By Bigg Success Staff
What’s a homeowner to do in a market like this one? That’s not an easy question to answer, but keep in mind that this isn’t the first time, nor will it be the last, that the market has turned against sellers.
You may need to move on or want to move up, but you have to sell your house before you can afford to do it. You’re worried because you keep hearing horror tales of homeowners struggling to sell their homes. It’s a buyer’s market, we’re told.
Don’t believe it outright!
Real estate is still very much a local market. What happens nationally to mortgage rates may affect markets as a whole. However, what drives the market you’re in is the market you’re in.
It’s simply the ageless law of supply-and-demand. If there are more buyers than sellers, prices will rise. When the opposite is true, they will fall.
If that’s the case in your market, consider holding out for awhile. Sit tight and wait for the demand to catch up with the supply.
If you can’t wait, then you should approach the sale purposefully. Here are seven steps to sell your house … fast!
#1 – Select your realtor.
Good real estate agents earn every penny that you pay them. Selecting the right one for you, your home, and your situation will save you an immense amount of frustration. They also will be a tremendous resource for the following steps.
#2 – Establish your asking price.
With the help of your realtor, get a feel for your market so you can set your price. You’ll need to understand how many houses are on the market, how fast they’re moving, the best price points for houses like yours, how those houses compare to yours, and more.
#3 – Get it ready to market.
Avoid untimely surprises by getting an inspection before you put your house on the market. Discuss cosmetic improvements and staging with your realtor. Make sure it’s cleaner than it ever has been.
#4 – Agree on a marketing plan.
You should know upfront exactly how your agent will promote your house. Insist on an attack on multiple fronts – web sites, advertisements, a brochure, open houses, “realtor caravans”, and more.
#5 – Differentiate your offer.
Discuss incentives with your realtor. You may offer a bonus of some sort if your property sells within a pre-determined period of time. More likely, you’ll offer some sort of incentive to your buyer. Don’t be afraid to get creative – your realtor should welcome a flexible seller.
#6 – Insist on a weekly report.
Agree upfront to regular reviews. Your realtor should be happy to update you on marketing activities, showings, comments, and suggestions every week. This serves two purposes: it makes your realtor accountable and it keeps you from bugging them too much!
#7 – Have a contingency plan
As part of your initial pricing strategy, you should discuss alternative plans. You may drop your price or consider an additional incentive for buyers if your house hasn’t moved by a certain date. Plan these things upfront to remove your emotion, but remain flexible and listen to your realtor’s advice.
You can’t control the market, but if you follow these steps you’ll more likely be the first one on your block to sell your house. Selling your house is no different than selling anything else. You just need to be a willing seller with a realtor who can connect you with a willing buyer!