In December last year, existing house sales dropped to a 12-year low, Reuters reported. The previous time sales dropped so low was back in 2010.
Remember, this was the period immediately following the housing market crash and the Big Recession.
When the housing market slows this much, it makes it that much more difficult for sellers.
Selling and moving home involves a significant amount of stress even with the smoothest sale. When houses are on the market for months, it can only add to these feelings.
However, there are some tactics that will help in attracting potential buyers. And John Goodrich, Acquisitions Manager at I Buy IL, says “buyers will sell their homes quickly if they use the fail-proof tactics outlined below”.
Post Contents
How Is The Current Housing Market Situation?
Challenging is the word being bandied about by some experts. There is optimism in the housing market though. Opinions are mixed.
But some analysts believe mortgage rates will drop by the end of the year. In some areas of the country, house prices are dropping too.
Yet, some statistics show that for many house buyers, things remain tough. The median house price rose between March and May.
In March, the median price was $375,400. But, by May it was $396,100 according to the NAR’s figures.
The housing market is challenged by limited inventory and high rates. The 30-year fixed mortgage loan rate in June was 6.84%. This is up from 6.32% in April. The Fed has warned of future rate hikes in 2023.
The current low inventory levels are good for house sellers as it creates demand. But, the high mortgage rates are deterring many buyers.
What Practical Tactics Will Help You Sell Your Home Faster Today?
The fastest way to sell a house remains with finding a cash buyer. If your home is distressed then you may market it to investors and house flippers.
Regardless, of the state of your home, selling for cash under the market value will be the quickest way to sell.
Cash for homes buying businesses is commonplace in the states. These investors buy properties from homeowners who need to sell quickly. The buying process is far quicker than through traditional options such as realtors.
But, there are some other tactics at your disposal for increasing buyer interest. Here are five proven ways to help sell a home faster.
1.) Market Your Home Creatively
Traditionally, real estate agents advertise properties in the press and in their brokerage’s windows. With the internet, more ways to market properties emerged.
Yet, there are numerous marketing properties for those who are creative. Staging a home is an excellent way to lower the time a property waits to be sold. One study suggests that staged homes spend around 70% less time on the market than un-staged properties.
Staging a home involves rearranging furniture and sometimes redecorating to show off a home. It creates solid first impressions and helps buyers to imagine the home as their own.
If you want to be creative, then consider social media influencers. Sharing your property listing through social media can be effective. But, influencers will have far bigger audiences than you.
There are different tiers in influencer marketing, and niches also. A micro-influencer specializing in real estate may be an affordable way to spread the word about your property online.
Traditional marketing techniques are still useful though. Community publications and local press can be used to advertise your home also. Using a professional real estate photographer when marketing is critical.
2.) Maximize Online Presence
Marketing online is vital. The pandemic showed how important the internet was to real estate.
During lockdowns and social restrictions, viewing homes became difficult. Therefore, sellers started using 3D walkthroughs and virtual tours.
The real estate outlook is tricky to fully predict. But, with possible challenges such as rate hikes, sellers need to stand out from the competition.
Most potential buyers start searching online, so having a strong online presence is paramount for a quicker sale.
3.) Host A Themed Open House
Selling a home quickly is all about marketing. Your home must be shown in its best light and stand out a mile.
An open house is a proven way to get feet through the door, and allow many viewers into a home at once.
In theory, a themed open house should then attract even more potential buyers. Advertise a Summer BBQ-themed event for your open house.
Supply your viewers with food, refreshments, and music. Your home will generate interest and hopefully see a crowd considering your property as their potential new home.
An open house may result in a flurry of offers. As visitors see how many other potential buyers there may be, the fear of missing out develops. This leads to offers being made.
4.) Offer Incentives To Buyers
It isn’t unusual for sellers to offer some incentives to buyers. Often this will include paying the closing costs, or inspection fees. Perhaps moving costs might be offered too.
However, you could get more inventive. Offering a home warranty to the buyer may incentivize them to make an offer.
Partner with a local firm to offer the buyer a package or discounts on furniture or appliances. Offering appliances or furniture will really make you stand above the other sellers.
5.) Price Your Home Competitively
There are several important elements in property investment. Buyers want a home that will increase in value in time. Therefore, pricing your home too high will put off many buyers.
Research the local market thoroughly to determine what a realistic price would be. Then establish how much under the market value you are willing to go to attract buyers.
Homes at bargain prices won’t stay on the market long. So, this creates a sense of urgency among potential buyers.
Other Considerations For Selling A Home Quickly
Methods such as comparables will help you to determine the best selling price for your home. This is where properties that are comparable to yours are taken to determine how much your house is worth.
And other tactics for selling a home quickly can be used. Improving curb appeal and the facade of your home will make lasting first impressions.
Decluttering and maximizing space and light will help people view your property as their potential next home.
Your selling channel will make a big difference to the time you spend on the market too. Auctions and cash buyers provide routes to a quick house sale. Real estate agents generally take longer to sell homes.
Summary
Quick house sales may involve a little luck. Some sellers happen to market their homes at just the right moment. However, there are many ways that sellers can avoid being on the market for a long time.
Realistic pricing is important to appeal to the maximum number of buyers. And marketing is essential.
You can get as creative as you wish when marketing a home. Your goal is to be noticed first and get offers as fast as possible.
If you’re in a financial position to do so, offering incentives will make your home more appealing. Especially to first-time buyers.
