How to Sell a House Fast: 12 Tips For Selling in a Slow Market

Selling a house in a slow real estate market can be difficult. In times like these, it’s not enough to simply list your home and wait; you actually have to sell your home. No one really wants to sell anything when the market is bad, but we don't always get to choose the timing. Understanding the slow housing market, pricing the property realistically, and offering incentives to attract buyers can make a significant difference. It just takes a positive attitude and a different kind of game plan. Use these home-selling tips to conquer a down market!

Hire an Experienced Real Estate Agent

Working with the right real estate agent who has a deep understanding of the local market can make a significant difference in selling a house quickly in a down market. An experienced and knowledgeable agent brings a comprehensive home-selling checklist that includes pricing strategies, market trends, and effective marketing techniques. They can help you set a competitive price that attracts potential buyers while maximizing your return, crucial in a market where buyers are scarce and cautious. Additionally, a skilled agent has a network of contacts, including other agents, potential buyers, and industry professionals, which can increase the exposure of your property and bring in qualified buyers more quickly.

Moreover, the right real estate agent can provide valuable advice on staging and presenting your home to make it more appealing to buyers. They understand what features and improvements can make your home stand out and are adept at highlighting its strengths. Their negotiation skills are also vital in ensuring you get the best possible deal, even in a challenging market. By managing the myriad details and paperwork involved in a real estate transaction, a competent agent can streamline the process, reduce stress, and help you close the sale more efficiently. Their support and expertise can be the key to navigating a down market successfully and achieving a faster sale.

Know Your Market

One of the most important things you can do to get your house sold is to understand the housing market, the value of your property, and your competition. Most sellers operate in the dark, simply offering the property for the price they want, without regard to what other homes have sold for and are currently selling for. Undervaluing or overpricing your home can cost you tens of thousands of dollars. Additionally, staying informed about mortgage rates will help you evaluate the best times to sell. 

Price Your Home Right

With homes sales slowing and prices plunging, there’s little doubt that selling for a good price in today’s market is going to be tricky. The median existing home price dropped more than 7% compared with the same month last year, according to the National Association of Realtors. So if you try to ask as much for your property as your neighbour got a year ago, you’re going to turn off potential buyers. Instead, price your home conservatively by looking at similar houses currently on the market. Also look at the homes that aren’t selling. Chances are those owners priced their homes too high.

If you really want to stimulate a sale, you should under price your property by just a little. Trimming the price by a few thousand dollars can generate more foot traffic and create a buzz, helping you sell your house fast. Be careful, though. Pricing too low is one of the worst home-selling mistakes.

Try a Cash Offer

Pursuing a guaranteed cash offer can significantly expedite the sale of your house in a down market. When the real estate market is sluggish, traditional home sales can be drawn out due to the limited number of interested buyers and the increased competition among sellers. What is a cash offer? It bypasses many of the hurdles associated with conventional selling methods, such as waiting for buyer financing, dealing with contingencies, and enduring prolonged negotiations. Cash buyers, including real estate investors, are often investors or companies with the resources to purchase homes quickly, allowing sellers to close deals in a fraction of the time compared to typical market transactions.

Moreover, a guaranteed cash offer provides certainty and peace of mind in an uncertain market. Sellers do not have to worry about the deal falling through due to financing issues or last-minute changes in buyer circumstances. This stability is especially valuable in a down market where economic conditions may be more volatile, and buyers’ financial situations can change rapidly. Additionally, selling for cash often means fewer repairs and less prep work, as cash buyers typically purchase homes “as-is.” This can save sellers time, effort, and money, making the entire process more efficient and less stressful.

Make Your Home Presentable with Curb Appeal

Keep your house looking good at all times to enhance curb appeal. Repair things that are broken, replace things that are rundown, add a fresh coat of paint (neutral colors preferred), freshen up landscaping, trim trees, clean up clutter, and remove personal items so that prospective buyers can picture themselves in the home rather than seeing you there.

To guarantee a quick sale, consider using a professional home staging service. Your property must make a strong, positive impression. Staging a home is the cheapest way to make a house look different from your competition so it becomes the most memorable one that the buyer saw.

Market Your Home Aggressively

Marketing your home for sale is the key to making it through a less-than-ideal market. In addition to using the multiple listing service, advertise in local papers and be sure to include beautiful photos. Hiring a professional photographer can ensure high-quality photos that attract potential buyers. Each photo should showcase something interesting and unique about the property.

Place numerous signs and flags in front of your home so that your house is easily seen. Consider placing a well designed flyer in front of the house. Make sure the flyer has great photos of the property from all angles, inside and out, as well as a link to a website where people can take a “virtual tour.”

Be Flexible With Showings

It only takes one buyer to get your home sold. Don't miss out on them because you weren't available to show your home!

Being flexible with showings is crucial when trying to sell a house quickly, especially in a competitive or down market. Potential buyers often have varied schedules, and accommodating their availability can significantly increase the number of people who view your home. The more flexible you are with showings, the more opportunities you create for interested buyers to see your property, which can lead to quicker offers.

Additionally, making your home available for showings at short notice or during evenings and weekends demonstrates your eagerness to sell, potentially attracting serious buyers who are ready to make a decision. Flexibility in scheduling also helps to create a positive impression, showing that you are cooperative and committed to facilitating a smooth transaction.

Play Up Your Home's Best Features

If you have fireplaces, make sure that they are burning so that there is a beautiful warm glow and the sound of crackling to attract buyers. If you have a gourmet cook‘s kitchen, have some great-smelling treats baking in the oven. Turn on soothing music. Set all lights and lamps if the home looks dark or feels heavy. Staging sells homes faster, so try to treat it the same as if you were having a formal dinner party—the house will certainly sparkle.

Offer Buyers Incentives

A low price may be incentive enough for some buyers, but others might be holding out for something more. This is where creativity can really take over. Perhaps you can offer to include some of the appliances that are already there or you can discount the cost of necessary repairs from the purchase price. There are a ton of incentives that speak to the heart of the buyer; be creative and see which one speaks to yours.

Offer Flexible Terms

Often, the best way to sell a home more quickly in a buyer's market is to adjust the terms of the sale instead of the price. While it may sometimes be necessary to adjust the asking price downward or negotiate a lower price with the buyer, sometimes offering help with closing costs or an extended settlement date will go a lot further.

Involve the Neighbors

Your neighbors can play a huge role in helping your house sell fast in a slow market. As you get your home ready for the market, you can let them know that you intend to sell in the coming months. They can inform their friends, family and other people in their social networks about your home before you list it, generating interest ahead of time.

Inform them about the open house dates and times as well to encourage them to stop by. Great neighbors can make a good impression on potential buyers and help them feel confident in moving forward with the purchase. As you include your neighbors in the selling process, they can help attract interested buyers to your property and assist your home in quickly selling for a competitive price.

The First Offer Rule

If you get an offer within the first few weeks, the tendency is for sellers to try and hold out for a better offer. This is generally a mistake. The biggest fish usually bite first, so keep in mind that your first offer will often be your best. 

Don't Let a Slow Market Slow You Down

Navigating a down market to sell your home can undoubtedly be challenging, but with the right strategies, it is entirely possible to achieve a successful sale. By considering a guaranteed cash offer, you can expedite the process and avoid many traditional selling pitfalls. Additionally, partnering with an experienced real estate agent can provide invaluable insights and support, ensuring your home is priced competitively, marketed effectively, and presented in the best possible light. By taking these proactive steps, you can take the stress out of selling, even in a sluggish market. Stay informed, be flexible, and leverage professional expertise to turn market challenges into opportunities for a smooth and timely sale.

If you're interested in Calgary real estate, contact Justin Havre Real Estate Team with eXp Realty with Calgary Homes at (403) 217-0003 to get in touch with a local real estate agent who can help you find your Calgary dream home today.