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by Katie Conroy
Selling one’s home in a down market can be, quite literally, a downer. Buyers are generally looking for bargains that are often not in your—the seller’s—favor. Not only that, but other sellers are also likely to be in the same boat, and they may even be more prepared than you are to bite the bullet and offload their properties for less than what they’re worth.
However, this isn’t to say that you should just wait it out. Depending on the situation, you may be better off just going for it—especially if there’s a chance that it’ll get worse. Thankfully, you can sell your home in a down market, and maybe even quickly, too. Here are some measures to help up your chances.
Spruce up your home.
If you want to give your home a fighting chance in a down market, you want to present it at its absolute best. To do so, it’s important to start by objectively taking stock of the property’s problems, both big and small. Not only will doing so make the house more attractive to prospective buyers, but it also ensures they aren’t turned off by trivial things.
Of course, this invariably means that you have to spend money in order to save money. It’s a good idea, therefore, to stick to key home repairs that will make the most impact. For instance, a new paint job can be a cheap improvement, yet it can alter the look and feel of a home significantly. However, don’t scrimp on major repairs on HVAC, plumbing or electrical; these are key systems to your home. And while the outlay can be pricey (for example, the average cost to replace an AC unit runs around $6K), these repairs are important investments that will help your home sell.
Prepare it for sale.
Just as you fix up a home for sale, so should you pretty it up, too. For starters, potential buyers need to be able to see themselves actually living in the house to be more compelled to buy it, and that likely won’t happen when you have family photos, toys, bills, and more dominating the house. A good decluttering is undoubtedly the best place to start—not to mention a great way to improve your home’s chances of selling at top dollar.
Of course, you can’t just stash the fruits of your decluttering efforts in drawers or closets as home viewers tend to peek in these areas. In this situation, out of sight definitely doesn’t translate to out of mind. Consider keeping your items in storage to make the property look more well-kept, as well as keep your valuables safe.
Staging is another thing you should consider, especially when competing against other listings in a slow real estate market. As a rule, decorate the home to appeal to a target market, while also strategically using art and lighting to great effect. It can be an effective way to ‘romance’ prospective buyers and will definitely help your property stand out.
