Selling a home fast in a competitive market can be a daunting task, mainly if you have a deadline. The difficulties experienced in selling a home in a competitive market is that potential buyers have a lot more homes to choose from and thus will shop for the best home that their money can afford. The whole exercise can be a drawn out drama and a long process of haggling, inconvenience and all kinds of commissions & fees. If you have tried to sell your house using the traditional ways but have not had any success, it can be very frustrating to not to be able to move on .
As with anything, selling a house in a competitive market means distinguishing your self from the rest. In order to sell it fast, you need to treat your house as any other product. The trick is to ensure that it is different from the rest which means a first class presentation of your home.
The expression of ?first impressions last? holds true more here than many other situations. When potential buyers come to view your house, first impressions really do count. A buyer will assess the appearance of a house as soon as they enter the outside gate. So it is important to have a well-maintained garden, which provides the first impressions. Follow the well-maintained theme through to the rest of the house.
Once your house is in a presentable condition, you need to take step 2 of the process. This is a fascinating way to get your house sold fast and is a technique that has been tried and tested by some people who were driven to desperation from not achieving a house sale.
A seller recently used this unique strategy where he needed to sell his home quickly. The seller, although skeptical, was also desperate to get his house sold. To start the sale process, the idea was to advertise an apartment worth $59,000 for approximately 50% of its true value. The seller placed an advert in the local newspaper offering the apartment to be sold at $29,000, or to the highest bidder within 5 days of the advert posting.
In the following days, the phones started ringing and it never really stopped. Potential buyers lined up to view the apartment and unbelievably, within 5 days there were 100 potential buyers to bid for the property. The seller invited all the potential buyers to a weekend open house He prepared an information pack and presented everyone with all the necessary information that a prospective buyer would need. The apartment had essentially turned into an auction house with more than 100 people participating. The seller had received bids ranging from 1 cent to $50,000.
As the bidding closing time approached, the last round of bidding was conducted over the phone and the seller had his house sold at the price he wanted. Not only did he sell his house at the desired price, but he also managed to sell it in just 5 days.
This technique works from the traditional psychology where people think they are getting a bargain and as in this case, end up bidding closer to the actual price desired by the seller. The technique takes some courage to try, but the fact that it has been proven to work, it is definitely something to try to get your house sold fast.
With increasing interest rates, the housing market has turned buyer's market now. Higher interest rates mean that many buyers have pulled out of the market and decided to wait till interest rates come down. This also mean that investors or speculators have pulled out as well because house prices will not be rising fast enough to give them a decent return.
If you are planning to sell your house soon then you may face lesser choice of offers and greater competition from other sellers.
But if you adopt time tested strategies as listed below, you should attract much more interest in your house.
1. Start to see the house not as a home but a product to be marketed to general public. This may not be easy in the beginning; especially of you have lived in this house for many years and have fond memories. So this will take some time. But this is an important step to realise best potential out of your home selling process.
2. Find a surveyor but it does not have to be expensieve. Get your house surveyed. This survey does not have to be thorough but you must have the his report ready to be handed over to your estate agent and potential buyers. What this survey does is identify any potential problems early on so that you have to fix them. This avoids negotiation complications later on when buyer's surveyor uncovers these defects. Secondly, and most importantly, this report acts as an important marketing tool to demonstrate that you have taken good care of your house. Buyers feel more confident taking your house mire seriously. Estate agents market your house with more confidence.
3. You must prepare your house well. You will need to take an objective view of your house. Would you buy this house? You have lived here a many years and it has hallmarks of your personality. So you may not be completely impartial in your view. Invite your friends and siblings for their views. Ask your neighbours. Do not ignore your estate agent's opinion - they look at houses all day long.
4. Check out your competition. View similar houses in your area pretending to be a buyer. Make notes of their best features. This will also give you an opportunity to see what you will be up against. Remember, any enhancements to your house neither need to be excessive or expensive.
5. Gives your house a fresh and clean look. A thorough coat of neutral paint or luxurious but neutral wallpaper, deep cleaned carpets and upholstery, tidy garden and other basics like that can do the trick. Get r id of any emotional attachments you achieved in the first step will help you to prepare the house for others to appreciate. It is always best to go with neutral decor over any strong personal tastes.
6. If you have had any incomplete DIY projects, make sure to complete them before putting house on market. People moving home do not like to budget for major maintenance. So get rid of any untidy cables hanging from the ceilings or complete the unfinished garden shed.
7. If you have lots of family pictures and memorabilia displayed virtually everywhere in the house then consider storing away some of them for now. Buyers may find it difficult to visualise living themselves in this house if your family is 'staring' at them wherever they look.
If you take these steps then you should be able to make your house stand well over the competition.
Both Khawar Xelonline & Dan Sherman are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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