A housing slump is where the house prices crash, and no one buys. If you’ve been keeping up with the news lately, you might know that we’re currently heading towards one. This is due to a number of factors combining at the same time. First, there’s Brexit, poised to hit more than Britain as other countries work out their new deals with Britain and Europe. Japan has already warned that Brexit will have an impact on their economy. There’s the possibility that other countries may follow suit as Europe continues to dissolve. On top of this, there’s the fear of a new financial crisis as people further rely on credit. As you can see, the future of the housing market isn’t too bright. If you’re planning on selling soon, you may well find yourself facing a slump. Here’s how to handle it.
Don’t Be Greedy
In a slump, house prices drop, and that means you can’t afford to be greedy. It’s understandable to want as much as you can get from your property. However, you have to realize that the value of your property is determined by the state of the market. If the market is poor, your home value is low. The demand has to be there. Starting off at a lower price can draw homebuyers in. There’s still the chance that offers could rise once you get them through the door. You might even find that you can create a bidding war between multiple buyers. But you should start low.
Make The Right Impression
Sam Inan one of the Hocking Stuart Real Estate Agents, knows something about selling homes. He knows that first impressions are everything. That’s why, if you look at their site, you’ll find stunning pictures of the properties that they represent. You have to get it right straight away, particularly, in a housing slump. You need people to want to buy before they even get a viewing of your home. Do this by getting the right photography. This is usually arranged by the estate agent, and it’s one of the most important factors to consider choosing a rep for your property.
After six months on the property market, things may not be improving at all. If that’s the case, you have two options. You need to settle yourself in for the long haul or think about alternate options. One alternate possibility is to rent out your home instead. Become a landlord and use a property that isn’t selling to make some money. That way, you can move, and you won’t be tied to a property that won’t budge on the market. It’s an option to consider if you want to move fast, or you need to.
Make Your Home Unique
If you’re set on getting a sale during a slump, you need to make your house unique. It must stand out from other properties on the market right now. There are plenty of options to consider here. But we suggest you focus on curb appeal and hire a landscaper. They will make sure your gardens look stunning, and your home is the place that buyers want.