*updated 10-1-2024
The goal of all home sellers putting their house in Texas on the market is to secure a quick sale at a top sale price. However, in a languid real estate environment such as a buyer’s market, this can pose a significant challenge given market conditions and interest rates.
A surplus of available properties from Fort Worth to San Antonio can make the selling process and timeline to find Texas home buyers a test of patience. Merely listing your home for sale and awaiting a buyer won’t suffice. Despite the challenges of the market, the sales process can be expedited with a dash of creativity.
10 Tips on How to Sell Your Home in a Slow Real Estate Market
In this post, we provide strategies for selling your house in a slow market. These proven home selling strategies are worth exploring:
1) Get the Pricing Right
Pondering how to sell your house quickly in a languid real estate market? The best price right from the start is key. While the desire is to maximize profits from your home sale, pragmatism is essential to reduce average time and average days on market. The asking price becomes even more crucial in a softer market. To correctly price your home, research recent market trends in sales prices of similar homes (i.e. marking comparable homes) in your vicinity and aim slightly lower. A savvy buyer is typically drawn to a competitively priced property, which enlarges the pool of potential buyers, thereby increasing the likelihood of a quick sale. A competitive pricing strategy makes your property stand out. Overpricing will likely cause your property to remain on the market longer. Most buyers filter property searches by price range. To expedite a home sale in a slow market, ensure your property offers the best value within the standard price range. A real estate agent can assist you with a comparative market analysis. Additionally, you can use tools like Mashvisor for real estate comps in the US housing market.
2) Make the Deal Attractive
Another effective strategy to expedite your home sale in a slow market is to sweeten the deal for buyers. In a softer housing market, buyers are scouting for the best value. As the seller, it’s your role to make them feel they’re getting a great deal. Offer incentives that will draw more buyers, such as covering closing costs or providing a transferable home warranty.
3) Maintain Show-Ready Condition at All Times
Restricting the availability of property viewings can hinder sales in a slow market. If potential buyers require appointments to view your house, they might simply move on to another listing. Ensure your schedule is flexible and you’re always ready to show your home when potential buyers express interest.
In 2024, the housing market in Texas, especially in major metros like Dallas and Fort Worth, has slowed significantly, reflecting national trends.
According to Redfin’s recent report in September, only 24.9 out of every 1,000 homes in Dallas and 27.2 out of every 1,000 homes in Fort Worth changed hands in the first eight months of 2024. These figures represent a sharp decline compared to 2019, with Dallas seeing a 35.4% drop and Fort Worth experiencing a 36.9% drop in turnover rates.
This whopping slowdown is attributed to several factors, including higher mortgage rates, rising home prices, and general economic uncertainty, making it difficult for home sellers to find willing buyers quickly. Despite these challenging conditions, homeowners in Texas can still take steps to expedite their home sale.
Offering competitive pricing and making minor home improvements are more crucial than ever to attract buyers in this slower market. As mortgage rates remain elevated, many prospective buyers are hesitant, waiting for better financial conditions. However, sellers who make their homes move-in ready and offer incentives, such as covering closing costs or providing a home warranty, can stand out and increase the chances of a faster sale.
4) Make Your House Move-In Ready
Another invaluable strategy for fast home sales in a slow market is ensuring your property is in a ‘move-in’ condition. When a buyer can envision moving in without having to make major repairs or improvements, the potential for minor issues like a simple leaky faucet to become deal-breakers diminishes. They won’t have to invest additional time and money fixing problems before moving in. Therefore, attend to all necessary repairs before listing. Never underestimate the power of a fresh coat of paint.
5) Make Minor Repairs & Improvements
Small upgrades can contribute significantly to fast home sales. Don’t splurge on major remodels; focus on minor, non-structural enhancements like repainting walls, replacing window treatments, and updating light fixtures. Many budget-friendly tweaks can add value and make your house more appealing.
6) Enhance Curb Appeal
First impressions count for potential buyers. Hence, ensuring your property has strong curb appeal is vital to get buyers through the door. Buyers are typically drawn to properties that look well-kept and inviting. Freshen up the front door with a coat of paint, spruce up flower beds, clean the driveway, trim the lawn, replace outdated exterior lights, and so forth.
7) Stage Your Home
Considering home staging can accelerate your house sale in a slow market. It draws the attention of prospective buyers during viewings. Effective strategies to consider for staging include:
- Depersonalize the house
- Eliminate clutter
- Deep-clean the house
- Rent modern furniture and artworks
- Increase natural light
- Hiring a professional home stager can help you accentuate your home’s strengths and mitigate any potential weaknesses.
8) Use Professional Photos
Clear, professionally taken photographs are more appealing to potential buyers and help in selling your house fast by emphasizing the best selling points the home has to offer. For this, consider hiring a professional photographer to enhance your online listing in the current market. They are skilled in capturing the right angles, utilizing appropriate lighting, and editing for the best presentation which often means extracting the best possible price instead of waiting for buyers and even forced into a price reduction.
9) Deploy Various Real Estate Marketing Strategies
Maximize multiple real estate marketing techniques to attract potential buyers to your property. The more people know about your listing, the higher your chances of a quick sale. Marketing directly to real estate investors can also be effective. Homebuyers may be hesitant in a buyer’s market, but real estate investors are usually ready to capitalize on deals. Listing on online property websites can expose your property to a large audience of real estate investors. Consider these strategies:
- Inform people in your local market network that your house is for sale
- Display a ‘For Sale’ sign in the yard
- Share your listing on various social media platforms
- Try direct mail marketing
- Host an open house
- Consider paid advertising
10) Partner with An Experienced Real Estate Agent
Employing a knowledgeable real estate professional with expertise in selling houses and an understanding of the local Texas real estate market is a valuable strategy for swift house sales in a slow market. They possess deeper insights into market value, buyer preferences, home prices with access to Multiple Listing Service and can significantly aid in marketing your property. Finding the right fit involves interviewing several agents.
When you are in a buyer’s market, where there are more sellers than buyers, selling a house with a limited number of buyers can be daunting. However, a quicker sale can still be achieved with some creative strategies. If your situation is becoming more time sensitive or serious, considering cash home buyers like Bright Bid Homes could be the best way to get a quick home sale. These “we buy houses for cash” companies are cash buyers and can move very quickly with a closing date of your choosing.
Selling your home to a cash buyer allows you to sidestep many of the common challenges associated with a traditional sale. There’s no need to worry about whether the buyer’s financing will fall through at the last minute or deal with endless negotiations over repairs and contingencies. Cash buyers typically purchase homes “as-is” with a cash offer which means you won’t need to invest time or money into repairs or staging.
This can save you both stress and resources, enabling you to focus on your next chapter without the burden of an extended and uncertain selling process or making a miracle prayer to sell your home. For many homeowners, this simplicity is worth the trade-off for a slightly lower sale price as compared to top dollar market value, making it an appealing option in a sluggish seller’s market. In other words, no buyer’s agent commissions, no realtor commissions, no headaches from a real estate broker, and no need to worry about rollercoaster mortgages rates.
The tips shared in this blog will steer you on how to sell a house quickly in a slow market. While a little extra effort will be required to boost the likelihood of a home sale, the payoff will be worth it!
(*NOTE: These guidelines apply if you’re aiming for the maximum retail value for your house. However, if you lack the time, money, or inclination to complete the following tasks, you can still quickly sell your Texas house for a reasonable price in a win-win transaction that saves you time, money, and stress. Shoot us a message and let’s have a no-obligations conversation!)