The real estate market runs in cycles.
There are slow markets, like a buyer’s market, where houses don’t sell easily but there are also buoyant markets too. A good place to start when selling your house is to establish whether the market is slow or fast.
So how do you tell whether a market is slow?
Glad you asked! Just like any other industry, the state of the property market is determined by the market forces of demand and supply. The market becomes slow when the number of unsold properties (supply) exceeds the number of buyers (demand).
Selling a property in a slow market can be tough. Simply listing your house and waiting for buyers won’t cut it here. You’ll need a different approach than you’d use in a buoyant market. Here are some handy tips that will help you sell your house fast in a slow market.
1. Price the House Right
While you want to sell your house for the best price, you’ve to be realistic on pricing.
In a slow market, there are fewer buyers around. This means there are more houses being sold than there are buyers. It also means that you may want to reduce the price of your property to meet this lower demand.
Pricing your house right for the market condition will create a bigger pool of interested buyers and increase your chances of selling the property fast. To price the house right, research what similar houses in the neighborhood have sold for and undercut them.
2. Consider a Property Buying Company
The only way to 100% guarantee a sale that puts money in your bank account within days is to sell it to a genuine house buying company.
Such companies will buy your house for cash and in its current condition thus eliminating the lengthy financing processes that often take months to finalize. However, there is a trade-off for such an expedited sale as most companies will offer 75 – 80% of your home’s market value.
But if you’re in urgent need of cash and want to sell your house fast, nothing can beat the convenience of a property buying company. If you’re in London, you can sell your property fast with Molae Properties. They promise a guaranteed cash offer with no fees to pay and an exchange of contract in as little as 24 hours from viewing the property.
3. Involve the Neighbours
Your neighbours can play a huge role in helping you sell your house fast in a slow market. The trick is to let them know early that you intend to sell your house in the coming months.
Armed with this info, your neighbours can inform their friends, family, colleagues, and other people in their networks about your home before it’s listed. This could help generate interest and even draw in potential buyers ahead of time.
4. Take Your Marketing Game Up a Notch
Challenging times call for tough measures. If you have never leveraged paid advertising, you’ll want to do it in a slow market.
But before you roll the dice on paid advertising, make sure your house is presentable. Start by doing minor upgrades, like painting the walls, to give the house an aesthetic appeal.
Once you have “freshened up” your house, be sure to take quality marketing photos. For best results, hire a professional photographer and a home stager. At the very least, your house should appear on Zoopla, Rightmove, and PrimeLocation.
Next, you’ll want to leverage email marketing and paid social media advertising. With over 3.6 billion people using social media worldwide, social media is a tool you don’t want to miss in your marketing arsenal.
By following these tips, your listing will get exposed to a large pool of buyers, which will increase your chances of selling your home in a slow market.