When the real estate market starts to take a tumble, it could spell trouble for you if you’re trying to sell your home.
But that doesn’t mean you should throw away all hopes and dreams of navigating a good home sale.
There are ways for you to come out of this failing market profitable. All you need is planning, research, and professional help from your local listing agent.
Below, you’ll find some of the best tips and strategies for successfully selling a house in California in a down market.
Down Market Vs. Up Market
Like any industry, real estate has its ups and downs in the face of the economy. During an upmarket, houses sell for their asking prices (or higher) and they often sell quickly.
However, during a down market, listings become marked with price cuts and it becomes more difficult to sell as quickly as you might like to. It can be more challenging for sellers to have a successful sale during this time.
However, there are key strategies and tactics you can use to still sell your home even when the economy is bad.
First, you should find a local realtor you can trust, and work with them to ensure that your home sale closes without a hitch.
Here are some ways you can still sell a house in California when the market is less than ideal.
1. Consider How Prices are Changing
A high price tag will immediately scare away any potential buyers before they’ve had a chance to learn more about what you’re offering. You need to be aware of what is selling in your local area, and for how much.
Your asking price can make or break your home’s potential on the market. And the best way to keep it from sitting on the market for too long is to offer a reasonable price.
A good rule of thumb recommended by SFGate is to lower your asking price by 1% so it is lower than the comparable properties around you.
This will be more attractive to your buyers, and you will likely get more inquiries that can lead to some real results.
2. Know How to Sweeten the Deal
Working with an agent can help you come up with many different marketing secrets and tactics that will make buyers more interested in your property.
A down market is certainly a buyer’s market, meaning the buyers dictate more what sells and what doesn’t.
There are many sellers to choose from, but not a lot of buyers to go around, so you need to work extra hard to gain their favor. Sweeten the deal by offering:
- To pay for closing costs
- A free home warranty
- Assistance with down payments
- Financing for the buyers
Any incentive that can help buyers out financially will attract them to your property, increasing your chances of having a successful sale.
3. Use the Internet To Your Advantage
Pretty much anything can be advertised online these days. If you’re not having a lot of success with your house just sitting on the market, you might need to invest in slightly more aggressive measures of marketing.
Make a social media advertisement for your property. Some real estate agents can help you market your home on social media as part of the services they offer you as your representative.
The Internet is a great place to host virtual tours, where buyers from all over the world can get up close and personal with the interior of your home.
There may be some situations where buyers are unable to view the house in person, so this gives them a good chance to get an idea of what they’ll be buying.
4. Keep Your Buyers Close…But Your Competition Closer
A down market is a competitive time for sellers who are trying to ride out the storm.
If you are determined to be successful even when the real estate market isn’t working in your favor, you need to keep a close watch on what your competitors are doing.
According to Rate.com, when mortgage rates go down, you can soften up on your asking price, so it’s important to stay flexible even when your competitors aren’t.
You can even use this slow-moving market as an opportunity to check in on your competitors in person.
Attend some open houses in your local area and see if those sellers are including anything that you don’t have.
For example, if most of the other homes for sale in your area include a pool, but yours doesn’t, you would need to lower your asking price to reflect that.
Related: 10 Best Ways to Increase Home Value in CA
5. Replace, Remodel, Renovate!
It can be hard selling the “perfect” home during a struggling market, but you can’t prevent buyers from wanting to scrutinize every little thing in your house.
This is why it is important to be as clean and perfect as possible, especially in presentation, down to the smallest nook and cranny in the house.
Without going over your budget, work on repairs and fix-ups throughout the home. See if any rooms need a new paint job. Maybe the carpet needs to be cleaned or replaced altogether. Older kitchen cabinets could use a new set of wood.
Work with your agent to get the little changes done before it comes time for the home inspection. That way, buyers will find less to complain about and more to get excited about.
Related: Tips for Staging a Home in San Mateo, CA
Trust in Your Agent and Sell Your Home the Right Way!
Selling a house in California is already difficult enough when it isn’t in a down market, but when the economy has taken a turn for the worse, it can be even more difficult to sell your home fast.
You may need to spend more time taking care of the little things, and you might need to tweak your price in order to be more attractive to your buyers.
But with the help of a local seller’s agent, and a good grasp on what kind of houses sell in your neighborhood, you can work on a strategy that will ensure you a successful sale no matter what kind of real estate market you’re in.
📞 Have Questions? Ask The Chris Eckert Real Estate Team
Give The Chris Eckert Real Estate Team a call today at 650.627.3799 to learn more about local areas, discuss selling a house, or tour available homes for sale.