So it is springtime and this is the season for listing Rhinebeck homes. This year sellers will have to deal with the reality that this market is now a Buyer's market. What is a buyers market? this typically occurs when there is high inventory and it takes more than a 8 plus months to clear it. With this in mind, to successfully sell your home this Spring there are many things you should ponder. It is my view that fixing problems prior to listing will result in a higher return.
- Keep in mind that real estate is local, it is therefore important to pay attention to the local statistics to get a sense of what is happening in the marketplace.
- In this market you really need the assistance of a real estate agent. And when you hire one please listen to the agent's advice. I am sure you were probably used to a market analysis using data for the last 6 months. That is out the window- the period is now much shorter.
- There is no room for overpricing. Even properties that seems to be priced right are staying on the market longer. Again, please listen to your agent because the buyer really doesn't care how much you think you need to net.
- Be flexible, be prepared to negotiate even if you receive a low offer, and remember buyers are looking for bargains because they know there is plenty of inventory.
- Make sure to provide good access. A lock-box is a good way of making the property accessible to other agents beside the listing agent.
- Make sure you are honest with your agent as to why you need to sell
- Take care of landscaping.
- Make sure the house is cleaned and preferably staged.
- Be willing to reduce price when it becomes necessary
- Have all documents pertaining to the property ready: deeds, survey, utility information for a whole year, warranties and manuals , record of service for heating system/ac. Also have information on when septic was pumped and any repairs and improvements.
- If there is a shared driveway or road be ready to provide the maintenance agreement. If there is a HOA know what the fees are and what they include.
- If you are in towns such as Wappingers Falls and Fishkill remember that more intensive water testing is now the law. It would be good to have testing done prior to listing so if there is a problem it does not hold up the closing.
- Make sure you have all approvals and Certificate of occupancy. Building inspectors have been known to have home owners remove decks, or rip out walls from rooms not having the proper approval.
- How about your septic, was it approved for a 3 bedroom house but you now have a 4th bedroom and an additional bathroom? That could be a problem if your paperwork does not match the Board of Health documentation.
- Do you have an older home? Is there presence of asbestos inside or on the exterior? How about lead, radon and mold? These environmental issues can be costly and maybe should be addressed ahead of time.
- Is there evidence of a buried oil tank on the property? Cleanup of a leaking tank is the owner's responsibility not the government's.
I hope this list gave you some ideas as to how to get prepared to sell your home in a competive market. Here are some other articles I have written that could further assist you with specific items.
Asbestos - It Is Still Out There And a Concern When Buying Real estate
Don't Let High Radon Level Kill Your Dutchess County Real Estate Deal
Mr. Seller Please Stop Talking And Listen To Your Dutchess County Real Estate
I Won't Accept An Offer On My Home Under xxxxx
Do You Want The Most Expensive House In The Neighborhood?
Reality Check For Sellers This Spring
It's Spring Time Don't Overlook The Yard
Sellers Make Sure your Deck Is In Good Repair Before Listing, It could Cost You.
Could Scents Cost you a Buyer?
New law that will hit sellers in the pocket book
It is all about access
10 Things Real Estate Buyers and Sellers In the Hudson Valley Should do in 2008
Planning To Sell Your Home This Spring - Could Pruning Add to Your Homes Curb Appeal?
Jennifer Fivelsdal - Keller Williams Realty Team - 845-758-6842
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