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Selling Your Home in a Down Market

When property values go down, many home sellers feel as though they could not have picked a worse time to try to list their properties. However, there are many ways that you can successfully sell your home, even in a down market. Here are some hints to get you started.

1. Fix up and renovate if possible. In a down market, buyers are going to be a lot pickier. They want a good deal and they want the top of the line all the way. Try to spend a little money fixing up your house or renovating it if possible. For example, by investing a few thousand in all new kitchen appliances, you can increase your odds of attracting buyers that are looking for all the latest equipment. The money you spend on these appliances will quickly be made back after the sale.

Even though the value of your home may have dropped, you are adding to it by improving what you can and installing new equipment. A buyer is going to think that even though the house is a little expensive it's coming with everything that they need and they won't have to go out and buy the appliances or improvements on their own.

2. Focus on the outside of your property. First impressions on a home are made within 5 seconds of driving up. If your home's exterior is a little run down, this is an area that you are really going to need to focus on in a down market. Do all that you can to make it look better. If you can't afford to repaint your home, power wash it to remove any excess dirt. It will immediately look a lot better.

Add in some plantings if it is the right season, or add a feature like a fountain or a pergola. You'll be increasing the visual value of your home and giving buyers a reason to stop by. It's a good idea to take a photo of your home from the buyer's perspective on the street. Sometimes, you can spot things in a photo that you would miss with the naked eye. Compare your home to your neighbor's homes and see which ones look better.

3. Include little extras like a free inspection if the buyer is interested in your home. Basically, anything that you can do to increase the overall perception of value is the key to selling your home in a down market. Even though inspections are not really that expensive, the buyer will look at it as a freebie and they will be much more interested in your property as a result.

Selling your home requires a little bit of psychology, especially when the market is down. Focus on creating a "perception of value" for the whole property. This will increase the worth of the property in the eyes of the buyer and help you get a much better overall price than if you omit this step.

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