✏️ Editor’s Note: Realtor Associations, agents, and MLS’ have started implementing changes related to the NAR’s $418 million settlement. While home-sellers will likely save thousands in commission, compliance and litigation risks have significantly increased for sellers throughout the nation. Learn how NAR’s settlement affects home sellers.
Real estate has its ups and downs, just like any other market. There will always be houses listed below market value in a sluggish market. So, how to sell in a slow market?
You don’t have to sell your house and take a great loss. The market may seem slow but a little bit of creativity and attention can help you sell your house.
Key Takeaways
- There are two types of real estate market.i.e., Buyer’s market and seller’s market.
- The 2023’s current market is moving at its slowest pace observed in decades.
- Pricing your home is a criticial and most important decision you need to take, while seling your house in a slow market.
Types of Real Estate Market
👉 Seller’s Market
A seller’s market, otherwise known as a “fast market,” favors the sellers. Seller’s markets are ones in which many people wish to buy a property, but there aren’t many listings available.
👉 Buyer’s Market
A buyer’s market or slow market is the opposite of a seller’s market. Plenty of properties are up for sale, but a few buyers are available.
However, you can make this work in your favor if you mention the unique selling points of your property.
How To Sell In a Slow Market?
The surplus of available homes causes buyers to become pickier. Hiring professionals like home stagers, photographers, or agents will help your property stand out from the crowd.
👉Here are the 5 best ways to sell your house in today’s market:
- Understand Your Market
- Price Your Home
- Make Necessary Repairs and Renovations
- Hire a Professional Home Stager
- Choose the correct selling method
1. Understand How to Sell in a Slow Market
Before you make any selling decision, it is important to understand your market, your property’s value, and your competitors.
A thorough amount of research and analysis will assist you in pricing your property and may even save you from undervaluing or overvaluing it.
2. Price Your Home
Pricing your home is a critical decision, as you have to be realistic while quoting the price.
Buyers will look for a house with low pricing; you have to set competitive pricing to stand out in the slow market. High or unrealistic pricing will increase your property’s days on market.
» How To Price Your Home: Find out how to price your home in 6 easy steps
3. Make Necessary Repairs and Renovations
A slow market makes buyers fierce and picky, rational pricing is not enough. Your house should also look appealing.
Now is an excellent time to get started on that renovation you had been putting off. It will also help you in negotiations.
💡Creative Ways To Market Your Home
To persuade potential buyers to look at your house, use as many real estate marketing methods as feasible. The more people are aware of your listing, the more probable it is that you will sell quickly.
Here are some creative ways, you can use to market your home:
- Tell your neighbor or the people around you.
- Put a ‘For Sale sign in your yard
- Use different social media platforms
- Create and distribute newsletters that stand out your property from your competitors
- Shoot high-HD images and broadcast aerial videos of your property
- Try direct email marketing
- Organize an open house and deliver a brief elevator pitch for your listing
Another technique is to market directly to real estate investors. Real estate speculators are generally eager to seize opportunities.
Listing on online property portals such as Houzeo ensures that your listing will be seen by thousands of real estate investors.
» Houzeo Reviews: Find out why Houzeo is one of the best real estate marketplaces in the US.
4. Hire a Professional Home Stager
Home Staging is the process of making your home more appealing. A home stager cleans, rearranges, and makes other aesthetic changes to make your home look presentable and attractive.
A staged home can attract offers of 1%-5% more than the asking price. You can even hire a local interior designer to make the necessary changes.
» Best Home Staging Companies: Find the best staging companies in your area.
5. Choose Your Selling Method
The selling method you choose should meet your needs. Some selling methods are more expensive than others.
1. List With Flat Fee MLS Services
Listing with a Flat-Fee MLS service gets your house on the market within 24 to 48 hours.
Flat-fee MLS is the best way to sell your house fast and has four significant benefits:
- The MLS is the fastest way to hit the real estate housing market, plus your listing is syndicated to Zillow, Realtor.com, etc.
- Your listing gets maximum exposure.
- You can negotiate on all offers.
- You skip paying commissions or service fees.
» Flat Fee MLS: Check out America’s Top 7 Flat Fee MLS Listing Companies
2. Connect with your local Real Estate Agent
A real estate agent is a licenced professional who helps in all real estate transactions.
They are well-versed in the local real estate market, its trends, pricing, and procedures. Their networking can help you sell your house in a slow market.
3. Sell to iBuyers
An iBuyer can make an offer within 24–48 hours and close within 7 days. Several iBuyers, including Opendoor and Offerpad, are known for offering fair market values (FMVs).
However, iBuyer services are restricted to only metro areas. They also have strict eligibility criteria which they do not compromise on.
» iBuyer Reviews: Check out rankings, pros, cons & alternatives of top iBuyers in America
4. Sell FSBO
“For Sale By Owner” implies that your home won’t be listed on the MLS. As an FSBO, you market your property yourself, conduct market research, manage offers, schedule showings, draft an FSBO contract, etc.
77% of FSBO home sellers closed on their homes within two weeks because the homes were sold to someone the seller knew.
» For Sale By Owner Listing Sites: Check out the rankings for America’s top FSBO websites
Bottom Line
A slow market can become challenging given the supply of houses and the lower demand from buyers. The above-mentioned steps can always help you in choosing a sale that caters to your needs.
Listing your property on the MLS and marketing it slowly while seeking the best offers is the most promising strategy if it has no material flaws.
Houzeo Flat-Fee MLS listing makes it possible for you to list your property on the MLS. You also get a variety of packages to choose from, depending on your needs.
» LIST WITH HOUZEO NOW « Market your home on the MLS and hundreds of other websites to reach multiple buyers and sell your house quickly.
Frequently Asked Questions
How to sell your home quickly in a slow market?
The quickest way to sell your house is by listing on MLS. The Multiple listing system is the fastest way to approach the market, although the selling method depends on your needs.
What is Buyer's Market?
A market that is favorable to buyers is considered a buyer's market. It is also called a slow or sluggish market.
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