Tips for Selling in a Slow Market

Posted by Gurpreet Ghatehora on Friday, January 15th, 2016 at 10:32am.

If you’ve been reading our blog, you’ll probably know that the Edmonton real estate market has been slowing down. Some of this is seasonal, like with the Christmas time lull, but the slowing economy has not helped the real estate market. But that doesn’t mean your home will sell for a loss or not move. In fact, there are many things you can do to help your home sale, even in a slow market. Here are just a few things that can improve your home sale experience and help you get what you need from your transaction.

1. Price it Right

It’s true, your home may sell for less than if you were selling in a hot market, but that doesn’t mean you should undervalue just to move it. Be sure to consider the market around you when settling on a price, and set a price without the expectation of a bidding war, since this is unlikely to happen in a slower economy. Finding the right price will probably take some consulting with experienced professionals, but you can see what houses in your area have been selling for to help you decide on the price that’s right for you.

2. When it Comes to Showing, Be Flexible

In a slower market, buyers know they have multiple options, so you need to make you and your home available for showings. Passing someone off or delaying their viewing by even a few days can make the difference between a sale and a longer time on the market. Be available as much as possible, and be sure to make accommodations for people. It will leave them feeling better about your home and you as a seller, and it can help you get more people through the door.

3. Use the Internet

When it comes to purchases, more and more people research things online before picking up the phone or driving to go buy something. This is no different for the housing market. People are much more likely to see your home online before they see it in person, so make sure your listing is as good as possible. This means professional-looking photos that truly show how beautiful your home can be, and maybe even videos to give people a better idea of how it looks. If you can, provide photos of the outside during the summer and winter, so people can get a feel for how it looks in the other seasons.

4. Be Patient

It’s true, a slower market means you may have to wait awhile for the first decent offer. But it’s important to stay patient. It could turn out that the first offer is a very good one, but it may not be great. Sell when the deal is the right price, not just when it’s the right time. It may take a little longer, but it will be worth the wait.

Selling your home in a slow market isn’t impossible, but it is different. With the right people and the right plan, you can get the price you want, though, it just takes some time and dedication.

 

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