How to Sell Affordable Houses in a Soft Marketplace

Competing with Other Cheap Houses for Sale

In a soft real estate market, there are usually affordable houses for sale on every corner. This can make it difficult to receive top dollar for your home. If you need to sell your home in a soft market, there are some steps you can take to increase your chances of selling more quickly, and at a reasonable price.

But, My House will Sell Itself!!

One thing to remember is your home will not sell itself during a soft market. You must actively promote it and find ways to lure buyers who can a) afford your home and b) buy your home with little hassle. The buyers are out there, but you have to find them and make your offer more appealing than the home down the street.

Do Some Home Repairs before Marketing

In a soft market, even very affordable houses should be ready to move in. Buyers can barely afford to purchase real estate during hard financial times, much less purchase it and then have to worry about fixing it.

Pay for a thorough home inspection if you must so you'll know what areas need some work (if any). Make sure the lighting and all electrical is working properly. Check the foundation for cracks, mold, or termites. Paint older walls and ceilings, and check the roof to be sure it's in tact. Clean up the yard and remove old fencing or other unsightly items.

When all's said and done, you should be able to market your home with no reserves and advertise it as "ready to move in!"

Setting a Price for Your Affordable House   Browse local house listings often to see what other comparable homes are selling for.   Get an appraisal on your home and then determine if you can get top dollar or if you need to market it at a slightly lower price.

Be prepared for some ridiculous offers when selling in a soft marketplace, especially if you've put up one of those signs in the category houses for sale by owner, and decide beforehand the lowest possible offer you can accept. Price your home as low as possible from the beginning for a faster sell. The longer your home sits in a buyer’s market, the less money you will likely receive. So it's wise to price it to sell from the beginning.

Make Real Estate Appealing by Adding Extras

When buying real estate, buyers do consider the extras that come with a home. The more bonuses you can throw in, the better off you'll be. You can actually price the home a little higher by raising the value with extras.

Consider adding new appliances (including washer/dryer), a storage building, some furniture or electronics to go with the sale, or even a swing or rockers for the front porch. Make your home appealing to the first-time home buyer as well as those who've already shopped the market many times over.

Consider Owner Financing

If you can offer owner financing or even partial financing, this might help you sell your home. In a soft market, the economy may also be poor and people are looking for creative ways to finance their new home. Buyers also shy away from bank loans for fear of foreclosure. As they hear about numerous foreclosures on the news, they might be thinking, "That could be me if I buy a home."

With owner financing, you can offer lower interest rates, lower payments, or even more flexibility with their mortgage payments to help ease the burden. This doesn't mean you should ignore the buyer’s credit history or finance for just anyone. Do make sure they have a reputable credit history and are able to afford the payment plan you offer.

Creative Marketing for Affordable Houses

It can be difficult to market your home in a soft market because there are so many affordable houses (and good ones at that). The good news is you can be creative in your marketing. One thing many sellers are doing is setting up a website dedicated to their houses for sale by owner.

This works well if you plan to sell your home on your own without using a real estate agency. The key is to use the website as an information source.

How to Sell a Home Online

Once your website is set up, place a small classified ad in your local newspaper and direct the readers to your website for detailed information and photos. You can place unlimited information about your home on your website and allow the site to do most of the selling for you.

Set up keywords and key phrases with your city name and state name so buyers can find you among other local real estate listings. This will help you get noticed through online searches as well as other sources.

How Many Other Affordable Homes are Listed along with Yours?

Keep in mind that a soft market can cause you to lose money on your home sale. Beautiful, affordable houses are listed everywhere competing for your potential buyers.

Patience - If You Can Afford It

Sell your home during this time only if you absolutely have to. If you can wait until the market is more favorable and real estate values increase - then please do. But if you need to sell your home quickly no matter what the real estate market it doing, use the tips above to help sell your home fast!