How to Sell Your House in a Down Market — 6 Easy Tips

The housing market may be slowing down, but if you follow these 6 simple tips, there's still plenty of opportunity to sell your house in a down market.
Sell Your House in a Down Market
How to Sell Your House in a Down Market

For the past two years, the real estate market has been moving at one of the quickest paces on record.  With houses coming and going from the market in hours and sales prices at record highs, selling your house was never easier than in 2022.  But as mortgage rates rise, home prices level, and houses have begun to remain on the market for a longer time. While this slowdown is really a return to normal, it is still more difficult for homeowners to sell their house in the slowing market. It may take more time and a bit more work, it is still very possible to sell your house in a down market with a few minor adjustments.  

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How to Sell Your House in a Down Market — Hire a Top Real Estate Agent

You can try to sell your house in a down market by yourself, but that may end up costing you in the end.  For sale by owner homes typically sell for less than homes sold with a realtor and take longer to sell.  A real estate agent can market and show your home to a larger number of people.  He or she can also assist in negotiations that may lead to a higher sales price and a faster home sale.  

Price Your Home Correctly

Yes, your neighbor may have sold their home for $100,000 over asking price last year, but that is most likely not going to happen in a slower market.  Don’t try to overprice your home, this will only lead to it remaining on the market longer.  But don’t underprice your home either.  A drastically low price can make buyers suspicious and turn away those who may worry something is wrong with it.  

Know Your Home’s Value

Have a comparative market analysis or pre-listing appraisal done on your home.  Both of these will give you a good indicator of what your selling price should be.  A comparative market analysis (CMA) is used to compare your property with recently sold properties nearby.  A CMA will take into account comparable properties such as square footage, age of the home, location, upgrades, nearby amenities, and other data in order to calculate your home’s value. 

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Maintain Curb Appeal

There is a good reason why 99% of real estate agents believe that curb appeal needs to be on point when you are selling your home and it is not because they love colorful flowers.  Curb appeal has been shown time and time again to draw in buyers and to increase the final sale price of a home.  To up your curb appeal game, start with a deep clean of the exterior of your home.  Next, upgrade your greenery.  Plant easy-to-care-for shrubs and bushes and colorful perennials, and add a fresh layer of mulch to your landscaping.  Finally, mow your lawn. A fresh-cut, weed-free lawn can increase your home’s sale price by more than $2,000.  Use a weed control product and add grass seed to any bare or thinning spots. 

Make Necessary Fixes

Certain repairs should be done before listing your home so that if a buyer is interested they won’t be deterred by small defects.  The main fixes to make are roof damage, old windows, outdated appliances, and chipped or dull paint.  Roof damage can be a big fix, but a new roof goes a long way to attract and persuade buyers to purchase your home.  The same is true of replacing old windows.  Now more than ever, buyers are looking for energy efficiency and windows are one of the best ways to improve it.  Chose Energy Start certified windows as replacements and seal up any air gaps around the windows.  Adding energy efficient appliances is also appealing to those looking for savings on their electric bill.  

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Get Creative with Marketing

Your home is listed. You’re having open houses and showings, but no offers have been made.  It might be time to step up your marketing game. Tell everyone you know that your home is for sale.  You would be surprised how often word of mouth leads to a home sale. You should also use Facebook, Twitter, Instagram, and even TikTok to get the word out about your home.  

When selling your house in a down market, every aspect of selling your home needs to be considered and planned out.  Hire a knowledgeable real estate agent, market your home like a pro and have your home in perfect condition.  Implementing these strategies will lead to a faster home sale and a higher sales price even in a down market.  

 

Andrea KeeneyAndrea Keeney is a freelance writer with HomeLight. She holds a degree in Secondary Education and Language, LIterature, and Writing from Eastern Michigan University. When Andrea is not writing she is balancing her time as a mother, fitness enthusiast, and avid gardener.

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