How to Sell Your Home for a Good Price in a Tough Market
In an ideal world, you would always be able to sell your home for the price you want. But sadly,home sellers don’t always have the benefit of a hot market. While you can’t do much about a slow market, you can take steps to help your home sell faster and for a better asking price. Working with a great real estate agent, setting a realistic asking price, preparing your house to attract potential buyers, and marketing your home aggressively will help you shift the odds in
your favor and increase your chances of a smooth sale.
Clean and Declutter
Cleaning your home is an important part of preparing it for sale. In a slow market, buyers can afford to have high standards, so your home needs to be flawless. A top-to-bottom deep clean is essential. Take the time to sort through your belongings and declutter your home as well. According to Professional Staging, removing clutter will make your home appear larger and well-maintained, but also help your buyers see all of your home’s best features without getting distracted by personal collections, family photos, and knickknacks. If you need somewhere to store your stuff while your home is on the market, consider renting a storage unit.
Make a Few Upgrades
It can pay to tackle a few home improvements before putting your house on the market. Besides making essential repairs, some in-demand upgrades can set your home apart from others on the market. Focus on high-ROI upgrades to get the most bang for your buck. If you go the DIY route, you can completely refresh the look of your kitchen by painting the cabinets, replacing the hardware or adding a tile backsplash. If you have it in your budget, think about other areas of the home where you can make cosmetic upgrades like remodeling or refinishing your basement, adding replacement windows or even installing a deck or patio. A remodeled basement, for example, can yield a 90.1 percent return, and typical costs between $10 and $35 per square foot. That could be a worthwhile investment for the ROI!
Stage Your Home
Although you don’t have to stage your home to put it on the market, Investopedia stresses that this extra step will put you at an advantage. Staging a home involves decorating it strategically to show off its best features and help buyers imagine themselves living there. To stage your home, give each room a specific purpose. For example, you could turn an empty basement into an entertainment hub or convert a spare room into a home office. A few finishing touches, such as a fresh vase of flowers and some fluffy, white bath towels can give your home a polished and inviting appearance.
Take Great Pictures
When your home is in top shape and ready to wow those potential buyers, take some pictures. High-quality real estate photography can help you capture the hearts of your buyers before they even set foot in your home! For best results, shoot your pictures on a bright day with your blinds wide open. Rooms filled with natural light will appear bigger, brighter, and much more welcoming than they would at night. If you don’t feel confident in your camera equipment or your photography skills, consider hiring a professional real estate photographer for this task.
Set the Right Listing Price
Setting your asking price is a tough process. Price your home too low, and you will lose money on your sale. But price it too high above market value and you may turn away potential buyers. While it's true that homebuyers can make a lower offer on an overpriced listing, don't count on this. Since buyers often search for homes in a set price range, they might not even come across your home if it is overpriced. One of the best ways to come up with a realistic asking price is to work with an experienced real estate agent and to listen to their recommendations. Don’t let emotion get in the way of your home sale!
Selling a home in a buyer’s market is difficult, but not impossible. With the right preparations, you might just get the sale price that you’re after. The key is to dazzle your potential buyers with cleanliness, worthwhile home upgrades, stunning staging, and beautiful real estate photos. Price your home right, and a buyer should come along in no time!