Here's part 2 of my short series on strategies for SERIOUS SELLERS (if you missed Part 1...).

Consider a home inspection before you list - It's important to learn about problems your home might have (especially if you have owned your home for more than a few years) and take care of these issues, particularly defects that are obvious. Defects that are noticeable are troubling to buyers and often convince them there are other unseen issues, which will translate into a lower offer...or no offer.

Be flexible - You certainly don't need to allow showings 24/7 but don't restrict them to just a few hours a day or only on weekends. Be reasonable, and talk with your agent to make sure you allow good access to agents and their buyers. And be prepared to make some reasonable exceptions. Using a lockbox allows the most freedom and may be standard protocol in your area. Make sure the front door key works well. Keep pets out of the house - not allowing buyers into the yard because of a loud or aggressive dog is discouraging to buyers and may turn them off to your home.

Be prepared to negotiate - In this market buyers are expecting to negotiate; they WILL bring you a less-than-full-price offer, and will probably ask for other concessions as well. It is a good thing to get an offer, even if not exactly what you want, so be pleased and start negotiating. You shoul dunderstand that in most markets buyers are more in control. You should discuss your strategy with your REALTOR and possible ways to deal with low offers and requests for concessions.

Consider making buyer concessions - A number of sellers are now providing incentives to prospective buyers, such as paying part of the closing costs and/or offering to pay down interest rates. You don't have to commit to this upfront if you are don't want to, but you should discuss this as an alternative to be used if necessary in negotiation.

Expect that this will take time - Be prepared for the fact that this may take weeks or even longer, although houses that are priced at or below market may sell quickly. Buyers have gotten more worried because of the media headlines, and many believe prices will drop further, particularly since they see houses sitting on the market and multiple price reductions. A good number of buyers are taking a wait and see approach.

If I can help in any way, or answer any questions, please don't hesitate to let me know.

 

4 Comments on You Wanna Sell Your Home or Not? (Are You Testing the Waters?) Part 2 of 2

DEC
19
2006
186,187 Points 7 Featured Posts Localism Sponsor Outside Blog
Good article Jeff.  Can I give it to one of my clients that I've kept for a year on the market?  They don't seem to understand when the home doesn't sell, they shouldn't raise the price.
8:12am • #1
824,867 Points 213 Featured Posts Localism Sponsor Outside Blog Hit Router

Funny thing about the market.  The last buyer's market I went through in the late 1980s and early 1990s, when a seller listed the house higher than market, we referred to it as pricing for next year.

These days when a seller lists higher than market, we refer to it as priced for last year's market.

It surely helps when they understand market trends and list to sell rather than list to sit.

 

8:43pm • #2
824,867 Points 213 Featured Posts Localism Sponsor Outside Blog Hit Router

Funny thing about the market.  The last buyer's market I went through in the late 1980s and early 1990s, when a seller listed the house higher than market, we referred to it as pricing for next year.

These days when a seller lists higher than market, we refer to it as priced for last year's market.

It surely helps when they understand market trends and list to sell rather than list to sit.

 

8:43pm • #3
20 Featured Posts

Jeff,

Great article with excellent points.. if sellers would only pay attention they would get faster sales and better prices.  No one is smarter then the market.

9:42pm • #4

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Jeff Dowler ~ Carlsbad Real Estate ~ 760-840-1360

Carlsbad, CA

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