A Shifting Market - Advice for Home Sellers

By
Real Estate Agent with Lockhart & Associates Real Estate

Today's market is a constantly changing environment.  I find it especially important to educate sellers as home prices continue to drop in our area.    

Advice for Sellers in today's market

  1. Price is KEY!  When deciding where to price your home, remember the market prices are still dropping and the price should be lower than the last comparable home sold in your area.
  2. Pricing to leave room for negotiation is not a good strategy in today's market.  Buyers are looking for value and a higher price may preclude most buyers from even considering it, or going to see it.  Price the home according to today's market to get the most buyers looking.  More buyers looking brings more energy and ultimately a higher price for the home.
  3. Make sure your home is neutral, clean and fresh.  Do the best with what you have. Don't do any major remodeling or changes. 
  4. Remember that your home has to appraise for at least the purchase price in order for a buyer to obtain financing.  Most cash buyers request an appraisal also.  It may be a good idea to obtain an appraisal in advance to ensure your home is priced correctly.
  5. Your first offer is usually your best offer.  We've had sellers turn down offers and wish they had them back later.  If you receive an offer.  Try to negotiate as best you can to make it work.
  6. Homes are a commodity.  Price is not determined by how much money has been put in the home or how much a seller would like to get or could have gotten in the past.  Market Price is determined by how much a buyer is willing to pay for it today.
  7. The right price paired with a very strong marketing plan will bring a sale.  There are still plenty of qualified buyers out there ready to purchase a home!

 

 

Comments (7)

John Mulkey
TheHousingGuru.com - Waleska, GA
Housing Guru

Wendy, I couldn't agree more. I have a somewhat longer, but similar list on my website. I call it the 10 Don'ts in Selling. You might want to show it to potential sellers as confirmation of what you're telling them.

Oct 01, 2008 09:56 AM
Kathy Fey
Fey & Associates - Dacula, GA

It really amazes me that even though agents try to instill this advice to their sellers, sellers still insist on over pricing their homes. 

Oct 01, 2008 10:13 AM
Team Honeycutt
Allen Tate - Concord, NC

Thanks for the great advice to home sellers! It is way too often that a seller overprices his or her home and they really need to know that its just going to lead to a future reduction.

 

Oct 01, 2008 10:21 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thanks Wendy.  Great post - good enough to re-blog and share on my site!

Oct 01, 2008 10:22 AM
Bill Parecki
Elite Pacific Properties - Hilo, HI
RS, ABR, RDCPro, SFR, E-Pro, SRS, AHWD, Green

Aloha Wendy,

You are singing to the choir.  I had a client the other day who wanted me to list her property at 3 times the value of comparable listing.  She said that she was in not hurry.  I explainedthe present market and where prices were going (via email) and told her what her property was worth.  I also told here that I would not list her property for the amount that she wanted to price it at.  She got mad at me and asked me not to contact her in the future.  Sometimes you just have to decline the listing.  I believe in representing my client and by listing at 3 times the value in a falling market I would be derelict in my duties.

Oct 01, 2008 10:44 AM
Tom Davis
Harrington ERA,DE Homes For Sale, $$ Save $$ Buy Today ! - Dover, DE
FREE Delaware Homes Search!, $$ Save $$ - Find Homes! Delaware Realtor

Wendy,

Great Post! It is some real good points that must be done!  Pricing Really Is Key Today!

Thanks ,

Tom Davis

World Class Delaware Realtor

Oct 01, 2008 10:52 AM
Bart Whitmore
Keller Williams- Louisville - Louisville, KY
Real Estate Agent

Very nice post , you give out some really good info that sellers need to see---bart

Oct 01, 2008 12:38 PM