How To Sell Your House in a Down Market

How To Sell Your House in a Down Market

A buyer’s market is by far one of the toughest times to put your house up for sale, but it’s by no
means hopeless. What’s important is your approach.

Prospective buyers have the upper hand in a down market: they have more product to choose from
and more negotiating power against owners desperate to sell.

But there’s no need to be desperate. Consider the following three approaches when placing your
house up for sale in a down market.

1. How Does It Look?
The first step is to get your house into great physical shape for your home open. Buyers are more
likely to want a move-in ready house. House hunters looking for a fixer upper are thin on the ground,
and when the market is in a downturn you want to appeal to the greatest proportion of buyers.

As people pull up at your property the first thing they see is your curb appeal.

How’s the garden? It doesn’t need to be Hyde Park, but it does need to be neat, tidy, and have living
plants. If possible, get some fresh mulch put down and plant some colour. A pretty garden is your
first line of defence. When your potential buyer walks through the front door, they already have a
first impression and this is the lens through which they will view the rest of the property.

Next up is your interior. Remove all clutter and put everything away! Clear out any junk and set up
each room as attractively and practically as possible. Beds should be made, dishes should be put
away, and everything should be sparkling clean.

Make sure your bathrooms have fresh towels hanging and are utterly spotless. Your kitchen bench
should be clear with only the essentials, for example the coffee machine and the knife block. Buyers
like to see how the kitchen functions but not how it handles mess. If there are marks on the walls
and floors and you can’t afford to repaint or refloor, have them professionally cleaned.

In laying out your home, you might want to consider a staging company. They can bring in
furnishings and make your house look like a show home. If this isn’t in the budget, don’t panic. It’s
possible to make a room look appealing without spending too much. Flowers and throw cushions go
a long way to fashionably styling a room.

Quick Tip: How does your house smell? Before your home open put on a pot of coffee or bake some
bread. If that’s too much, find a natural air freshener that makes the house feel warm and inviting.
Humans make decisions based on impressions, and our olfactory system is connected to our
emotions. So if the house smells good, the buyer is going to feel good.

2. What’s the Price?
This is an important one, especially in a down market where competition is high. This is when you
will benefit from empowering a reputable agent to work on your behalf.

There are a variety of issues to consider and your agent will be able to give you the best advice so
you can decide what price to go in at.

It’s a balancing act. You don’t want to undersell yourself just to get the house sold. You also don’t
want your house wallowing on the market for months and months and costing you thousands in
advertising. Over pricing is a common mistake by sellers in a down market. Remember that buyers
could be choosing between your house and a cheaper one down the road.

Your agent will be able to access reports of all comparable properties in your suburb and make an
educated assessment on where you should price your home. A down market is a tricky market for
pricing your house. It’s important to get it right so your house sells fast.

3. Marketing
If buyers don’t know your house is out there, then they won’t come see it. Especially in a down
market when there is so much to choose from. When selecting an agent to sell your home find out
how they’re going to market it to the public.
Do they have a professional photographer take excellent quality HD photos for web? Do they have a
professional write up to accompany the ad? What’s unique about this agent? Do they offer anything
different?
Does your agent provide a video walk-through option in their advertising package? A popular
method of advertising now is video walk throughs. This brings the buyer into your house before
they’ve even left their computer.

A professional elegant walk-through will show the buyer everything they need to know to entice
them to make an offer, even without attending the home open. Think how many more possible
buyers you can reach this way?

Remember that marketing is the tool to get your house sold, so make sure your agent is a marketing
gun.

Finally…
If you focus on these three elements, there’s nothing to stop you from selling your home fast in a
down market. If your house looks great, is priced well, and your agent has well rounded and
aggressive marketing strategy then expect to receive your first offer fast.

Nic Di Rosso | Director

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