There is no question that in many parts of the country, even here in Elkhart County, Indiana, houses are currently on the market longer. As a seller, this slow-down means there is more competition for a limited pool of potential buyers. Consider the following five tips to place your home on the fast track to sale:
Price It Right
The first 30 days are the most critical. If your home is priced too high, interested buyers may never even tour your listing. The longer the property is on the market, the fewer the prospects. This is especially true when your home is being compared to Pre-Foreclosure, Short Sales and Bank Owned Properties (REO's) that are priced to sell.
Deciding the value of a home isn't an exact science. Yet, there is data to help you determine a fair asking price that is right on target. You may want to hire a real estate appraiser for an objective, unbiased estimate. Then consult with a real estate professional who can help you determine true market value based on a comparable market analysis, which will include recent home sale transactions as well as homes currently on the market. From your analysis, you may want to price your home conservatively to give it a competitive edge.
Make Your Home Irresistible
Unless they are looking for a fixer-upper, most home buyers are more likely to make a bid on a home that they can enjoy immediately. Therefore, you need to create an environment the buyer can't resist. In other words, do everything you can to make the home so attractive, charming, cozy, inviting, comfortable and exciting that a buyer will want to buy that lifestyle for themselves.
Evaluate the home from a buyer's point of view. An experienced real estate expert will be able to offer an objective view and will also know what buyers are asking for. Get your home in tip-top shape by making repairs and cosmetic improvements, and removing clutter. This may mean investing in a few upgrades to modernize your home's look such as installing newer carpet and light fixtures and painting the walls a neutral shade.
Create Traffic
If you want buyers to see your home, you must first find the buyers. Work with your real estate professional to design a marketing plan that is flexible and capitalizes on your property's most desirable features. Your strategy should include ways to reach buyers online and offline - such as word of mouth, the Internet, yard signs, direct mail, open houses and so on.
Go with a Professional
Selling a home is more than just putting a sign in your yard and having a listing on the Internet. And in a competitive market, you don't really want to take the chance of making novice mistakes that can slow the selling of your home. By hiring a real estate professional, you get the benefit of an experienced marketer and negotiator who is familiar with real estate issues in your community. A real estate professional can offer worthy advice on pricing and staging your home based on their vast experience.
Plus, there's the added value of the peer-to-peer networking among real estate professionals, which can bring buyers and sellers together - sometimes even before the property goes on the market.
Offer Incentives
Offering incentives can be just the impetus a potential buyer needs to select your property over others. You may want to consider offering a carpet or paint allowance. Or, pay for a professional home inspection or a home warranty - and, depending on your market and budget, offer to pay some of the closing costs.
Don't be discouraged if there are competing homes for sale in your neighborhood. With just a few smart moves, you can turn a buyers' market in your favor.
Evelyn Johnston can be reached at 574-304-7148. Prudential One Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
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