Selling your home isn’t always easy, especially if you’ve decided to list your home in a down market. A down market occurs when the supply of homes exceeds the demand. This means that there will be more competition amongst home sellers to attract homebuyers. The following are a few tips to help you successfully sell your home in a down market:
- Set your listing apart from the rest – Highlight features that most homes don’t have to set your property apart, whether it’s a finished basement, an outdoor pool or some kind of architectural feature.
- Offer a transferable home warranty – Transferable home warranties only cost between $300 and $400 for a one-year policy, but they provide homebuyers with some peace of mind since they will cover the failure of the home’s appliances, such as the refrigerator or air conditioner.
- Offer to cover some of the closing costs – Closing costs add up to the point where they can be quite expensive for the buyer. Offering to cover some of the closing costs ahead of time can help to sweeten the deal.
- Price the home properly – You don’t necessarily have to lower the price of your house so that it’s the cheapest property in the area, but you need to make sure it’s priced appropriately. Overpricing your house in a down market is not a good idea since buyers aren’t going to be willing to overpay.
- Hire a real estate agent – A real estate agent will not only be able to provide you with professional advice on selling a home in a down market, they’ll have connections with other agents and potential buyers that you can take advantage of.