Though it spent the majority of the first years of the 21st century in an almost unstoppable decline, the real estate market is finally now starting to gain traction and show signs of recovery. It’s been estimated that the selling prices of homes nationwide across the United Sates have risen almost 1.2% in the last couple of years thanks to gradually stabilising home markets and an average increase in household wealth across the board. For estate agents, this is obviously wonderful news, but for those of you who have been struggling to sell a house for months, or even years, this market resurgence will be of little or no value. In fact, it could mean that more people are putting their homes on the market, leading to stiff competition.
The only way to get ahead in this competition of course, is to make your home stand out from the herd, hooking in prospective buyers before they have chance to be glamoured by “The house down the road” or “Across town’ has to offer. But how does one do this without spending a fortune?
Renovate
If your home has yet to catch any eyes (at least to the extent they want to take the property off your hands there and then), you might have to face up to the fact that work needs to be done. We’re not talking about spending thousands on completely remodeling a kitchen or bathroom here (though coloured baths and sinks could very well prove a death knell), but ‘little things’ that will all add up. This includes replacing old, damaged floorboards, placing new carpet down where needed and replacing dead plants and shrubs in the garden. A fresh coat of paint on the front of the house wouldn’t go amiss either, as (no matter who tells you otherwise) first impressions really do count, especially in the real estate world.
Open House
These are events that allow any potential buyers to view your home without having to make an appointment through your estate agent first. Open houses are like honeypots for potential buyers, and you have the added bonus of being able to show your home to more than one person at a time. Of course open houses can be uncomfortable for some homeowners, but as long as you put out a few free snacks and make it abundantly clear that some areas are off-limits, you should at least catch a few couples who will be willing to come back for a second visit. Try putting on an open house during the week to attract parents whose children might be at school, as many sellers would not think to do this.
Videos
If you look online or in any estate agents, you’ll be surprised how few homeowners choose to film their abode. Making a film that literally invites potential buyers ‘behind closed doors’, will give them a far greater idea of what to expect than a few still photographs. View the video as a potential buyer and ask yourself whether or not you’d be interested as a third party, also don’t be afraid to show it to friends and family. Take the opinions on board and make any necessary changes.
Upgrade Your Estate Agent
It could be that the problem with your home is not the home itself, or even you, it could be your estate agent. This will be especially true if your agent is quite new to the market and has yet to build the vast, professional network that could be the difference between your home languishing in the agency window and being bought, sold and paid for by the end of the month. Thankfully if you’re not happy with your agent, there are sites such as Agent Harvest and Right Move, which can search your area for the most suitable estate agents, with the best track records. If you’re getting desperate, look for a high-volume agent and offer a higher commission. That way they’ll be more eager to get your house off the market! Most estate agents ask for between 1% and 2% of the final sale, but up that to between 2% and 3% and you should really start seeing results!
Stay in the Front Seat
Just because your estate agent is doing all they can (supposedly) to sell your home, that doesn’t mean you should just sit back and let them do all the work. Two heads are always better than one after all. Try listing your home on your social networking pages like Facebook and Twitter, and post flyers and posted around the local area. Also, try talking to friends and family and get them to spread the word. It is worth noting though, that even if you manage to sell your home yourself, you’ll still need to pay your estate agent a commission if you’ve hired one.
Lower Your Price
This is the final straw really, but some people can let pride get in the way. If none of the above tips have garnered you any results than you might want to think about lowering your price. The price an estate agent puts on your house will be based on homes in the surrounding area, but it will ultimately just be an educated guess. Even if you’re lowering though, always keep the price higher than the lowest possible amount you’d accept as this allows for a little wiggle (negotiation) room.
Linda Short sold her first home years ago (successful she might add) and is just now in the process of selling her second.
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