Selling a home is tough. But selling it in a slow market can feel like pushing a boulder uphill. Unfortunately, throughout most of the country, we’re in a slow market and Central Texas is no different.
With fewer buyers and lower offers, homeowners need to get creative. It’s not impossible, though. With the right approach, you can still sell your home quickly and for a decent price.
Here are some actionable strategies that have worked for us in the past to help you succeed in a slow market.
Price it right from the start.
Pricing is the most crucial factor in a slow market. Buyers have a lot of options when homes sit on the market for longer periods.
Overpricing your home in this kind of environment is a quick way to make it sit idle. Of course, you want the most money for your home, but we don’t want to do this right away.
Instead, you want to price your home just right. Here’s how—
- Study recent sales. A good real estate agent will do this for you, but look at homes that have sold recently in your area. Pay special attention to homes similar to yours in size, age, and condition. These give you a realistic picture of what buyers are willing to pay.
- Consider active listings. You’re competing against homes currently on the market. If similar homes are listed for much less than yours, buyers may skip over your listing without a second thought.
- Use a strategic lower price. In a slow market, pricing your home slightly under market value can stir up interest. Buyers love a deal. This can lead to multiple offers, driving up the final price.
The key is to avoid the temptation to overprice.
It’s always better to come in slightly lower and get more interest than to sit on the market with no showings.
Make your home stand out.
When there are more homes than buyers, you’ve got to make your property shine.
It’s not just about curb appeal — though that’s one essential area — it’s about highlighting what makes your home unique.
Focus on curb appeal.
First impressions count. A buyer’s first glance at your home can make or break their interest. Start with the exterior.
- Freshen up the paint. If your front door looks worn, give it a new coat of paint.
- Tidy up the landscaping. Trim bushes, mow the lawn, and plant some colorful flowers to give your home a welcoming feel. We recommend keeping the landscaping tidy throughout the entire time it’s on the market.
- Clean the driveway and walkway. Pressure washing or sweeping can make a huge difference in how your home looks from the street.
Curb appeal doesn’t need to be expensive, but it does need to feel fresh and well-maintained. For just a few hundred bucks you can make the facade of your home look like new.
Declutter and depersonalize.
Inside the home, decluttering is a must. Buyers need to imagine themselves living there and your stuff can complicate that feeling.
- Pack up personal items. Things like family photos, kids’ artwork on the fridge, and collections can make it hard for buyers to picture themselves in the home.
- Get rid of excess furniture. The more open your rooms feel, the better. Oversized furniture or too many pieces can make spaces seem cramped. Rent a storage unit for a month if you need to.
- Deep clean. A spotless home shows that it’s been cared for. Clean windows, floors, and even baseboards. Don’t forget to get rid of any lingering odors. Do this before you take photos for the MLS.
Highlight unique features.
Does your home have a big backyard? A finished basement? Energy-efficient windows? Focus on these things.
Buyers in a slow market have options, so you need to give them reasons to remember your home. Give your home some value in the minds of potential home buyers.
Feature these unique aspects in your listing description and make sure your agent emphasizes them during showings.
Use high-quality photos and videos.
In today’s market, most buyers start their search online. That means the first time they see your home will be in pictures. Good photos are essential to making a positive impression and getting people to schedule showings.
If your agent is using their iPhone to capture photos of your home, it’s time to hire a new real estate agent.
- Hire a professional photographer. Even if you think your phone camera is good enough, professional photos make a difference. They know how to frame shots and use lighting to make your home look its best.
- Create a virtual tour. A 3D tour or video walkthrough can give buyers a better sense of the layout and space, especially if they can’t visit in person.
- Stage rooms for photos. Before the photographer arrives, make sure each room is staged properly. Tidy up, arrange furniture thoughtfully, and add some simple décor.
The goal is to make your home feel as inviting and spacious as possible in the listing photos. After all, this is the first impression they’ll have so you want it to be good.
Be flexible with showings.
In a slow market, buyers might not be in a rush. There is plenty of supply and not tons of demand. This means they’ll take their time, and when they are ready to see homes, they expect flexibility.
- Allow for last-minute showings. You may need to accept short-notice requests. Buyers are often looking at multiple homes, and if you’re not accommodating, they’ll move on to another listing. Unfortunately, this is what happens when the ball is in their court.
- Consider an open house. An open house is a great way to get multiple potential buyers through your door in one afternoon. In a slow market, even just getting people to come look is a win. They might not put in an offer right then, but they might come back around at a later date.
- Keep your home “show-ready” at all times. This can be tough, especially if you’re living in the house. But the more ready your home is for showings, the better chance you have of getting an offer.
We’re not saying you need to bend over backward for a buyer who wants to see your home, but you definitely have to seize the opportunity for someone to take a look at your house. On top of that, the real estate agent who shows the house with them might have someone else who’s interested in a home like yours.
Offer incentives to buyers.
When buyers are slow to make offers, giving them a little nudge can help push them over the line. Offering incentives can set your listing apart and make buyers feel like they’re getting a deal.
Here are a few options that we’ve seen in slow real estate markets—
- Help with closing costs. Many buyers struggle to cover both the down payment and closing costs. Offering to pay part or all of the closing costs can make your home more appealing to buyers.
- Include home warranties. Offering a home warranty for a year or two can give buyers peace of mind. They know they’re covered if something breaks right after they move in. These typically cost $500-$1000 per year, but they’re a fairly useful incentive.
- Consider covering the first few months of HOA fees. If your home is in a community with homeowners association fees, offering to cover these costs for a while can sweeten the deal for buyers.
Offering small incentives can give buyers the extra motivation to choose your home over others. These incentives might not be enough on their own, but when going up against another home, they might just be the deal maker.
Choose the right real estate agent.
In a slow market, having an experienced real estate agent is so important.
Not all agents are equally skilled when it comes to tough markets. Look for someone who has experience selling homes in slower conditions and who understands how to market a home creatively. You don’t want a new agent with just a year’s worth of experience; instead, you want one with vast experience handling different market conditions.
These are a few things your agent should be able to do—
- Understand local market conditions. They should know the trends in your neighborhood and the factors that influence pricing. That comes with experience.
- Be a strong negotiator. You need someone who can advocate for you and close deals in a slow market. Remember, they’ll be working on your behalf. That’s the biggest reason why we recommend homeowners use a real estate agent.
- Offer a strong marketing plan. Good agents use a mix of online and offline strategies to get your home in front of potential buyers. This includes listing on multiple platforms, using social media, and networking with other agents. In slow markets, it has to be more than just listing a home on the MLS.
If you get a decent real estate agent then this process can go as smoothly as butter.
Stay patient but proactive.
It’s easy to get frustrated when your home doesn’t sell right away. We all want our homes to sell fast and for top dollar.
But selling in a slow market often requires more time. That’s why it’s essential to stay patient, yet proactive.
Keep an eye on the market and be open to making adjustments. If your home has been listed for a while with little interest, talk to your agent about strategies like lowering the price or improving the staging. Homes that have been on the market for over 30 days need something to change — even if it’s a modest and simple price decrease.
Even in a slow market, homes do sell. The trick is to stay flexible, make your home stand out, and work with an experienced agent to guide you through the process.
With the right approach, you can find the right buyer — even when the market isn’t moving fast.
