How To Sell Your House In Down Market?

✏️ 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.

The market can be difficult to predict when it comes to finding the right price and time to sell your home. However, 51% of homeowners still believe that now is a good time to sell a home.

It is normal to wonder if you should wait to sell, especially if the real estate market in your area is experiencing a downturn.

The good news is you can sell your home without incurring a huge loss. The market may seem slow but a little bit of creativity and attention can help you sell your house.

What is a Down Market?

A down market is when real estate prices start falling and sales become sluggish. It is often called a buyer’s market.

Steps To Sell Your House In Down Market

In a down market, buyer’s become picky. You need to make changes and make your house stand out with the help of professionals.

1. Know Your 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 down market. High or unrealistic pricing will increase your property’s days on market.

3. Make Necessary Repairs and Renovations

A down 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 real estate websites such as Houzeo ensures that your listing will be seen by thousands of real estate investors.

» Houzeo Reviews: See what others have to say about the best real estate marketplace in America.

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 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.

2. Connect with your local Real Estate Agent

A real estate agent is a licensed 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 down 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.

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.

» Best website For Sale By Owner: Check out the rankings for America’s top FSBO websites

Bottom Line – Plan Your Sale Before Market Slumps

A down market can become challenging given the supply of houses and the lower demand from buyers. Listing your property on the MLS and marketing it slowly is your best bet!

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.

Frequently Asked Questions

• Seller