What it is going to take in this market.

By
Real Estate Broker/Owner with Coldwell Banker Sky Ridge Realty

The only property that is going to sell in this economy is one that is priced correctly.  The successful agents challenge is preparing the seller for the competition.

Recent real estate figures, stack pretty tall against speedy sales and big profits in many markets including the So Cal mountain communities.  Inventory is up significantly and transactions are fewer leading to significant competition for those wanting to sell.

Lending guidelines have tightened, but the buyers that are out there are in most cases qualified.  Most are putting down larger down payments and taking advantage of the historically low rates.  Sellers need to position their property to appeal to these buyers.

First thing to determine is do you really want to sell?  If you are testing the waters, now is not the time.  Don't bother putting it out there unless you are serious about selling.

Second, have your agent prepare a detailed price summary.  Evauate honestly the competition and price your property below not at market value to move it.

Third, don't chase the market down.  Small price reductions don't do any good in this market.  If you are going to reduce it, Reduce it significantly to make an impact and get the price below the market.

Fourth,  Stage the property.  Make sure it looks its best.  Put away as much as you can.  Your nick nacks don't sell... in fact they may not sell your home.

Fifth,  You need the right agent and company.  Don't risk it in this market.  You need the best.  Call me if you want a recommendation.  I have the best team of agents on the mountain.  No one sells more than Coldwell Banker Sky Ridge Realty.

Comments (2)

Kim Sellers
Lake Arrowhead, CA Coldwell Banker - Lake Arrowhead, CA
Lake Arrowhead Realtor - BRE#01412099 - Lake Arrow

The chasing down the market, hardest part to explain and be firm on "what not to do"... my biggest challenge anyway thus far.

Dec 18, 2008 06:35 AM
Greg Steffens
Mountain Country Realty - Lake Arrowhead, CA

I agree with Kim on this - it is hard to convey to a seller that they need to "get ahead of the curve."

Jan 03, 2009 06:27 AM