Yes, it is a buyer’s market, but that doesn’t mean that you can’t successfully sell your home for fair market value.
Top Ten Tips For Selling Your Home In A Buyer’s Market
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Aggressive Pricing. This is a discussion that we as REALTORS dread in this market, because we know our job is to present the facts and in this type of climate, many seller’s don’t like the facts. It is important to remember a few things: your home sale will most probably be subject to an appraisal which is based on the same comparable sales as your real estate agent looks at; your real estate agent is being paid on commission…you can be certain that we are trying to find as much value in your home as possible.
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Be The Beauty Queen. Yes, selling your home is like a pageant. Your home may have the best of everything, but if it isn’t dressed for sale you may never get the buyer’s in the door. Take your real estate agent’s input on preparing for sale to heart, we are in the trenches daily and know what today’s fussy buyers want to see. Fix every small item: dripping faucets, stuck windows, loose doorknobs, etc. Remove excess “personal” items and trinkets. PAINT in a neutral color. Stage the home for sale: if you don’t have the talent for decorating you can hire professional home stagers for reasonable prices. Make it appealing from the curb: plant flowers, keep the lawn tidy, put away toys and other yard “debris”, paint the front door, sweep the driveway and garage.
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Creative Financing. Be prepared to offer some creative financing incentives. Today’s buyers are being pinched by the mortgage situation, but they are still busy buying property. They may ask for help with closing costs or for owner financing. Plan ahead and decide what you may be able to do for a buyer in advance.
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Be Patient. The days of a quick sale are over for most people. Here in Westfield, MA the average time on market is close to 100 days. Give your real estate agent the time it takes to find the right buyer for your home.
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Flexible Showings. We all have hectic schedules and keeping your home in “ready to show” condition is a royal pain, however, it does pay in the end. Remember that your buyers are just as busy as you are and they have limited time to see homes…be ready when they are.
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Stand Out From The Crowd. At any given time there are several homes almost like yours in the same price range. Make your home stand out from the crowd! Instead of asking $199,900 why not advertise $198,765? Sure it is gimmicky, but it makes people curious.
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Home Warranty. Most companies have the ability to offer you access to purchasing a home warranty for the buyers of your home. Pricing and coverage varies, but typically speaking it gives the buyer confidence that for the set time of the warranty, they won’t have any unexpected expenses. Buyers are usually taking all of their savings to buy your home…why not spend some money to give them peace of mind?
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Check the Competition. How many other homes like yours are on the market? How long have they been there? What features do they have? Look at all the factors and then price your home competitively.
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Make Adjustments. Even with all the research available, home pricing is a fluctuating property. Comparable sales are usually months old and the market is adjusting daily at this point. Be prepared to adjust your asking price. Discuss a pre-set schedule of price reductions with your real estate agent.
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Hire The Right Agent. Check the listings sold statistics in your area. Here in Westfield, MA, Park Square Realty is the leader in listings sold. You want the company with proven results and an agent with energy, experience and a professional approach.
GOOD LUCK!
