Coldwell Banker Action©
There’s no doubt that a buyer’s market can be challenging for sellers. Yet it does not mean that sellers cannot enter the market - or that they cannot garner a fair price for their homes. Home sales in a buyer’s market may take longer. But a little creativity can go a long way toward helping sellers move homes, without having to significantly drop the price.
The professionals at Coldwell Banker Real Estate LLC offer the following the suggestions for sellers who want to speed the process.
Price Your Home According to the Current Market. Just because a house comparable to yours sold for a very high price last year does not mean you will be able to realize the same price when selling your home now. Work with a full-service real estate professional to determine the appropriate, competitive listing price for your home. Remember that in this market, your sales associate may encourage a list price in accordance with others currently on the market rather than those previously sold.
Be realistic About Appreciation. Since the housing market began to slow significantly in late 2007, home prices have fallen all over the country. Yet understanding the trends in your specific market is critical - as not all areas have experienced the same drops. Some regions of the country have remained more steady relative to prices, and are even bak to experiencing modest appreciations. And if you bought your home many years ago, the gains you made in the decades before the downturn may still be far more than recent drops. So speak with your real estate professional to get a realistic view on how your home has gained or lost, relative to its value and potential price.
Make Your Home More Marketable.When a buyer sees your house for the first time, a critical first impression is made. If applicable, maximize curb appeal by trimming trees and planting flowers. A fresh exterior coat of paint might also prove valuable. Consider neutral colors for interior walls and carpets. Dark colors on walls, along with unnecessary clutter, make rooms look smaller.
Conduct a Full Home Inspection. If repairs are required it is a good idea to go ahead and fix the problem. Potential buyers will cast an extremely critical eye over your home and, in a situation when more houses are available on the market, they make take a pass on a home that needs to many repairs. Be sure to have the home inspection report available for prospective buyers itemizing all of the repairs that have been made and the associated cost for each.
Offer a “Seller’s Contribution.” A seller can sweeten the deal by offering assistance to the buyer in ways that do not require lowering the asking price. These tactics can help your home to stand out from the crowd. For example:
- Offer to buy down the interest rate on the buyer’s mortgage.
- Offer to pay a portion of the closing costs.
- Offer a home warranty
Don’t Worry. Properly priced homes that stand out from the competition are likely to sell!