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Slow Economy Home Selling Strategies

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Slow Economy Home Selling Strategies

The real estate market is in a quandary. These days, it is more difficult for a house seller to dispose a property than it was 4-5 years ago. With creditors becoming more prudent with their lending practices and the economy on a slump, buyers no longer have the financial means to buy properties.

But the slow real estate market does not mean that house sellers cannot sell their properties. It just means that house sellers have to adapt to the changes in the market. House sellers should look into five different things in order to have a better chance of disposing their property at the right price and time.

Make It Beautiful

Buyers are more likely to buy an attractive and contemporary-looking house than an old, dilapidated property. House sellers should make sure that their house stands out among other houses available in the market. The best way is to do repairs and home improvements so that buyers will be more enticed to look at, and eventually buy the house for sale.

Repairing leaky faucets, dilapidated air-conditioning systems, and putting a new carpet are just some of the ways to make a house look more attractive. House sellers should also send the message that the unit they are selling is well maintained.

Lower Your Asking Price

This may not be the most ideal option for house sellers, but given the sluggish real estate market house sellers may have no route but to go for this one. House sellers may have to lower their asking price in order to get more offers from buyers.

Experts are suggesting that if house sellers cannot lower their asking price, then they may have to wait for the real estate market to go back to its previous state. But in the sluggish condition of the real estate market, the best option for house sellers who want to immediately sell their properties is to lower their asking price.

Know Your Agent’s Stats

A real estate agent has a crucial role in disposing of a property. Real estate agents don’t just help in pricing a real estate property; they also have the means to match a seller to prospective buyers. House sellers should get the services of a good real estate agent if they want to have a good shot at disposing a property in a falling real estate market.

The key is to get the statistics of a real estate agent. Find out the average duration by which a real estate agent is able to dispose a property. Experts suggest that house sellers get the services of a real estate agent who have an average of four months in selling a property. The said time frame is reasonable enough for any house seller to deal. It also indicates that the real estate agent understand how the markets work especially in slow months.

Be Flexible

House sellers should be very flexible in accommodating inquiries from prospective buyers. They should make themselves available any day of the week especially if prospective buyers want to take a peek at the property.

Things like imposing a limited time for showing a property or passing up an open house due to other commitments may decrease the chances for a house seller to get offers. House sellers should prioritize anything related to their inventory if they want to dispose their property in a falling real estate market.

Entertain Low Bidders

Most house sellers would often say that they are not interested in wasting their time entertaining low offers. But in a falling real estate market, entertaining low bids makes sense.

Experts say that house sellers should not ignore low bids. Instead they should work on giving a counter offer instead.

The idea is that house sellers will gain nothing if they immediately reject a low offer. On the other hand they may still be able to nab an acceptable price if they enter into negotiations with an interested party. The initial offer may be low, but house sellers can make it more acceptable if they give counteroffers to an interested buyer.

These are just some of the keys for house sellers to remember in a slow real estate market. It is imperative that they heed these tips so that they can get to dispose their properties even during an economic slowdown.

 


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