Let’s face it, these are tough economic times. We are all painfully aware that housing is suffering. According to an Associated Press Article put out on September 2, 2010, home sales are at the lowest levels in more than a decade. Potential buyers are holding off purchases because they are worried about jobs and the economy. Many buyers have been scared away by the prospect that home prices could fall again -- something most analysts expect, and some are having trouble meeting tighter lending standards and can't qualify for loans. As a result, buyers are in a far stronger position than sellers -- and they are taking their time.
I think most Americans are naturally optimistic by nature, but when it comes to selling properties these days, optimism can work against you. It is important to be realistic about what is happening in the market, and to clearly analyze the things we can control, versus the things we cannot. That being said, there are definitely things that you can do as a seller to improve your changes of attracting a buyer.
You may have heard the saying, “It’s a price war and a beauty contest!” That means that your house must be the best looking home, at the best price to win the buyer. This is all about value. Everyone wants the absolute most that they can get for their money, and the majority of buyers want a home that is move in ready, has been well maintained, and doesn’t need a lot of updating.
Knowing your competition well will give you the best advantage. Spend an afternoon with your Realtor®, and go look at a handful of properties that are similar to yours. If you are going to do this, it is important that you can be objective. Sellers often have a hard time seeing the flaws in their own homes, so bringing along a third party such as a professional home stager can be priceless. Compare your home to what you are seeing. Do you have granite countertops, an updated kitchen and bathrooms, hardwood floors, and beautiful landscaping? Is your paint fresh and neutral? Most important, it your house sparkling clean and organized? Visit our section entitled Preparing Your Home For Sale for tips and resources on maximizing your homes appearance.
It is also imperative that you price the house at market value from day 1. I can’t stress this enough. Sellers are oftentimes tempted to overprice their property in order to leave room for negotiations, anticipating that offers will come in low. In reality, buyers recognize value. A properly priced home will sell for a greater percentage of the list price, and in fewer days on the market. Price to sell!!! For more information on this subject, visit our section Why Value Based Pricing is Critical.
If you are wondering what your home is worth, please contact a Terri & Company Agent. We would be happy to provide you with a Market Analysis. Please contact us to get started.
