When it comes to selling a house, there are many different variables that can affect your chances of selling. If the housing market is in decline, it can become near impossible for you to sell your home at all. There are several signs that can help you identify whether you’re in a slow market before listing your house. You’ll probably be thrilled to have anyone buy your house when this happens. Check out some of the indicators of a slow market and how you can beat it in the rest of this article!
Is Your House Taking Unusually Long to Sell?
If you’ve put in a lot of effort to prepare your house for sale and it just won’t sell, then there is a good possibility that your local housing market is slow. When this is the case, anything other than lowering your price won’t be effective at finding a buyer for your house. Before you do anything drastic, it is a great idea to delve deeper into your neighborhood and see if there are any other houses that are selling.
Have You Looked at Your Local Housing Market?
During your daily commute, you’ve probably noticed for sale signs up in various yard around where you live. Can you think of any for sale signs that have disappeared since then, or are they still standing? Even if they are gone, do you know for sure that they have sold – or has the original owner changed their mind?
Physically looking around the neighborhoods around your house can be useful, but it isn’t effective as doing some deeper research. Even if you have a great memory, numbers and statistics are great reference tools that can give you extra peace of mind. Knowing that your local housing market is in decline will provide you with the reassurance that you’ve done your due diligence in getting your house ready to sell.
Clear Signs that You Are in a Slow Market
The main figures that you’ll want to look at include how many houses are available for sale, the price of those houses, and how the country’s economy as a whole is performing.
Here’s a little more on each of those telling signs:
- Number of Houses For Sale – If the total volume of homes available for sale is increasing, this is a good sign that you are in a slow market. In a fast market, the total number of houses for sale will decrease. You should also look at how long houses are sitting on the market. An increase in day count is another clear indicator.
- House Pricing Behavior – How much homes are selling for is another critical piece. If people are selling their houses, but are doing so at a lower price, then you are in a buyer’s market. This means that a lower price is almost required to sell your house because a buyer has more control over the situation.
- Overall Economy – This will surely vary depending on where you live, but the U.S. economy and its trends can also play a role in your ability to find a buyer for your house. There is no question that a declining economy will result in fewer people looking to buy homes. If finances are in an unpredictable state, there will definitely be less buyers looking to spend or commit to large sums of money.
Is There Any Way to Overcome This?
A declining real estate market will typically spell disaster for trying to sell your house. This doesn’t mean that you can’t find a buyer for your house, but it does mean that you will need to be flexible and make some sacrifices. Are you willing to spend some money to make improvements to make your house more appealing? This can be a risky move because not all upgrades translate to an increase in home value, nor does it guarantee you a buyer.
How about lowering your price to attract more buyers? In theory this sounds effective, but in actuality, it can draw more buyers that may look to stretch you even further by lowballing you. When you are already setting a reduced price point, it can feel downright insulting to have offers that come in at an even lower value.
Most sacrifices involved in selling your home in a slow housing market just aren’t worth it. When it comes to selling your house, you shouldn’t have to settle for just anything in an attempt to find a buyer. Alternatively, you can look for a cash home buyer that will give you a guaranteed offer on your home during any time of the year, regardless of the housing market! You won’t receive your original asking price, but you also won’t need to hassle with buyer’s demands or negotiating. This means less stress for you and more cash to move forward with your life.
We Buy Houses During Every Time of Year!
If your local real estate market is in decline, then your chances of selling your house will drop dramatically. You likely already know this because your house has been sitting on the market for a while. Taking a look at local neighborhoods can also paint a picture as to whether or not other houses or selling. You can also do some research and look into the volume of houses being sold, whether or not prices are dropping, and also a general look at the U.S. economy. Overcoming a slow housing market is extremely difficult, but a cash buyer will get your house sold when you need it most.
Feeling down because the housing market isn’t in your favor? Turn things around by beating the market entirely and selling directly to a home cash buyer like Ben Buys Indy Homes! We buy houses in Indianapolis and the surrounding areas during any time of year. You can receive a guaranteed offer when you need to sell, giving you complete control of your situation. Forget the open market and fill out our contact form to see how much we’ll buy your house for!