How to Sell Fast in a Buyer's Market

A recent Realty Times article discussed several ways sellers can excel in the current tough market. The theme? Do what no one else does!

Many sellers in the current market have found their homes sitting on the market for months and months, with not much interest from buyers. So, as a seller, what do you do to break out of the crowd?

1. Spruce it up. It isn’t enough to do some repairs here and there, splash a little paint and shovel the sidewalk. Be knowledgeable about what you’re up against. Visit homes that are in the same market as yours and compare. Also compare your home to any new construction in the area in your price range. In this market, your house needs to “wow” buyers from the minute they walk in the door, and this means standing up well against the competition. So, do what you have to do to accomplish this, whether it means installing wood flooring, painting the whole house or changing the fixtures. If you want to sell fast at a decent price, you may need to put some money into your home upfront.

2. Price below market. If you want to sell fast in today’s market, you need to price below the market, or you could face losing money as months go by without a sale. If other houses in your market are selling at tens of thousands of dollars less than yours, it won’t matter if you have renovated the bathrooms and finished the basement. Price low from the very beginning to avoid losing money over time.

3. Offer bonuses and higher commissions. Like many buyers, many agents are looking for great deals. Offer half a percent more than your competitors offer to agents. Or, you can offer the same amount on commission, but offer a bonus of $2,500, $5,000 or more to the selling agent.

4. Market the deal. Instead of concentrating solely on marketing your home, also market what you’re willing to offer. Make it clear up front that you are willing to pay $5,000 or $10,000 in closing costs. This will certainly bring some cash-poor buyers to your doorstep.

5. Throw in non-real estate incentives. Check with your loan officer first to make sure you can assemble a program that would allow incentives or construct them outside of the sales contract in a separate agreement. Offering hot tubs, boats, media centers or shopping sprees could be just the thing for some buyers.

Selling a home at a good price in a slower market sometimes means making some sacrifices. You may have to invest money in your home before you put it up for sale, or you may have to offer to pay closing costs for the buyer. Before you put your home on the market, think about what is most important to you. If it is selling quickly and relatively painlessly, you may have to do whatever it takes to draw in buyers.