For Sale signs can be seen all over your neighborhood and the job market isn’t looking too great. As you evaluate the prices of other homes in your neighborhood that are on the market, you notice that many of them have a big price reduction. As a result of this and other factors, you’ve now come to the conclusion that you’re in a bad real estate market and the odds most definitely aren’t in your favor when it comes to selling your home.
So the question that lies to be answered is “can you sell your home during a bad market?” The answer is quite simple – absolutely! Even when the country is experiencing a recession, houses can successfully sell. However, in order for you to sell your home in a bad market, there are a few tricks and tips you need to consider.
1) Price Your House Accordingly
Making an offer on a home for a price that’s less than what it’s really worth is something most buyers do as their last resort. To make sure that your house sells, it must be priced properly. Analyze the current market and adjust your price based on other houses that are selling in your area.
In order to get multiple offers on your house, you’ll need to make sure it’s not overpriced. When a property is listed too high, it can typically sit on the market for months. This will cost you both time and money. By pricing your home slightly below market value, you can usually expect to get more than one offer. Having a backup offer on your house is important when the market is bad. Buyers can sometimes back out. Having that extra security of a backup offer can save you if issues come up later.
2) Extra Incentives
Data that was gathered by Retail Customer Experience, proclaims that 55% of people believed that incentives help to make them gravitate towards a brand. They said that the majority of consumers view incentives as being smart, meaningful, and caring. Most respondents in their study also mentioned that incentives make them feel valued and respected as a consumer. One of the ways you can stand out amongst the competition is to provide incentives. For instance, some of the incentives you can provide with the sale of your home include:
- Free home inspection
- Commit to paying a portion of closing costs
- Includes appliances and electronics in the sale of your home
3) Invest In The Right Kind Of Renovations
Many homeowners believe that adding something like a pool can help to increase a home’s value. While this may seem like a good idea initially, things like this do not always add value to your property. You must make sure you are choosing the right kind of renovation before investing in the project. Certain renovations do help with selling a house. Here are several examples:
- Update kitchen and bathrooms
- Repaint interior and exterior portions of your home
- Update flooring
- Invest in smart devices and a smart hub
- Landscaping services to improve the health and appeal of your lawn
- Replace plants that resemble weeds with visually appealing plants
The concept of selling your home in a bad market can prove to be time-consuming and stressful. At the end of the day, thousands of homes get sold on a daily basis regardless of the current state of the market. The key thing to remember is that you should be looking for ways on how you can make your property more appealing.
Click here if you want to learn about how we buy houses in Jacksonville during a bad market. Henry Buys Homes is a premier home buyer based in Florida.