How to Sell Your Utah Home in a Buyer's Market

 

President's Message

Chris Sloan

 

                A relatively recent survey of Utah home buyers and sellers found that 63 percent of respondents believed it was a good time to buy a home, while only 3 percent said it was a good time to sell a home. As suggested by the results of this survey, many areas in Utah are experiencing buyer's markets, where purchasers of real estate have great opportunities to take advantage of competitively priced properties and ample selection.

                But for owners who need to sell their homes because of a job change, marriage or other reason, today's market can make the selling process more difficult. Here are some tips for getting your Utah home sold quickly.

 

Price your property competitively

                Putting the right price tag on your home is without a doubt the most important step you can take in selling your home quickly. This is even more important in today's marketplace, where there are more properties competing for fewer buyers, including bargain-priced foreclosures and short sales.

                As you determine an appropriate asking price, your Utah Realtor will be a valuable resource. He or she will help you evaluate the value of your home by looking at comparable properties that have recently sold or are under contract. Your Realtor will also help you make price adjustments depending on your home's unique characteristics. If your home is bigger than the one that recently sold, you may want to price it higher; however, if your home is near a freeway, unlike the comparable one that sold, you may want to price it lower.

                Looking at nearby homes on the market, including new construction and foreclosures, is also vital. These homes will compete with yours for buyers, so you want to make sure that yours is the best value available to them.

Consider all your options

                In a buyer's market, some homeowners may need to take a financial loss in order to sell. If, after calculating a fair asking price for your home, you find that you'll take too much of a financial hit, you may want to consider other options.

Look at the possibility of renting the property. The rental income will help you make the mortgage payment while you wait for your home's equity to pick up again. Or you could consider a lease-option agreement, where a buyer signs a lease to rent the home for a specified time period then has the option to purchase the house, in many cases for a predetermined price. Make sure to ask your Realtor for more information about this option.

Another choice is to look at swapping your home. Although relatively uncommon, The Associated Press recently described how some homeowners are connecting through the Internet to find homeowners who need to relocate to their area and vice versa.

 

Set the stage

                A clean, clutter-free appearance will play a big role in getting your home sold. The goal is to get your home looking as close as possible to a model home, so buyers can imagine themselves living there.

Start by cleaning the home so it's spotless. Then clear out excess furniture and other items to help make the rooms look bigger. Clear off countertops and take down photos and personal mementos. Modern decorations and artwork will also help depersonalize the home. Investing in new fixtures or neutral paint can also freshen up the home's appearance at a reasonable cost.

 And don't forget that a well-maintained exterior is crucial to getting buyers in the door. A manicured lawn, new shrubs and flowers, and a fresh coat of paint on the door can make huge improvements to the home's curb appeal.

Promote your home

                Buyers also have to know your home is available. That means having an advertising and marketing plan. A Realtor will provide expertise in this area as well. He or she will share your home with other agents and their prospective buyers thru listings on the Wasatch Front Regional Multiple Listing Service (MLS) and will advertise the property on well-known home-buying Web sites and in other publications. Make sure to ask your Realtor specifically what he or she will do to advertise your house to potential buyers.

                These are just a few of the many tips for a successful home-selling experience. For more information, contact your local Realtor or find one at UtahRealtors.com. 

 

Published Monday, June 01, 2009 5:20 AM by Chris & Berna Sloan Edit