Selling a Home in a Buyer’s Market

By
Real Estate Agent with Broker's Guild Cherry Creek, Ltd.

A Quick Way To Sell Home for More Money 

If you want to buy a house right now you may be looking at a once in a lifetime opportunity! Bargain basement prices combined with all time low interest rates make home buying remarkably affordable. However, many people, fearing that they will not be able to get a good price for their home (or not be able to sell it at all!) are missing out. In the last year over thirty-seven thousand homes were sold in the Denver metro area. So plenty of homes are selling and yours can too! This article outlines three things you can do to insure that your property sells fast and for top dollar so you can take advantage of this historic opportunity.

List at the Right Price!  First, it is crucial to price your home correctly.  While there are things you can do to increase the value of your property; what you paid for it, what you need or want or what the other houses in your neighborhood are listed for does not determine its value.  The market (that is, what a buyer is willing to pay for your house) establishes the value. Market value is best verified by a detailed comparative market analysis (CMA) of sold homes similar to yoursA recent study of the Denver market indicated that sellers are over estimating the value of their homes.  Homes priced only 3% above the actual value resulted in very few showings and usually no offers. Conversely, homes that were put on the market within 3% of selling price sold in less than half the time of those priced too high. Many of the incorrectly priced homes were taken off the market as unsalable. 

List in the Right Condition!  Secondly, understand that in today's market buyers are looking for and expecting good deals.  There are basically two types of buyers: those who want a home requiring fix up at an extremely low price and those who want a beautiful move-in ready home at a fair price.  In this market, if your home does not show exceptionally well, it will either be eliminated from the search or become a magnet for lowball offers. Following are some things you can do to place your home at the head of the pack and attract the best offers.                

Lighten and Brighten:  One of the simplest and most dynamic ways to improve a home is to lighten and brighten it- replace bulbs, remove heavy drapery and make sure windows and light fixtures are sparkling clean.

Cleaning and de-cluttering:  What does a used car dealer do before they sell a car? They have it detailed. They remove all the imprints of the previous owner so it looks like new and pristine as possible. Remove excess furniture, personal items and clutter.

 Repairs:  Today's buyer can afford to be choosy and want homes that are move-in ready. Obvious repair issues will make buyers wonder what hidden things have not been taken care of and will automatically deduct repair costs for the things they do see at grossly inflated rates.

Home Staging:  Staging is a tried and true service that increases a home's marketability by enhancing its visual and emotional appeal. Effective staging can actually add as much perceived value as a mountain view or a three car garage.

List with the Right Presentation!   Lastly, the home must be marketed aggressively with cutting edge technology and fabulous first impressions. Getting your property noticed will take a lot more than an MLS posting and a sign with flyers stuck in your front yard. 84% of buyers search on line for the properties they want to visit, then hand a list to their realtor and off they go. To make sure your property makes the cut, it must not only be staged but be professionally photographed with virtual tours and visible on all the top web sites. Some homes are eliminated simply because there is no virtual tour. Video is another great marketing tool which helps your property stand out. Curb appeal no longer begins at the curb but online long before a potential buyer ever steps foot on your curb.

So don't pass up this golden opportunity especially if you are buying up.   For example, if you have a $200K home and want to buy a $300K home and values are down 10%, it is true you may leave $20,000 on table by selling in this market, but you will also save $30,000 on the purchase of your next home.  That's a net savings of $10,000 because you acted today! 

Just make sure your house is the prettiest penny on the block, give it excellent visibility online, price it right and you will have no trouble getting it sold quickly for a good price. Then you can go ahead and buy that next house you've been dreaming about!

http://KeyHomeTeamColorado.com

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Sep 13, 2020 09:26 AM
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