How to Sell Your Home Fast in a Slow Market and Get Top Dollar
Date Added: January 01, 2008 03:40:59 AM
In a slow real estate market when the sales period for a home can be 6 months or even a year just how long is too long? To know the answer you really need to examine the nearby home sales and compare the timeframe. When the market is hot and a house does not sell in the first month it can indicate a problem. Whatever your situation before you surrender, there are actions you can take to move the process along.
Make a video of your home – Record both the inside and the outside and when you are done sit down and watch it. Look at your home as a prospective buyer would. Does it need some maintenance completed? Is it in need of some landscaping? Is it spotless and uncluttered? A home that is sparkling clean and well maintained will sell much faster than a home with some issues.
Be absent during showings – Whatever it takes just don’t be there when a prospective buyer is being shown the home. A seller’s presence will make prospective buyers uncomfortable when walking through your home and they will not take their time and talk with their spouse or agent about it. You can also leave out some goodies such as cookies, nuts, snacks and beverages that are fresh.
Compare your listing price – How does it look in comparison to your competition in the neighborhood? If there are similar homes with lower prices you may need to make an adjustment. Prices adjust all the time, even while your home is on the market. If the market is hot and your home is not you may be overpriced. If you want your home to sell the price should be slightly lower than the comparable homes that have recently sold.
Try offering incentives – Little perks to the seller can make a difference. Things like paying their closing costs, cash back, interest rate buy downs or even owner financing.
Listen to feedback – That can help you in decisions for changes to décor, needed repairs, home and landscaping improvements that will help your home sell.
Show off those hardwoods – If you got them flaunt them because many buyers will not even go into a home that does not have hardwoods.
Think neutral colors – Neutral colors will make it easier for the buyers to imagine what their furniture looks like in your home. For the interiors you should think of whites, off whites and soft grays.
Buyers don’t like odors – If you have any of the following you need to take action pets, mildew, old carpeting, smokers or any other odors. Get air cleaners, deodorizers and thoroughly ventilate the home to remove all odors. There are cleaning products with enzymes that can remove odors permanently.
Lighting is critical – Clean all sources of light until they are sparkling clean. It may not be fun, but a well lit home can make the sale. So add brighter light bulbs, set out accent lamps and open up those curtains and blinds. By doing this you get a great balance of both natural and artificial lighting.
Set the stage – One of the best things you can do to sell your home is stage it. Staging it properly will instantly create interest from buyers. Staging your home is very different from how you may live in it. Pack up all the un-necessary clutter in each and every room. Place any large pieces of furniture in storage that you can to open up the space. Don’t just put things in the basement of garage, actually rent a storage space and get them out of the house.
Add some incentives – Consider increasing the commission offered to the agents as an extra incentive to get a deal done. Make sure to put it in writing and in the listing service because buyers agents just may give your home some extra attention that way.
What is acceptable – Think about what the lowest offer you would take might be and then consider any additional just icing on the cake. In some slow real estate markets it is realistic to have to sell at a loss sometimes. You need to take each and every offer seriously, because in slow markets there may not be another for some time. It is a fact that in any market the first offer received is nearly always the best offer you will receive. So do not alienate any prospective buyers.
Remember these things when you are trying to sell your home. In tough markets more than any you need to have a good Realtor on your side and listen to the advice they give you. They know the market and what it will take for your home to actually sell.
