This article is for sellers in the majority of markets today. Take note, BUYERS are in control here.

Given that, are you prepared to go the distance? What do you need to do to make it to the closing table? Why should you approach your sale differently than you would in a buyer's market?

*      Hire the right listing agent  - this is essential. The new market requires someone who KNOWS how to market your home to sell, and who will be honest with you about pricing and market conditions. A sign, the MLS and an open house alone won't cut the mustard. Get someone who has YOUR interests at the top of their list and will give you the information you need to be successful.

*      Set the right price - this is NOT the time to be greedy. Do you want to sell or are you playing a game? The right price should reflect current market conditions, very recent sales, and the competition. Aim to have YOUR home make the others look like less of a value so they will want YOURS. You have competition, and buyers know this. Keep your emotions out of it. Buyers want a deal. Get them EXCITED about your home with a great price when you go on the market amidst all the competition, rather than disappoint them with a high price.

*      Stage your home to sell - your house needs to be in tip top shape, inside and out, front to back, top to bottom. You're leaving, right? So get rid of the personal stuff, pack away what's unnecessary, and allow buyers to envision living there. Now that you are SELLING, your home becomes a PRODUCT to be MARKETED. Don't skimp here. Consider a professional stager. And don't pretend that the little annoyances you should have fixed years ago, or the obvious defects won't matter. Buyers LOOK for reasons NOT to buy. Defects, bad décor, and minor repairs will go on that list, and lead to a low ball offer, or none at all.

*      Be flexible for showings - don't turn away interested buyers because YOUR schedule doesn't mesh. Remember who is in control here. Use a lockbox for maximum flexibility. Buyers was to see things on THEIR schedule, adn you don't want to miss out on out-of-town buyers in a rush.

*      Prepare yourself for less-than-asking-price offers - you likely won't get one, unless you price well below all the competition (a good strategy in this market) so don't get uppity about this. Be glad to get an offer, and prepare to negotiate. At least counter, even if it is lower than you think it should be. Make sure you get a pre-approval letter with the offer. Any serious buyer who is qualified to buy can and should provide this up front.

*      Consider buyer concessions - these may not be necessary, but at least give it more than a passing thought. What can you offer - credit for work needed? Pay a portion of buyer closing costs? Help pay down the interest rate? They will likely ask, so be prepared with some options.

*      Paperwork - once you have an offer, be timely in getting done what needs to be done - providing disclosures, signing docs, whatever. Show them you are committed to the sale and don't drag your feet. They might walk. Be clear about any exclusions up front, not at the closing table, but don't nitpick - if they want the washer and dryer, isn't it worth it to you for a sale? And make sure everything in the contract is clear, in writing, and agreeable before you sign.

*      Communication - stay in touch with your agent, and anyone else working with you on the sale so you stay on track. Be aware of all the dates and adhere to them. And be prepared for changes in plan - perhaps the buyer will want to move up closing.

Sellers, you CAN do the distance in this market if you do it right. Keep your goal in mind

 

4 Comments on Sellers - Can You Go The Distance?

JAN
20
2007
Great Post! Very good information!
8:19pm • #1
468,896 Points 54 Featured Posts Outside Blog
Jeff, again this is great advice, and goes along really well with the advice that you gave in the FSBO series that you did.  This Post is well worth time to read it.
10:03pm • #2
JAN
21
2007
110,135 Points 26 Featured Posts Localism Sponsor Outside Blog
As usual, you do this well. I love the check boxes. My additonal nudge would be the 'don't dawdle' advice as it pertains to spiffing up the house, whether it be a repair or just uncluttering, that first showing may be to someone who would want it if you do the legwork before they get there, and they might move on to the next house if you don't!
4:05pm • #3
JAN
22
2007
680,365 Points 145 Featured Posts Localism Sponsor Outside Blog Hit Router

Thanks, Susan.

George - I always appreciate your feedback. Glad to have ou as a regular reader.

Carole -  Goodpoint. I sold my condo in Cambridge whne we relocated to the first buyer. But then I KNEW about staging and having it look spiify, and it did!! I actually took my own advice. LOL

12:40am • #4

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

Carlsbad, CA

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RE/MAX Moonlight Beach (CA DRE Lic. # 01490977)

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