In today's market, owners must have their eyes open and be creative when it comes to selling their property. Foreclosures has the current inventory bulging at the seams like a it just ate a 10 course Thanksgiving meal. If existing home Sellers are not paying attention to current trends, they could end up paying the price.
In a September 17, 2007 article in RealtyTimes, Sellers are advised that pricing right from the beginning is "more crucial than ever and there is no room or time for error".
Chasing the market by repeatedly lowering the price may not be enough to induce Buyers to take action because that behavior may not be able to keep pace with the rate in which prices are falling.
Even if your price is competitive, if your home has languished on the market too long, more than its price will be suspect. Talk to a real estate agent in your market about pricing a home today. You may leave your potential Buyers asking "Why has such a nice looking home been on the market so long?, instead of exclaiming, "What a deal!"
Your real estate agent should be able to examine recent sales and tell you how fast the market is moving (up or down) and price your house accordingly. That's where FSBO's miss the boat. They don't always have the most current or reliable date with which to determine the right price. The price should be set somewhere between houses that are on the market now and those that will come on the market during the time it is expected to take your house to sell.
Staging your house cannot be over emphasised. In a highly competitive market like the one we see now, it is imperative Seller do everything they can to make their property stand out from the rest. Broderick Perkins writes, "Stage your home, not to hide defects, but to present it in the best light. Clean it up, remove the clutter, erase all but neutral components. Polish the curb appeal and make sure everything is in working order."
Take cues from Builders who almost always has at least one staged model home to show and who offer
- cash toward closing costs
- gift cards for Home Depot Inc.
- big screen flat panel TVs
- upgraded appliances
- picking up the cost of a "point"
- offer a home warranty
- pay for the title insurance, first year's property tax, HOA dues
- do an energy audit and make appropriate fixes
- any costs that will help reduce costs and motivate the Buyer to make an offer
In today's market, it takes more than a yard sign to sell a house. Having a well polished property and thinking outside the box are critical. If you are in the Denver area and want to find out what I can do to help you sell your house in the shortest amount of time and for the highest dollar the market will bare, contact me today.
For a free list of Things to do to Get Your House Ready to Sell, email me at Katharine@DenverGreenHomes.info.
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