Back to the Basics

I hear all of the bold predictions about a market after the bubble, and make no mistake our market is different now.  Days on market and inventories of properties have swelled to a sufficating level.  Developers, builders, and even some larger investors have been willing to offer incentives, price reductions, and  huge seller concessions causing the end-user that is trying to resell a home to feel the squeeze.    At the same time interest rates, media attention, and too many options are raising havioc on an already slow market.   So how do sellers escape the squeeze.  Like all marketing it is a function of finding the right marketing mix.  In marketing they are collectively the four p's Product, Place, price and promotion.   Product is your home.  With fewer showings to go around and more inventories making your property stand out is essential.  Obviously we can't add garages, change our floor plan, or double our lot size, but we can correct an obtrusive paint color, worn flooring, or cosmetic issues.  Staging also plays a big role in making sure we make the biggest impression possible Place is our location.   Yes location is hard to change, but curb appeal can change a okay location to a desirable garden spot.  Pointing out the positives of an area in the published materials might also go a long way towards overcoming area objections. Price - Over the last few years we have seen huge increases in price in our Florida markets.   However, 2006 is a new year with huge challenges and little flexibility for an overpriced property.   Not only do we have to consider price in 2006, but maintence fees, hoa fees, and cdd's add up to scare potential buyers.   Well priced properties are still selling.  Not at the rate we would like, but still at a rate that would have been described as brisk before 2004. Promotion - Exposure on the web, in print media, in the home, with Realtors, and with your neighbors are all crucial in helping you get the word out that your home is available, and has qualities that many are seeking.    If I could add a fifth P it would be patience.  Though a slow market can rob the best of us of our patience.   If you find the right mix your home will sell in a reasonable time frame.  If you aren't getting the showings, offers, and interest your mix is probably not correct unless other factors are conspiring to keep to hold demand down in your community.