Attention sellers, we are currently in a declining market. If you are serious about selling your home then it is critical that your Realtor understands the dynamic between the market trend and your home's value. Let me explain. The longer your home is on the market the lower the market value. In order to sell your home as quickly and profitably as possible, you must get ahead of the trend. The 6-month trend for Boston Single Family homes is a 7.79% decline in values and a 36% decline in volume. This is based on the median sales price in Boston from May 2007 to October 2007. This gives us an average monthly decline is 1.3% in value. If you are serious about selling your home then you should seriously consider reducing the price by 1.5% - 2% to get ahead of the negative trend. It may be painful to consider but it will save you money and time in the long run. Also, make sure that your home is accurately valued before your Realtor reduces the price. If you reduce the value by 2% and it wasn't priced appropriately, your home will not sell.
Another option would be to wait 5-6 months for the spring market. If you opt for the spring market then I would recommend that you take your home off MLS by the end of December and Re-list it at the beginning of March, and here is why. Many agents are reluctant to show properties that have been on the market for over 150 days. This is because they feel that if the home hasn't sold after 150 days of showings at the same listing price then it is unlikely that their clients will be any more impressed than the other prospective buyers. Unless there is a significant price decline, homes that linger on the market attract very little attention.
Other factors to consider when selling your home are the overall condition, paint colors, furniture arrangement and minor (do it your self) projects. Many sellers just list their homes and do not consider any repairs. A good question to ask yourself is "What can I do to enhance the appearance of my home?" You will be surprised at how many ideas you will come up with and many of the updates are easy enough for you to do them on your own.
Here are some tips for sprucing up your living space
- Paint - Look for opportunities to brighten your homes appearance with paint. Lighter colors make a living space feel larger and more spacious
- Furniture - Furniture placement is critical in selling your home. When it comes to furniture less is better. It is always best to arrange your furniture in a manner the opens the room up. Try to place the furniture against the walls or close to the walls. Cluttered rooms are unattractive and send potential buyers out the door faster than you can say HELLO.
- Be sure to remove any family pictures from the walls and common areas. Pictures have a way of taking the buyers focus away from the home and focusing them on your photos. If the buyer has seen a lot of homes that day, they will remember the pictures and may forget which home was yours. The less they have to think about the Better
- Make sure you are working with a real estate professional that understands the market and knows how to help you maximize your homes value in a declining market.
- And lastly, any improvements are better than no improvements. Just do something, even if it is as simple as painting 1 or 2 rooms. Every little bit helps.
Good Luck Selling!
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