How can I sell my house in a falling market? Read on for some great tips

Real estate agents can be forgiven for feeling down, since they don’t earn as much as they used to. After all, like most of us, they too are victims of the economy’s sudden downward spiral. People ask “How do I sell my house in this market?” Homes aren’t selling as well as they used to: More than a million homeowners failed to sell last year. Real estate agents are at risk of going out of business.

But real estate agents aren’t just up against market forces. The housing slump has forced homeowners to look for alternatives to real estate agents as they try to find ways to speed up the sale of their property while lowering costs at the same time. Some companies such as Tesco, Britain’s largest supermarket chain, have jumped at the chance. You now have a website that offers owner marketing services for just £199.

It’s a measly price to pay for the exposure you get on the World Wide Web, and a world of difference from the agent’s commission. No wonder real estate agents aren’t happy. Just a few days after the launch of the Tesco website, Spicerhaart, one of the largest agent organisations, removed all of its advertisements from the Tesco website.

Fortunately for homeowners too, Tesco’s new service is not the only alternative available in today’s property market. Now there are a few other ways to sell a house without the help of a real estate agent.

real estate portals

For as little as £10, you can get your property listed online. These websites typically receive hundreds of thousands or millions of visits per month. And depending on the website, you can post images, upload videos, and write descriptions. Interested buyers can contact you directly, thus saving a significant amount of money on the agent fee. However, make your ad unique; you’ll want to stand out from the hundreds of properties listed. And choose a website that has huge and relevant traffic.

newspapers

Although not as popular as it used to be, the classifieds section of the newspaper is still a good place to market your property. You’ll have to shell out between £150 and £350, depending on the publication you appear in, the size of the ad and the length of your stay in the newspaper.

Youtube

The popular video-sharing site opened the doors to talented young artists like Justin Bieber (although that’s up for debate), helped companies like Google (which of course owns YouTube) promote their wares, and is now also used as a home selling tool You can post anything from a photo slideshow to a virtual tour and an edited video presentation of your home. It is undoubtedly one of the most popular websites and it costs nothing to post an ad.

eBay

For a flat fee of £35 to auction your property and an additional £2 to set a reserve price, you can post all the information and images of your property, decide how long it will stay and set a starting price. eBay has been around for many years and is popular for auctions of anything from handbags to shoes to electronics to autographed items.

Exchange

There are now websites that allow you to find someone in the area you are moving to who would like to exchange homes with you. There is usually an exchange of money but it is only because of the difference in the prices of the houses; it is impossible to expect two houses to have exactly the same price.

Cash Home Buyers

If you need to sell a house quickly to pay off financial obligations, finalize a divorce, or move right away, then your best option is to sell it to a cash home buyer. They are essentially buyers or investors who have the cash to be able to buy directly from you when needed. Because the deal is exclusively between two parties and there is no mortgage availability to wait for, the sale process can be much faster and legal and real estate agent fees are completely eliminated. In a matter of a few days, you can collect your cash and walk away from your worries. You may have to sacrifice a little on the asking price, but nothing beats a life free of stress and debt.