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How to Get a Good Price on Your Home in a Poor Market

By Jim McKinley - Guest Blogger - January 27, 2021

 

Know Your Local Market Conditions

Being informed is the first step toward netting a good price on your home. You need to know whether your local market favors buyers or sellers. For example, if there is a large inventory of homes on the market, this indicates a more favorable market for buyers. In contrast, fewer homes can mean your home may be a competitive listing. If you need a professional opinion, talk to a realtor in your area about the state of the housing market.

Recognizing what challenges you may face during the listing and selling process can help you prepare. For example, you might invest in more professional services to help you prep your home in a more competitive buyer’s market. In contrast, a seller’s market might mean your home won’t stay on the market long, despite a few minor flaws.

Aim for a Solid Appraisal

There are a few conditions beyond your control when it comes to appraisals, such as location and comparable properties. But you can increase your odds of getting a favorable valuation of your home by prepping the house properly.

For example, you can tackle a few curb appeal projects, whether DIY or otherwise, to help highlight your home’s best features. Doing a quick cleanup—such as power washing the siding, driveway, and sidewalks—can also make your home more appealing for the appraiser.

Similarly, making some upgrades before listing your home can help raise its value. For example, if many comparable properties have wood flooring, now might be the time to tear out the carpet and install wood or laminate.

Invest in Staging

While there aren’t solid statistics on home staging, tons of professionals vouch for the process to help hasten the sale, explains HGTV. Using rented furniture—or key pieces from your collection—can help buyers realize the potential of the space.

Plus, removing your belongings (and clutter) makes the property more neutral so buyers can imagine themselves living there. Which means cleanup—and even moving out in advance—can also benefit your sales timeline and bottom line.

Make an Effort with Open Houses

Open houses aren’t always a must, but in a competitive market, you may do well to consider them. Along with staging and enhancing your home’s curb appeal, open houses are an opportunity to impress buyers.

A spotless interior, plenty of natural light, and even light refreshments can go a long way toward welcoming visitors at an open house, notes The Balance. Providing paperwork—such as neighborhood information or even leaflets on financing—can also give prospective buyers the nudge they need to consider making an offer. A steady stream of visitors can also prompt more competitive offers, helping you reach your desired sales price.

Stand Out from the Competition

If your home is in a desirable neighborhood, it may be appraised higher. But if every house in your community looks the same—and sells for about the same price—it could be tough to move your property.

Try to draw positive attention to your home with strategic moves. For example, hiring a real estate photographer (or ensuring that your agent does) can lure in potential buyers who may not otherwise be interested in your home. Online advertising may also help—especially when you highlight everything your home and community has to offer.

Getting a good price for your home is possible in most markets. While it may be difficult when the market is down, taking the right steps can increase the odds of buyers hitting your asking price—on a timeline that works for you. In no time, you’ll be enjoying the fruits of your labor in a new home.

Photo via Rawpixel

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