Dealing With a Slow Market – How to Sell a House Fast

“I need to sell my house fast and I am in trouble. What do I do?”
Sound like your situation? I hear comments like that every week from home sellers that for one reason or another need to sell their homes fast. Often times there is an Buying A House Location Or House auction date on the horizon and they MUST sell their home or lose it to foreclosure. But what can they do to help ensure a fast sale in a slow real estate market?
From my experience in helping dozens of home owners market and sell their properties, I have distilled the essential points of selling a home in a slow market to pricing your home accurately, keeping your home market ready and adjusting your asking price to market trends.
Pricing your home correctly will largely determine if it sells fast! To often, when I am meeting with prospective clients about listing their home, they are quite literally in a fantasy land when it comes to their asking price. This happens because people are emotionally attached to their home and that is reflected in what they want to get from it. Additionally, now that the markets have dropped substantially, many sellers can not come to grips with the fact that they have lost 20%, 50% or even all of their equity. But by pricing your home too high, you are virtually guaranteeing that it won’t sell.
You do want to sell your home… don’t you? When your agent of choice gives you range that your home will sell in, consider going to the bottom price or even slightly below that. Don’t believe any agent that is telling you they can sell How To Calculate Commission Split it for a price more than the comparable sales will justify. They are ‘buying your listing’ by telling you what you want to hear. If your goal is to sell your home FAST, then you need to price your home aggressively right from the start!
Once you have your home listed, you must keep it market ready if you want to compete with the other homes that are for sale. Think of your home from a buyers perspective. If they walk in and your home is messy, smelly or worse, they will be turned off by it and be reluctant to make an offer on it. Why should they make an offer on an ugly house? Remember, there are hundreds of listings on the market right now in any given area. Buyers don’t have to make offers on ugly, dirty homes! If you want to sell your home fast, keep it clean and presentable at all times. Will you believe I have had to clean up cat poop, hide dirty dishes and clothes before buyers I was showing arrived? It happens, and buyers don’t like it!
If you want to sell your home, be ready to adjust your price as the market changes! Consider that in many markets, home values are still dropping by 20% a year. This means that on a $250,000 home you are losing $50,000 a year in value, which translates into a loss of over $4000 month. Additionally, every month your home is on the market it becomes ‘shop worn’, meaning that people become aware that it has been for sale, hasn’t sold and must have something wrong with it. Talk with your agent for their advice, but I suggest dropping your price a minimum of $10,000 a month if you are serious about selling your home!
The big three factors for selling your home are initial price, keeping it looking good for buyers when they show up and staying ahead of the pricing wave. Most homes that I encounter that don’t sell, fall into one or more of these three areas. If you are serious about selling your home fast, then you will put them all into play!

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