How to sell your house in a ‘buyers market’?
Here are 5 things you should know about how to sell your house in a slower market.
It all begins with a realistic ‘asking price’. While you don’t want to give your house away, studies have shown that over-pricing by as little as 5%, and buyers won’t make an offer for fear of insulting you. So get your REALTOR® to SHOW you comparable sales, and listen to his/her suggestion. Note: If you ask “What should we list my house for?”, and the real estate agents replies “How much do YOU want for it?”, run (don’t walk) to a 2nd opinion.
Does your home show well? Is it clean? Is it freshly painted, flooring clean and stain-free, and do all lights, fixtures, and appliances work? Also very important, does it SMELL clean? Smoking in your house will likely cost you in the 10’s of thousands of dollars, so make sure that the house smells fresh and clean. Buyers will spend, on average, about 10 minutes in your home before moving on to the next house. Make sure that you leave them with a great impression, so that they will want to come back for another look. How a home presents to buyers is a key part to answering the question “How to sell your house in a slower market”.
This is where you ask your prospective agent: “Where will you advertise my home.” If his/her answer ONLY involves the MLS®, run (don’t walk) again for another opinion. While many buyers search on MLS®, I’ve sold listings off Kijiji, newspaper ads and other less-traditional advertising solutions. Make sure your agent is well-versed in internet marketing. In fact, google his/her name to see if you can find him/her on the ‘net. If you can’t find him, chances are that buyers won’t either. So run, (don’t walk)….well, you get the idea.
Selling in a slower market will likely take some time. Make sure you follow up with every showing and take an opportunity to address every concern a buyer might have. Sometimes buyers, in a rush to go see the next listing, totally overlook one of your homes’ special features, or perhaps pass it by for a perceived shortcoming. Make sure your agent takes the time to follow up with the showings and gives you any feedback, both good or bad!
If your real estate agent is doing all of these things, promoting your home, holding open houses, following up etc, and you’re very confident in the price you’ve set, then simply be patient. Your agent should be able to tell you the ‘average days on market’ on your area, but keep in mind that his is an AVERAGE. So if the average DOM is 35 days, that means for every house that sells in 2 weeks, there could be one that will take 2 months or more.
These are the 5 P’s, as I call them, and I hope you found this article about ‘How to sell your house’ helpful
. Good luck in your selling efforts. And if all else fails, and you’re trying to sell your house in Winnipeg Canada, call me!
Saskatoon sales down 16 per cent on last year
Sales of homes in Saskatoon dropped 16 per cent in September compared to the same month in 2014. The Saskatoon Region Association of Realtors says that year-to-date sales are down 12 per cent compared to the first nine months of last year. Association CEO Jason Yochim said: These lower numbers are consistent with the five-year average for sales.
Association CEO Jason Yochim said: “These lower numbers are consistent with the five-year average for sales.
We are actually doing quite well through the economic challenges when compared to some other western Canadian cities.” Saskatoon’s average home sale price of $353,587 continues to hold steady but is expected to start a slight decline with slower sales.