Lately there has been so much information in the news about the real estate market and how depressed it is. However, people are still selling their properties and new properties are being listed every day. So, how do you sell your home in this market?
As a seller you must take into consideration that we have a different type of real estate market than the last couple of years. This is a buyer's market, which means you need to think of your home more like a commodity and less like a unique item. While everyone feels their home has special qualities that make it stand out from other properties in their area, a buyer's market doesn't allow for a seller to use these qualities to price their home higher than the home next door. How do you present your home to help the buyers feel like they're making a wise purchase and getting more for their money?
Remember, first impressions are everything. Understand that your home will get the most activity in the first two weeks it is on the market and if it is overpriced in the initial weeks, you may lose out on many potential buyers.
Second, if a comparable home sold recently, the sale price of that home was negotiated approximately 60 days earlier and that price is probably not an accurate reflection of the market today.
Third, buyers want to feel that they are getting a good price, not watching their money disappear in front of their eyes.
Lastly, the real estate market follows the economic principles of supply and demand like most other markets. Currently, we have a higher inventory of homes and a longer "days on market" than in the past. Until the inventory of homes and "days of market" start to decrease, we will be in a buyer's market.
Moral of the Story for you as a Seller: Homes will continue to be considered a commodity and selling your home is all about setting it at the right price!
To ask me more questions or to get an assessment of the value of your home, email me at: janet@callmalibuhome.com or call me at 310.924.4631
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