Tips for the Smart Seller in Any Market

SMART SELLING

If you're buying a house today, conventional wisdom is that you're in the driver's seat. Interest rates and

prices are at record lows, and there's a large inventory of new, existing and foreclosed homes from which

to choose. It's a highly competitive environment with many sellers vying for the attention of a relatively

small pool of buyers. But what if you're a seller? Do current conditions mean that you're powerless? The

answer is no, you're not powerless, but you do have to be smart. In this series, we're going to offer

straight talk and practical information about the home selling process so that you can be a smart seller-in

any market.

First let's look at the local picture. According to the Henderson County Board of REALTORS®, during

the first quarter of 2009 there were 1,626 homes on the market, approximately twice the number than

one year ago. The average selling price was $214,596, a slight increase from 2008, and local MLS listings

averaged 137 days on the market, an increase of 35 days over last year. The most active price range was

between $100,000 and $300,000, with 1,004 listings. Although there were over 600 listings above

$300,000, there was much less traffic and significantly fewer sales, partly because buyers from other areas

aren't able to sell their existing homes, and some have more difficulty qualifying for a mortgage.

Changes in interest rates and mortgage financing have affected the local market. Favorable rates and

incentives such as first-time buyer credits are helping to improve conditions, but financing requirements

are more stringent. Banks and lenders are active, but the approval process can take longer, partly due to

the large number of homeowners who are refinancing. What does all this mean to sellers? Expect more

competition and a longer time on the market than in the past. It also means that you must get your home

in order. With a large inventory available, many buyers are demanding a home in "move-in" condition,

meaning they won't have to clean, paint or make repairs. Does your house create that impression?

Smart Selling Tip: Size up the competition. Visit open houses and compare them with the location,

age, condition and features of your house. This will help determine your selling strategy, including the

preparations needed to compete effectively, and the listing price. Be honest with yourself and be realistic.

Smart Selling is a collaboration by two Hendersonville businesswomen whose work is directly connected with

the real estate industry: Sandy LeRoy of Sterling Property Services (sandy@sterlingpropertyservice.com)

and Mary Stephens of Prudential Lifestyle Realty (mary@ronstephensproperties.com). Special thanks to

Lue Kirchner (keyassociates.biz) for her valuable insights on this topic. Questions and comments invited.

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