The Realty Geek's Blog

Tips on Selling a Home in a Depressed Market

tips on selling a homeIf you want some bad news, turn to the real estate section in your local newspaper. We’ve all heard that the housing market is not expected to rebound anytime soon. In many areas, home sellers are up against a glut of inventory sitting on the market. And, despite low mortgage interest rates, many potential homebuyers are unable to secure a loan due to unemployment, strict down payment policies or other financial hurdles. What does this mean for home sellers who are ready to part ways with a property?

Selling a home in a depressed market might be difficult, but it’s not impossible. The average time to sell a home has increased as the housing market has slowed. While it has become commonplace for a home to sit on the market for several months, home sellers should try their best to avoid this scenario. If a home sits for too long, low offers may start to pour in. Or even worse, no offers come in and the seller is forced to lower the price or take the home off the market.

To avoid this situation, start preparing well before listing your house. This means researching your local market, making necessary updates to your house, and finding a top notch real estate agent who can guide you through the process. These tips for selling a home apply to any situation, but they become even more important in a depressed market. Here are some tips to consider before selling your home:

  • Create an amazing first impression. Research the best home improvements to sell a house and make sure your home is ready to make a great first impression. To make your house stand out from the crowd, go beyond painting walls and making minor repairs. You want to create an inviting atmosphere where anyone could feel “at home.” To get this right, you may want to hire someone to stage your home.

 

 

  • Market your home. When choosing a real estate agent to work with, be sure to ask how they will market your home. Whether it’s online or print advertising, open houses or agent tours, every bit of visibility counts. And, since most buyers search for homes online, quality photographs of your home are vital for making that great first impression.

If your home is in an area with many foreclosures or where property values have dropped dramatically, you may be better off waiting for the real estate market to improve. But if you’re ready to sell, doing research and making the house stand out from the crowd can improve your chances of selling the home for the price you want.

Comment balloon 4 commentsEric Proulx • October 26 2011 04:16PM

Comments

Eric this is a very very good blog post that can help any seller get there home sold. I will be sharing these tips with my co-workers and sellers of my listings. Thank for sharing! 

 

Posted by James Muhammad, RE/MAX Champions (RE/MAX Champions) almost 7 years ago

Hi Eric, thank you for posting this. I enjoyed reading and learn  a lot from it.Good day!

 

Posted by Kristan Cole, The Kristan Cole Team (Keller Williams Realty - Kristan Cole Team) almost 7 years ago

Good advice. Sellers need every advantage they can have in an ever present buyers market. I especially like the one about creating a first impression. Staging is great especially on empty properties such as bank owned or short sales.  

Posted by Aloha Mortgage Loans almost 7 years ago

Thanks everyone for the positive feedback! I'm new to the Active Rain community so I appreciate it! :)

Posted by Eric Proulx (RealEstate.com) almost 7 years ago

Participate