Sellers, in most areas, it's a buyer's market. No matter how great your home is, there are others on the market that buyers will see. Although you may have a hot commodity, the existance of other competing homes will complicate your selling. Here's how to sell in a buyer's market:
- Look at the other competing properties and see how they compare to yours.
- Make sure your home is in the best showing condition, possible. This means no clutter, floors clean and in good condition, paint in good condition, everything clean and in working condition.
- Price it lower than the like-homes that are on the market and see what homes that are similar have actually sold for. The actually sold homes are what warrant market value. A buyer, given two identical properties that are a few thousand apart, s/he will buy the lower priced property. Buyers are always looking for the best deal. If you're priced too high, the buyers may never view the property.
- Value is determined by recently closed sales and not by how much you've put into a home. Only additional added square footage will bring the value higher than identical properties. Repairs and updates only make the home more appealing and better to compete with other homes at the same price point.
- Staging: Selling your home is selling space. Buyers want to see the size of the rooms, not really your decorating expertise, photos and personal items so pare down everything that isn't being used right now, even if you must store some items. You want to keep the buyer focused on the home, not on you.
- In a buyer's market, you may have to make some concessions if you want to sell. This means that, if you're fortunate enough to have a ready, willing and able buyer in this market, you may have to sacrifice a little on the price and/or terms if you want to sell and you may have to pay some of the buyers closing costs. Remember, right now, the supply out there is more than demand so buyers have other options if they don't get what they want.
- Buyers have until April 30, 2010 to be under contract to receive their tax credit. The amount of buyers out there may dwindle some after this date so, don't play games and wait for something better. Your first offer is usually your best so, if you have a buyer who is interested in your home, do all you can do to get that buyer to sign up and move on with your life. If a buyer misses the deadline, you can be sure that they're going to try to compensate for that loss...by making lower offers!
If you understand and heed this advice, everybody wins!
If you have any questions about Nashville homes, Nashville Real Estate, home buying or home selling, please contact me, Alyse Sands, at ASands@RealtyNashville.com or 615-668-9940.
Alyse is a second generation Broker-Agent and has been working full time in the Nashville area since 1999. She is also a licensed loan professional/consultant. Prior to that, she worked as a mortgage broker and Advertising Exec in Florida.
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