• June 20, 2021

Selling your home in a depressed economy

Challenging economic conditions mean the real estate market is great for buyers, but a graveyard for sellers hoping for a good deal. The housing market in the United States is at its lowest point in nearly three decades. The Mortgage Bankers Association states that in 2011, 8 million Americans were at least one month behind on their mortgage payments, with 5 million of these homeowners two months behind. With a large number of homes for sale, prices are falling rapidly and sellers are caught in a trap. Here are some tips for selling your home in a recessionary economy for a reasonable price.

Find a great real estate broker

Although you can try to sell the property yourself, it is asking a lot to list your home and do all the groundwork without any real knowledge of the industry. Even though a real estate agent will cost you 3-6% of the sales price, their experience could easily make up for that difference. Find a local agency that is familiar with your neighborhood, including knowledge of comparable properties in the area, school systems, etc. Check the real estate agent’s sales history for the past several years. You want a successful real estate agent who is not too busy to give your property full attention.

Marketing plan

Your real estate agent is responsible for producing a marketing plan, but it is your duty to familiarize yourself with the plan as it is an essential element in generating traffic and getting more people to see your home. Your property must be visible on major Internet sites, such as realtor.com. The best real estate agents have their own website, so make sure your property is on display there as well.

Preparation

This is your chance to shine. Walk around the house with your agent and he or she can point out things that may put potential buyers off. The good news is that your home prep work can be done on a relatively tight budget. First, take care of the property’s exterior with carefully trimmed hedges and colorful flowers that are always a bonus. Repair any loose bricks or handrails and also make sure the roof is in perfect condition.

Make sure all walls are painted and carpets are professionally cleaned. Eliminate all odors to leave a fresh smell and move around the furniture to make the living space look as large as possible. If you can’t get your property looking pristine by the time the first viewers arrive, your home will remain unsold.

Price

Look at active listings, pending listings, and recently sold home statistics that can be reasonably compared to yours. However, be careful when looking at the sale prices, as those sales could have taken place a few months ago. Economic conditions can change very quickly, so you may need to adjust prices to suit the existing market. Pay special attention to the listed prices as this is your competition.

After you have followed the steps above, you should quickly follow up on the queries. Your real estate agent typically handles follow-up activity, including emails or phone calls from interested parties. Hopefully, you will receive a lot of interest, thus increasing the possibility of receiving a fair price for your home.

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