I believe that relationships are more important than transactions I started a career in real estate in 2006 with REMAX Crown Real Estate In Regina, and since that time I have built a Regina real estate business around that philosophy. My goal is a personalized one-on-one service to fully understand you, and your real estate goals and to be 100% accountable to you. In my latest blog post, I share Your home is one of the biggest investments of your life. When you’re ready to buy or sell, choose wisely—choose me, James Wruth REMAX Crown Regina Real Estate Agent. In my latest Regina real estate tip I share 7 tips on how to sell your home in a slower market.
7 Helpful Tips To Help Sell Your Home in a Slow Market
TD’s latest Provincial Housing Market Outlook, released at the end of June 2022 , projected that home prices in Canada are set for a further fall in the current rising-rates environment, with a 19% peak-to-trough decline anticipated between the first quarter of this year and Q1 2023. That report indicated little prospect of an overall housing market meltdown, a pointed to more of a slowing down. Since as a seller, you can’t wave a magic wand to change the state of the economy or suddenly increase the pace of home sales, you’ll need to channel your competitive side and think of this as your next challenge. Even in sluggish markets, houses still sell. Make yours one that does with the right game plan that swerves to avoid these common mistakes.
Mistake #1: Minimal Property Preparation
You need to clean, declutter and stage your home or your dooming your sale from the start. No matter which type of market you’re facing, you’ll need to deep clean and declutter to meet the bare minimum buyer expectations. However, In a buyer’s market, don’t be surprised if you have to go beyond that to tackle a handful of repairs and upgrades to make your home’s desirability rise above the competition. As far as the final presentation goes, top agents will share that a staged home sells faster than an unstaged home, and good staging can increase your sales price.
Mistake #2: Maintenance neglect
You don’t need to break the bank on improvements that’ll cost more than they add in value, like a full kitchen or bathroom renovation. But in a slow market, you should deal with any deferred maintenance you’ve put off over the course of ownership, whether it be leaky plumbing, a wobbly ceiling fan, or mold issue in the basement. Look over your home very objectively. In a slow market, you’ll reduce hassles and increase your chances of securing an offer if you take care of outstanding maintenance yourself. But if you don’t have the upfront funds to take care of necessary repairs, you’ll have to disclose any known material defects and then compensate for the issue with an appropriate pricing strategy.
Mistake #3: Amateur photography
In this digital age where 93% of buyers use online websites to house hunt, it’s critical that your online listing photos be on point. Make sure that the pictures taken reflect your home in the BEST light!
Mistake #4: The Price Must Be Right
Overpricing can hamper your sale in any market condition, but when you’re selling in a buyer’s market it can completely kill your chances of selling at all.
So don’t make the mistake of simply listing at the same price (or higher) than recent comparative properties have sold for. Listen to your Regina real estate agent and TRUST the data to find the right list price to help your home sell fast even in a competitive market.
Mistake #5: Mediocre marketing
Great photos and the right price can only go so far to get your house sold—if no one knows about your listing.
Selling in a slow market isn’t easy, so putting your property in front of as many buyers as possible is key, The responsibility of selling your home does not come lightly to me. I understand the effort and challenges that surround the decision to sell your current property, and I will provide the real estate expertise, resources and strategies to guide you through it seamlessly. I have a broad marketing mix and I work hard to get the property in front of as many of the RIGHT prospects as possible!
Mistake #6: Restricting buyers’ access to your home
No one likes to be told to get out of their own home, but that’s what you’ll need to put up with while your home is on the market.
Develop a showings strategy that includes quick and easy cleaning wipes, portable bathroom caddies, and lidded storage bins, so that you can quickly clean and hide away your toiletries and personal items on just an hour’s notice. Don’t refuse to have a lock box on your house, or demand outlandish access restrictions, like requiring half a day’s notice before showings. The more foot traffic, the better.
Mistake #7: Stubborn negotiations
Even once you’ve received and accepted a decent offer in a competitive buyer’s market, you’ll need to get through the buyer’s home inspection and the back-and-forth on repair requests. In a slow market, buyers are picky, and finicky, and not as committed to the home sale as the seller. They’ll walk away over the smallest things because they know there are plenty of other properties out there.
Selling in a slow market: Have an expert at your side
If life were a fairytale, you sell your house whenever you want and at the price you want. In real life, sellers are at the mercy of the market.
Plus, every house is different. What it takes to sell your house in a slow market could be different than your neighbour’s situation. When in doubt, work with a top Regina real estate agent with experience in your area and property type to navigate tough decisions.
Contact me today, I am here to help!
If you are looking for a Regina Realtor who works tirelessly on your behalf and always offers honest and candid advice, I will be an expert at your side.
