Tips for Selling your Home in A Slow Market
A slow real estate market doesn’t mean it’s a bad time to sell your home. In fact, a slow market can present opportunities for those who are willing to put in a bit of extra effort. Because even when the market shifts, people still need to move. The key is to make sure your home stands out from the competition and offers what buyers are looking for. Here are our seven best tips for selling your home in a slow market.
What is a Slow Real Estate Market?
A slow market, also known as a buyer’s market, is one that gives advantage to the buyer over the seller. A slow real estate market occurrs when there are more homes available, and fewer buyers competing over them. This means that homes tend to stay on the market longer and do not often sell for more than asking.
1. Make Necessary Repairs
Fixer-uppers tend to be less popular in a slow market. And with the current cost of materials, supply shortages, and challenges hiring tradespeople, buyers are looking for homes that are move-in-ready. If your home requires maintenance, it’s important to make those repairs before listing, especially if you want to sell in a slow market.
Likewise, if your home is looking a little dated, you should also consider some cosmetic updates. New lighting, hardware, and a fresh coat of paint can go a long way to giving your home a modern feel.
2. Home Staging is Critical in a Slow Market
It doesn’t really matter why type of real estate market you’re trying to sell in, home staging helps homes sell faster and for more money. But when it come to a slow market, staging your home is more important than ever. It can be hard for sellers to let go of all the things they love about their home and look at it with a critical eye. Home staging is designed to make your home look it’s best and appeal to the widest range of buyers. The time and effort it takes to declutter, paint and depersonalize will be well worth the returns.
3. Clean Homes Sell Faster
Never underestimate the power of a deep cleaning! Taking the time to clean every inch of your home will make it look years newer and will show buyers that it has been lovingly cared for. Start with a good decluttering to ensure all surfaces are clear. Then scrub floors, baseboards, windows, tiles, counters, hardware, and appliances until they shine. If you don’t want to tackle the job yourself, hire a professional cleaning company. It will be worth it when it comes time to list and take photos.
4. Professional Photos
Great real estate photos are the best way to get potential buyers interested in your home. The better your home looks in the listing photos, the higher the chances are that someone will come see it in person. And the higher the chances are that they’ll visit your home over the one with the dark cell phone pictures.
5. Price it Right
Attracting attention in a slow market requires careful pricing. You don’t want to aim too high and scare potential buyers away. But you also don’t want to undervalue your home and lose money trying to make a quick sale. Get a fair estimate for the market value and set the price accordingly. A good Ottawa Realtor® will know your market and will be able to help you determine a fair price.
6. Highlight a Unique Selling Point
When the competition is tough, it helps to have something that makes your home stand out from the crowd. Maybe you have a large backyard, a fabulous view, or an amazing chef’s kitchen. Be sure to highlight these special features in both the photos and text for your listing.
7. Choose the Right Agent
Whatever the market, the right real estate agent can make all the difference in how enjoyable and successful your home sale is. Your agent will offer valuable insight into the local market, your property value, and what comparable homes are selling for. Their expertise will help you determine a fair price and ensure your home is being marketed correctly.
If you’re thinking about selling your home, but are concerned about the current market, please reach out to our team! We can answer your questions and help you come up with the best strategy for a successful sale.