Creative Ways to Sell Your Home in a Slow Market
Where are the Buyers from two years ago that flooded the market for homes? Attitude adjustment needed! We recognize that your home may be beautiful and priced right, but mortgage rates are still high, and the existing buyer’s pools are changing and/or shrinking.
I am fortunate to have been involved in real estate since 2005 and have seen many types of markets—they appear and make a huge splash, then they swiftly change and retreat. It reminds me of ocean tides, except with the ocean the cycle runs every day. We can’t say the same about the real estate market. My crystal ball is broken from all the waves crashing into it. What to do? Let’s talk about some ideas for selling your home in a slower market. I suggest a combination of “new” thinking and “old” thinking.
THE NEWER-Social Media is Today’s One-on-One
Jump aboard the social media flood and learn to use it to sell your home. As powerful as the Multiple Listing Systems (MLS) are, your family and neighbors and co-workers need to know that you are selling your home! Some of us weren’t raised in the social media era. We dialed a telephone number to talk, or visited across the fence, or talked on the porch. Alas, we may have forgotten the power of one-on-one information sharing. Link creates posts and videos, and our posts for Facebook, Instagram, and YouTube are focused on marketing your home. And we link the power of professional photography and drone shots to your digital marketing. It’s time to work with a realtor who embraces social media. Ask about the specific campaigns we use to provoke excitement for your home sale.
THE OLDER-Power of the Open House—Don’t Underestimate These!
Attached to this article is a link to a short video from an open house I held last week. If you ask realtors, they often express disdain and shake their heads when one mentions doing regular open houses. When I first became a realtor in Colorado, holding open houses was an art that we learned and practiced. Open houses are just part of our marketing, and I so enjoy them!
The first open house is for your neighbors. The next and subsequent ones are for interested people. And especially if the home is under contract, we still host open homes that were previously scheduled. This is an opportune time to ask for backup offers. Win-Win!
And an Approach That Works Through New and Old—Offer Incentives!
I remember the days following the heyday of 2004-2007 with the real estate slowdown. We were really struggling to sell homes that were either “under water,” in “pre-foreclosure,” or “foreclosed.” Luckily, in this current market, we have not reached the levels of real estate pain from ten years ago. Your buyers may struggle to afford your home. Let’s help them!
Here are a few incentives that I have seen over the years. I am sure you may have other incentives that will work as well. Think outside the box!
1) Offer to pay part of the closing costs.
2) Split the cost of an appraisal or inspection fee.
3) Offer seller concessions that may offset a onetime large cash outlay required for closing. This could include things such as 2-4 month additional HOA dues for cash reserves, or an offer to pay a portion of the yearly HOA dues.
4) Offer a portion of your lawn care provider or decorator up to a specific number of hours or fee.
5) Be flexible on any rent back options for the new buyer. Charge a lesser security deposit or interim rental amount.
These incentives work! And they differentiate your home from other homes. Good luck! I look forward to working with you in the future.