The thought of having to sell your home in today's market probably has you worried and anxious. The information you probably read and hear from the news outlets is not painting a pretty picture of the real estate market, but people are still buying and selling property.
The first question I ask clients who express an interest in selling property is "Do you have to sell your home?" If they answer no, then I advise them to hold onto their home for another year or two when the housing market improves. Conversely, if they respond with a "yes", then we have a candid conversation about staging the home, pricing and their timetable.
Staging - I tell my clients that you do not have a second chance in this market to impress potential buyers, so you have to stage your home to impress them. Sellers have to understand that selling their home is now a business transaction and it is important to make your home look clean, uncluttered, welcoming and a PERCEIVED VALUE! This may involve placing certain items into storage while the home is on the market. Attention should also be paid to the exterior and landscaping of your home as this is what a buyer will see as they approach the property.
Pricing - Establishing the proper price will determine the success or the prolonged marketing of a seller's home. The phenomenal price increases experienced from 2000 to 2005 are now part of history and sellers must embrace a new reality where current prices are lower than they were a year or two ago. If a seller "breaks even" on the sale of his/her/their property, it is a blessing because many sellers may have a higher mortgage balance to pay off than what the home is worth! Instead of a 30% gain on your home, I advise my clients to lower their expectations to 10 - 15%, and if the home sells quickly, then congratulations (...again, a perceived value)! A properly priced home will sell quickly and allow the sellers to become buyers of their next dream home.
Timetable - It is important to discuss a timetable with your client to get a feel for how quickly he/she/they would like to move in the process. If a seller has to conclude the transaction quickly because he/she/they are being transferred to another city due to work, then the agent should devise a plan that reflects the need to sell a home according to the client's timeframe.
Today's real estate market is challenging but with the proper approach, a seller can successfully sell his/her/their home quickly.
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