How to Sell Your Home in a Slow Market

Eric, I was selling in a slow market here in Phoenix and eventually pulled it off the market and sold to an investor. It saved me from foreclosure and less than 2 years later I bought a bigger home in the same neighborhood because the short sale saved my credit!

Prevent Foreclosure Phoenix

Good article, Angela. In today’s market, sellers must price aggressively in order to compete with distressed properties that are selling at discounted market prices. Also, maintaining a better condition and curb appeal is a good way to stand out above competing homes.

Great article, thanks for the post. I agree with you, sometimes we have to do a lot of things we dont want just to get the house sold. Lets not let it discourage us.

About ‘price is everything’ in today’s market.. My sister (fellow real estate investor) and I were just talking about this last night… Specifically, that it’s too easy to get behind the curve and not in front of it. What do I mean?

So often, in a softening market, Sellers are in denial. Say we put a house on the market for $225k.. when in reality, in TODAY’S market, we should list it at $210k. It hangs out there for a month or two.. not getting many showings, and no offers. So we decide to lower the price to $210! Now it’s gonna sell, right? NO.. because two months later, the market has continued to deteriorate, and house needs be at $200k to sell. THAT, my friends, is staying behind the curve.

Don’t feel bad. I’m in the business, and I still make that mistake even though I know better.

But, if you’re serious about selling, have your Agent do a market analysis and then price your home just a tad below the competition. We know your house is the best for so many reasons.. :) but give potential Buyers a monetary reason to buy yours instead of your neighbors.

It is sad that even at the very high end buyers are lowballing and still expecting additional huge discounts. I’m seeing $3 million homes down to $2 million and buyers still want 20% or more off of that. And this is taking place in one of the best real estate markets in the country.

“in todays market it wise to bite your tongue even in the toughest of situations. Sometimes a potential buyer will come with an offer that you and your seller may consider too low. Resist telling them that or even worse turning your nose up at the offer.”

You really do have to bite your tongue. I think the worst thing you could is not even respond with a counter. That’s a mistake in this market.

Great tips for sellers-thank you for the post. I know that in our Orange County real estate market, there are more buyers than sellers, so it is good advice for a seller to be patient and be willing to work with any offer that comes in. Now, that doesn’t mean accept an obviously low-ball offer, but simply be open to the possibilities. For example, ask yourself WHY the buyer has come in with such an offer. There may be a creative solution that will result in a win-win for all parties. That is the art of negotiation!

Great article. Really hitting the nail on the head. Its a buyers market out there and you need to be aggressive and willing to do anything to get the house sold.

It is sad that even at the very high end buyers are lowballing and still expecting additional huge discounts. I’m seeing $3 million homes down to $2 million and buyers still want 20% or more off of that. And this is taking place in one of the best real estate markets in the country.

Price matters a lot in every state. And when ever we want to buy or sale a house or property, it needs a lot of luck. Many people face problems during buying house or property.

Great post. Emotions run high for both buyers and sellers but when it is a buyers market, as it is in many parts of the country, it is in a seller’s best interest to play the game to their advantage!

Love this post. I totally agree with everything you have said here. I used to work closely with a so called “real estate professional” and she thought it was a good idea to price the homes astronomically high. In her mind she thought that if someone liked the home, it didn’t matter the price, they would put in an offer. Long story short, we didn’t sell anything. Now i’ve ventured on my own with a business partner and we sell left and right. So my .02 to this is… never overprice a house thinking that if someone likes it enough they will put in an offer.

Lots of great points. One of the most vital is being available to show your home as often as possible. I had an all cash, serious buyer ready to see a house and the seller wasn’t available for 24 hours straight. The buyer looked elsewhere.

The price is the number one issue when deciding on a property. There are so many houses on the market that you simply cannot afford to price the house too high.

Good post! In my experience, sellers looking to sell in a slow market need to make sure their home’s condition is pristine, that’s for sure. Pricing the home at or slightly below market is imperative and choosing a PROACTIVE and aggressive realtor is key. The agents who put a sign in the yard, a lockbox on the door and cross their fingers that the home sells are dead dead dead in these waters!