Lakes Region of NH Real Estate Market Report - 1/08/09

Five home selling tips for 2009  

We are starting off 2009 in the right direction with a large reduction in the number of residential homes available. The tally now stands at 900 homes on the market in our Lakes Region of NH area towns as of January 1, 2009. That is 19% less than last month and we are now back to the same level as March 2008. A reduction in the inventory this time of year is expected but hopefully it will remain low which will help stabilize the market. All price ranges are pretty well balanced with good buys at both ends of the spectrum.  

Moving into 2009 we are still hearing dire forecasts for the coming year for the housing industry on a national level. The press certainly isn't helping the matter by spreading fear into areas where the housing market isn't necessarily all that bad.  Real estate is a very localized industry and some areas will recovery quicker than others. Buyers from all over the country want to live and play in the Lakes Region of NH, there are good deals here, and there is plenty of money available at historic low rates. This should be a formula for positive results. Plenty of homes will sell this coming year and you may want yours to be one of them. So what do you do to get your property sold? Here are my top 5 tips for getting your home sold in 2009:  

1. Price. Price your home correctly based on a market analysis done by a REALTOR® with a focus on comparable homes that have sold over the past 6 months. Your home should be priced based on what has sold and not on what someone else is asking for their property. They may have unrealistic expectations. While you need to be aware of your competition in the marketplace, price your home to be the best deal out there if you can not the same as everyone else. Show real value to buyers. Price has been, and will continue to be, the Number 1 factor in getting your home sold.  

2. Pictures. Pictures are the main tool you have to attract buyers to your home. Buyers focus on price when they search to find a home but good photos will get them to your door. Insist on high quality photography of your home and make sure there are lots and lots of photos not just three or four. Our MLS system allows 12 photos. Unless you live in a cardboard box don't settle for less. If your listing on MLS has only a couple of photos potential buyers will definitely think something is wrong with your property! Fuzzy, blurry, and out of focus shots won't cut it. You are trying to sell your most valuable asset here! Think wide angle shots with good lighting. Rethink who you have hired for a listing agent if he or she shows up with a Brownie Instamatic camera.  

3. Presentation. You must present your home in its best possible condition. That means clean, de-cluttered, and as pristine as you can make it. The Patriots aren't in the play offs so you now have time to spruce it up with a coat of paint where necessary, complete unfinished projects, and fix those little items that should have been attended to years ago. Buyers also like to see houses with lots of light. Have your blinds and curtains open and all your lights on at each showing.  

4. Presence. Internet presence that is. With 80% of buyers looking on the internet to find their new home you better have a good presence or you are going to be overlooked or never seen at all. This is directly related to #2; having great photographs. But you also need a great description of the property promoting its best features, complete and accurate information about the property, and a virtual tour.  When your listing is put into the MLS system it gets shared with every other real estate agency's website as well as other individual agent websites that are part of our MLS system so it does get a fair amount of exposure right off the bat. But there are dozens of other local and national high traffic real estate websites that you also need to be on to get maximum exposure. Many allow for more detailed descriptions and many more photos of your listing so take advantage of them as well.  

5. Patience. This may be the hardest tip. It is still going to be a tough year and you must manage to drum up just a little more patience. If you can, and make sure the first four tips are followed, you will have a much better chance to sell your house in '09.