Special offer

Iowa City Real Estate: Selling Your Home in a Tough Market

By
Real Estate Broker/Owner with Cardinal Realty ~ 319-400-0268

Iowa City Real Estate: Selling Your Home in a Tough Market

 

Spruce your home up before you put it on the market so it stands out against the competition

When times are tough it's time to get back to basics. There are  no secrets. There are three basic factors to consider when it comes to selling a home in Iowa City or anywhere else for that matter.

Condition of a home

Price of the home

Location

 

Let's start with condition: the condition of your home has never been more important than it is in the current market. The Iowa City market may be stable compared to other areas, but buyers are are still VERY picky in this market, so to get their attention you want to make sure your house"stands out from the crowd".

How do you do that? The easiest way is for you start thinking like a buyer. Pretty soon you'll be in the market to buy a new home. Go to some open houses and figure out what's important to you when you buy a home. Chances are you're on the same page as most other buyers out there... That's when you go back to your own home and start preparing your home for future open houses. Keep in mind my comment about buyers being picky... To sell your home in this market it doesn't need to look good - it needs to look GREAT!

 

If you think your home may need more than a little TLC before you put it on the market it might be a good time for us to talk. You want to be careful with those upgrades.You don't want to do anything that has little or no return on investment. When it comes to selling your home, some updates make sense, others don't. I can help you decide which ones should take priority.You want your home to appeal to as many potential buyers as possible, but there's no reason to be over the top about it. I subscribe to the "keeping it real" principle of doing what's reasonable before putting a house on the market. And actually that's a principle I subscribe to in any market, but perhaps more so in this one where the bottom line is on everyone's minds.

 

 

So now let's move onto pricing your home: This is something that's not exactly easy to do on your own and a very good reason to work with an agent. Figuring out the market is something we are good at. It's not just a question of finding out what homes sold in your neighborhood through some online resource. That would be too easy. When I prepare a Comparative Market Analysis (CMA) I do an in depth analysis of what's currently on the market, how many homes are pending sale and how they all relate to your specific property. I'm all about pricing a home based on data and use all the tools as my disposal to figure out the right price to list a home at. I will advise you on EXACTLY what's going on in your market and make you aware of what the competition is doing. Working with the data, we'll be able to price your home in such a way that it attracts maximum attention with the potential for the most showings.

 

Pricing your home correctly will attract buyers to come see it

Pricing your home right is key to attracting buyers to come look at your home. It's widely accepted that homes sell closer to their asking price within the first 45 days on the market. After that all bets are off. This is not the market to "test" a higher price. If you price your home in line with market conditions you can expect buyers to come see it and it will only be a matter of time before the right one walks through the door and makes an offer. Not really rocket science at all. Just a good game plan!

 

 

Now all we're left with is the question of location as a factor when it comes to selling your home. Everyone's heard of the term that selling real estate is all about location, location, location. Well, if may not be quite as true as it was once, but it is still a very important factor for almost all buyers.

 

What have you got that puts your home in a location potential buyers want to be? It's not a factor you can change, so you work with what you've got. What makes the location of your home a good place to move to? There is probably a reason why you moved there...Is it close to the elementary school? shopping? work? Your agent will ask you these questions, (and probably have some of the answers too).

 

Going back to price briefly, where your home is will also contribute to the analysis when it comes to setting a price. In Iowa City for instance, if your home is within walking distance of either the UIOWA or the UI Hospitals then yours is going to be a pretty popular house! Popular neighborhoods translates into higher prices, that's the way it works.

 

 

That about sums it up. When you have these 3 things covered you will be well on your way to selling your home. Some of the information in this post is specific to the Iowa City real estate market, but the three basic factors to consider when your selling your home probably apply to just about anywhere in the country.

 

Of course there is still the secret ingredient of a good marketing plan...There would be no point in all this preparation if buyers didn't know your home was on the market, would there?

 

That's the part where you step back and let me do my job. No worries, we're well-prepared, so you can just relax and wait for the showings to start...

 

 

Posted by

Denise Hamlin, Realtor®

Broker/Owner

CARDINAL Realty, Coralville IA 

Licensed to Sell Real Estate in the State of Iowa

 

Helping Happy Clients Make Smart Choices 

Iowa City Area Real Estate Services

 

Please remember that opinions expressed in my blog are just that - opinions - not fact
For legal or accounting advice please consult with a professional
Although the information provided is deemed reliable, it's not guaranteed

 

Comments (0)