How do you sell a house in slow markets?
A few tricks from past down turns.
Age and experience helps every once in a while and this is one of those times.
I have been through some tough markets over the past 30 years in this business.
So when clients start asking for tricks to help sell homes in slower markets…I offer strategies like these that have worked well in the past:
- Don’t cut the price but try buying down your borrowers interest rate. A lot of times paying one or two points toward their interest rate will help them qualify and give them a 30 year benefit (the lower rate).
Example. I just spoke with a client with a home in a smaller community with a home priced over $600k that is stalling. He was going to drop the price $20k to help it move. I suggested offering to pay 2 points to buy down the buyers rate. This may only cost him $8 to $12k over the $20k and get the same result. Just depends on the size of loan the new buyer will need.
- Give an incentive to the realtors. Sometimes just a $5k incentive to realtors will get them to push your property to their buyers over the competition. So if a buyer is looking between a couple homes get their realtor on your side.
- Do a combination of lowering the price, buying down the rate and giving the realtors a bonus.
Make your property stand out from your competition.
The markets will slow down and carrying homes longer than you expect can cost more than incentives.
Be aggressive and get it sold now. There are going to be better deals for you in the near future.
Rates are not going down anytime soon so we need to adjust to the new reality…and still make money.
With rates going up prices will come down.
Don’t be the last home looking for a buyer.
THE GOOD NEWS.
In the next 6 to 9 months we will see the beginning of a buyers’ market.
Prices will go down and more opportunity to make that generational wealth will increase…for those who are prepared.
Be prepared. Be money prepared. The deals will be there.
Those with easy, fast money will create generational wealth.
This requires a mix of bank loans, hard money loans and most important real OPM (real private money to fill the holes). You will need them all.
Start now and be money prepared. If you wait it may be too late (the large funds may beat, you to the homes).
We can help. 30 + years of working with banks and private money sources at your service.
Money is the FUEL to propel your business past your competition.
We will be helping those who want to prepare with DIY or mastermind type groups.
This includes getting your credit in line and lining up the funds to close on what you want when you want.
If you want to be prepared email me at email@example.com and right in the subject line “Be Prepared”