The Secret Method to Sell Your Home In A Cold Market

So, you need to sell your home. A quick dip of the toe in the real estate pool will tell you the market is ice cold. Don’t worry. In this article, we look at a secret method that will sell your home in a cold real estate market.

The number one strategy for selling a home is simple – lower the price below similar other homes that are trying to sell as well. This is a very simple rule, but it can be very hard to implement in a cold real estate market. Why? Well, everyone is trying to follow it and it quickly turns into a game of owners slowly undercutting each other. This is great for buyers, but not so good for you.

When the real estate market is cold, a far better approach to selling your home is be creative. The question is what can you do to stand out from the crowd? There is no correct answer, per se. Instead, any answer is correct so long as it makes buyers sit up and pay attention.

There is one secret method that always gets buyers in the mood for making an offer. Incentives! There is a reason why all those infomercials throw extra incentives at you – the strategy works. In real estate, you’ve probably seen a few sellers use similar approaches. They are shown on the local news offering a free car or vacation to anyone who buys their home.

This approach rarely produces a buyer, unfortunately. Why? Didn’t I just say incentives work? Yes, I did and, yes, they do. The incentives, however, have to be the right ones. People that are buying homes are not really interested in new cars or homes. They are VERY interested in things to do with the home they will purchase.

One strategy that always works is critical eye improvement strategy. Invite a friend over to your home. Ask them to walk through the home and tell you honestly what they would change if they could. The kitchen and the bathrooms usually are at the top of the list. It doesn’t really matter. Just take note of what the criticism is and don’t get angry. Get an estimate of the remodel cost of that section of your home.

Now comes the magic. As part of your listing, make a very prominent note that you will be offering an incentive of “x” amount of dollars to be used for a particular improvement. Make sure nobody can miss it if they view the marketing materials.

This simple, creative incentive will have buyers coming to your home. Why? Well, what do most people do when they buy a home? They immediately rip apart some section of the home and remodel it! The only thing that holds them back is the cost of doing it. Well, you are offering to give them the money for the remodel! Think they’ll be interested?

Ah, but you are probably wondering where you are going to get this money from. The answer is simple – the sales price. With this type of offer, you can be a bit above the median home price for the area. You usually end up coming out around even. Of course, you also sell the home while your neighbours sit around and watch their homes get no interest.

The Secret Method to Sell Your Home In A Cold Market