A blog cannot deal with all aspects of a subject and is not intended to replace professional advice. It's purpose is to highlight information and identify areas of possible interest. Anyone wishing to discuss this blog or to make any comments or suggestions about this blog is invited to do so by either posting comments or emailing me directly.
February 26, 2011
How to Sell Your Home In A Slow Market
Current market conditions might not always be ideal for you to sell your home. However, just because there aren't hoards of buyers lined up doesn’t mean that you won’t be able to sell your home at all. What it does mean is patience and flexibility will be required,. Also, you'll need extra preparation to make your home outshine the competition and get sold!
Before you put your home up for sale and on the market, make sure that all basic repairs are completed. If you want to be especially competitive, don’t allow something like a dripping faucet or missing window screens to knock you off your game. If a homebuyer thinks these little things aren’t being attended to, they might fell that you haven't been diligent in attending to structural issues over the years, and fear that they’ll have to spend even more money for repairs or renovations in the coming months or years.
In a slow real estate market, it’s important to always keep your house clean and tidy: you want to be ready to be able to show it at a moment’s notice. Conventional real estate wisdom states that the more times a home is shown, the likelier chance it has of being sold. Some even say that you should get an offer within the first 10 showings if the house is priced properly and is in show-home condition.
If you don’t have the time or desire to "stage" your home so that it looks its very best, consider hiring a professional to do so. By ridding your home of the clutter that can often be distracting to potential buyers.
Finally, be realistic in both your expectations of price and time. Don’t think about what your home could have fetched last year or the year before, but understand the current, local real estate climate and adjust your price accordingly. When it's a buyer’s market (which means there are more sellers than buyers) the people making offers on your home don’t have to negotiate as much because supply is much higher than demand. Therefore, a home that is priced too high is likely to be passed over for a somewhat comparable home that has a lower price. If you enter into negotiations offering a reasonable price, you’ll avoid having to haggle back and forth in negotiation as much that could potentially result in the complete loss of an offer. And again, be cognizant that things might not move as quickly as you would like them to, or as quickly as you imagined they would when you first entered into the process of selling your home. If you stay patient and realistic, you’ll reduce your stress level.
Always being ready to show your home, and having it look the very best that it possibly can, you’ll know you are doing everything within your power to get your home off the market and get it sold.
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