7 TIPS TO SELLING IN A SLOW MARKET

By
Real Estate Agent with Everstar Realty Managing Broker 25190

Ok!

 

So the Tri-City Association Of Realtors delivered some sobering news about our market the other day. Feb 2009 was not a great month either in real estate in our area. Here's what it looks like

LISTINGS Feb 09 1222 Feb 08 1319 Thats good news! At least we don't have a glut of homes for sale.

TOTAL SOLD Feb 09 132 Feb 191 Not alot of people buying

AVERAGE SOLD PRICE Feb 09 $178,800 Feb 08 $193,900 Yep it's a buyers market and not alot of high end homes selling

HOMES UNDER CONTRACT Feb 09 145 Feb 08 183 Some buyers & sellers have had a meeting of the minds. Now we'll see if these turn into solds if the financing holds up.

Now! You need to get your home sold. To be sure that you are properly priced and the home looks good and the marketing is in place here are some great tips that I found that may help you!

In today's economy, it's tough enough to sell just one home in a neighborhood. But when there are multiple "for sale" signs on the same street, sellers often fear they're in for an especially long, trying experience.

A crowded market creates visions of price wars among neighbors who've lived on the same block for years. Sellers may also worry that potential buyers will conclude that something must be wrong with the neighborhood if everyone wants to leave.

Surprisingly, neighborhoods with multiple homes for sale may have a few unique marketing advantages, says Rhonda Duffy, owner and broker of Duffy Realty in Atlanta.

"As a buyer, it's easier to visit a street that has several homes for sale than to make a trip to just one property," she says.

When more buyers visit your street, there's a better chance they'll see your home. That may boost your odds of getting a good offer.

Here are seven things you can do to improve your odds of a sale when the neighbors are selling, too.

1. Suggest a joint open house
If the family next door and the people down the street have houses on the market, suggest hosting a combined open house on the same day, Duffy says.

"Try to work with the other sellers so that everyone is supporting each other instead of competing against each other," she says. "You might even agree to distribute each other's fliers."

A combined open house can draw more people while also giving buyers a glimpse of how well neighborhood residents get along. If the interactions are positive, it reflects well on the sellers, Duffy says.

Lori McGuire, a real-estate agent and president of the McGuire Team, a part of Re/Max Select One in south Orange County, Calif., knows it can be hard to get competing owners to work together. However, she says tough market conditions often force sellers, and their real-estate agents, to give it a try. 

Let it rain!

Bear

Comments (1)

Paul Gapski
Berkshire Hathaway / Prudential Ca Realty - El Cajon, CA
619-504-8999,#1 Resource SD Relo

Hey i think those are some great tips. I know when i have an open house with a few others i really get a good draw.

Apr 10, 2011 07:13 AM