In a down housing market, its ideal not to put your house on sale and wait until the right opportunity comes. For those who are forced to sell their homes could be due to a host of reasons. They can still benefit from the sale transaction if they play their cards right. The following tips are for those who are in a scenario where they have to sell their property in a down market but now have no clue how to mitigate the negative aspects.
1. Provide a More Alluring Deal
In a dire situation where the home owner is forced to sell his property it is best to have a good knowledge of the local housing market, especially the houses that are listed for sale in nearby areas. The intention is to allure the buyer into a deal that he cannot resist. The information can be gathered by visiting local Real Estate agents and also by checking local ads showing houses listed for sale and comparing their prices.
2. Keep Things Clear and Discreet
In a market with low prices, there is a fierce contest between sellers and buyers. One should make sure that they shouldn’t do anything unnecessary that turns down potential buyers. Always go into a negotiation with an open mind. Keeping figures adjustable to the buyer’s requirement without losing on a huge amount of cash is very important to the whole process. Things should be made candid for the buyer to assure him that this is the right deal!
3. Give Incentives to the Buyer
Giving little incentives to the buyer would make your offer look more attractive to him. One should acknowledge the fact that Real Estate is a dog eat dog world and that the competition gets even more heated when the Industry is down. The motive should be to make your offer look better to the buyer. Incurring some additional costs to secure the deal is not a bad idea at all. Even a small reduction in price might close the deal. Other incentives such as paying the legal fees on behalf of your client may lead to you getting him sign. Small errands such as repair of an old room or a paint job might just close the deal.
4. Hire an Agent
Many people don’t hire agents. Although it might seem expensive to most folks, hiring a real estate agent might just pull the trick. Agents are skilled at what they do.
5. Let the Potential Buyers See the Property from Inside Out
Buyers are likely to look around at different houses listed on sale. The art of selling houses might be similar in nature to selling other commodities. Traditionally, the buyer would step in looking for an ideal place to live. Generally, buyers want some space to discuss which house is right for them. Once they have decided that the house suits them, they will want to open negotiations. It is important always to make the house on sale accessible to potential buyers as they want to know more about every corner of every room when making the decision.
6. Make the House More Attractive
A seller might hire a consultant to make his house look exceptionally better than others. The consultants are specifically trained for the job of embellishing homes at a relatively low cost. They also provide useful information on how to decorate the house and to rearrange things to make the home look more spacious and less bedizened.
7. Make the Agent Prioritize Your Sale
Making the offer look good to a buyer and an agent are different things. As agents are primarily interested in earning their commission, they prioritize some properties over others. Giving the agent a high commission if the sale occurs early is a very shrew yet practical idea. If the agent fails to sell the house in a given period of time, he can be paid less commission. This is called setting up breaking points.
