearance means a lot in the real estate market. So give buyers a right first impression.
#5. Update Your Home
Before getting buyers to view the house be sure that your home is in ‘move in’ condition and everything is up-to-date. Fix what needs to be fixed and install what needs to be installed. Let your home be in line with current building codes. The key is to give buyers the impression that they can move in as quickly as they wish and not have to worry about fixing up things.
#6. Set The Right Price
The one thing that can still set your house from being bought is the price for which it goes for. It is vital that you price your home accordingly and rationally. Ask a real estate agent about prices; make research and check online real estate sites and discover the amount that similar homes like yours are going for.
You don’t have to drop the figures to get the attention, considering all the renovations made in your home. The price must not be too far off from other similar homes in the market. Place yourself in the buyer’s shoes and fix a fair and reasonable price. You may also want the opinions of others like friends and neighbors to help with the decision.
In the end, selling a home isn’t an easy task and takes a lot of work. Do your best to get your home in the best condition and offer some sweeteners to the house deal. Hopefully, you’ll end up with best deal and your house sold.