17 Tips on How to Sell Your House in a Down Market
When home prices and mortgage rates fluctuate, it can make your head spin, especially if you need to sell a house in a down market. But that doesn’t necessarily mean you’ll lose money. You simply need to know which actions to take to get the best price.
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To help you navigate a shifting housing market, we spoke with real estate agent Mari Slobounov, who is a business partner with the top-producing Lynn Holley Real Estate Group in Madison, Wisconsin. Combining Slobounov’s expert insights with our extensive research on home-selling strategies, this post provides effective tips to help you sell your home even in a down market.
1. Price your home right
Your home is likely your largest asset. If it’s not priced right from the beginning, it can quickly shrink with multiple price drops. The longer it sits unsold, the more likely buyers will start to perceive that something is wrong with the house.
If no one’s purchasing the property even as it becomes less expensive, buyers will make negative assumptions. They may think it needs extensive repairs or has undesirable characteristics even if nothing is physically wrong with your house.
Pricing too high can also make your house disappear from some online searches. For example, if your house would normally be in the $250,000 to $299,000 range, but you list it for $325,000 hoping to earn higher proceeds, the buyers who normally search that range may never see it.
Other buyers who have a larger budget might expect additional amenities for the $325,000 price, and decide not to make an offer. An overpricing error can inadvertently make your home less visible or less attractive to both sets of buyers.
