What you need to know
Some people who are selling their homes find it to be a challenging and drawn-out process. For the most part, selling your home is never going to be easy and selling residential property is usually harder during economic downturns and recessions. If you find that your home is listed on the Multiple Listing Service (MLS) for over three months with no traction, you need to reevaluate your strategy.
Below, we will discuss some tips to sell your house during these economically difficult times.
Hire an Experienced Real Estate Agent from Kontor Realty Group
One of the best things that you can do as a homeowner is to hire a real estate agent. They will help you with the many facets of real estate transactions and planning, more than what you have probably already considered.
A real estate agent or broker will be able to provide you with the details you require on the existing real estate economic crisis and economy. This includes providing you guidance on how much money you should list your home for on the Multiple Listing Service (MLS) or if you need to drop your price based upon their Comparative Market Analysis (CMA). Likewise, they may be able to provide guidance about how long they expect the economic crisis to last in your region, and a lot more. Remember, this is their profession, as such real estate agents are truly knowledgeable about the current market, which changes frequently. They can constantly offer you the most recent updates on what a recession is doing to the marketplace in your location.
Real estate agents also assist you by being your representative and by contacting others on your behalf. On the contrary, when you sell your home by owner, you are stuck handling the marketing process by yourself with no assistance. However, when you use a real estate agent, he or she will be able to get in touch with clients who are in the market for a home like yours. Additionally, they will work with and negotiate with other professionals, like coordinating with a home inspector on your behalf.
Figure Out How Badly You Need to Sell Your Home.
Think about why your home may not be selling. Examine the market trends before you begin making any major changes to your home. Understanding how urgently you need to sell your home may influence your decisions about how quickly to accept an offer or whether you will offer concessions.
Work with Your Real Estate Agent to List Your Home at the â€œRight Price.â€
If your asking price is way more than what your home is worth, you may be indirectly driving potential buyers to your competitors. Therefore, you need to work with your real estate agent to set a fair price for your home. Rely on their expertise when setting your price. Lastly, donâ€™t assume that you can just lower the price later, as this could work against you as well.
Conduct Repairs as Needed.
If your home needs upgrades or repair, take care of them immediately. Keep in mind, small updates such as painting the walls and replacing carpeting can go a long way in attracting purchasers to your property. Contrary to popular belief, you do not need to invest a great deal of cash to increase the appeal of your home. Your agent can advise you on what repairs will get you the most bang for your buck.
Embrace Digital Marketing Strategies
Today’s buyers often choose to essentially explore homes online instead of the drive around town with their Realtor. Over 90% of buyers begin their search online, and in most cases, they make judgments about the homes they want to see and the agent they hired based upon those websites. As such, hiring any one of our real estate agents at Kontor Realty Group will result in a capable agent who understands digital marketing strategies. Your agent will be familiar with emerging technologies such as virtual staging and 3D animation tours.
Consider the Relocation Market
Historically, when the discretionary real estate market decreases, the relocation sector, which handles relocations for transferring business employees, can be a mainstay. However, that sector is likewise softening.
Although corporate moves have declined recently, itâ€™s still great for Realtors to maintain relationships with moving businesses and corporations that administer this business. If it just so happens to be a busy time for the company, your home could be an option. Your agent will be able to let you know if this is a viable option for you, given the current market condition in your area.
Consider Selling Your Home to an Investor for Cash.
If you are in a situation where you urgently need to sell your home fast due to foreclosure, financial issues, or relocation, you may want to consider selling your property to a real estate investor for cash. Selling to an investor is beneficial because you can sell your property â€œas-isâ€ without making any repairs or scheduling showings or open houses. Likewise, since selling to an investor is an all-cash transaction, closing is fast and almost guaranteed because there is no lender involved in the transaction and no buyer contingencies. Additionally, the closing costs are lower, and the paperwork is less complicated. Your real estate agent can help you find an all-cash offer for your home if this is the route you choose to go to. However, keep in mind that selling to an investor/wholesaler means that you wonâ€™t receive top dollar or market value for your home, this is still a great option if you need to sell your home quickly without much hassle.
Although utilizing a real estate agent should be your first thought anytime you are selling your home. However, during an economic downturn, it is even more essential. The truth of the matter is that an agent will have the ability to update you on market conditions, assist you in setting your price, and marketing your home to achieve the fastest sale. When you integrate all of these benefits, you are giving yourself the best chance at selling your house fast, regardless of whether the real estate market is up or down.
If you are selling your home and would like some help, contact us at Kontor Realty Group today!
Kontor Realty, We keep you ahead of the curve!
Phone: (612) 567-1810