Selling Your Home in a Tough Market10/4/2012
Market dynamics have changed substantially over the past few years and continue to keep economists talking. Market value has a tremendous amount to do with consumer confidence, no different than the stock market. The housing market is always one of the first key indicators into the economy's status. A slow housing market always causes concern; but that doesn't mean your house wont sell, just that the playing field has changed. Here are some strategies to help you get a timely sale at a fair price in today's reshuffled housing market.
Dont Overprice Your Property
"Lets just test the market." Here's a hint: You don't have to test it! Trust me, the market is what it is and there are no big surprises! In some areas the housing prices do remain steadfast! There aren't any drastic drops or increases. In some areas the price drops are substantial and perpetual. If your neighbor and the neighbors cousin two streets over sold for about $200,000, chances are you're not selling for $300,000. Don't over-improve your home for the market. It is going to sell for whatever the comps are ranging in.
Jump Into the Buyer Pool
Web marketing is the number one way to grab your buyers. They are searching in $25,000 increments. Most sellers mistake 900 for an attention grabber. However, consider this. If you price your home at $149,900, your most common buyer is searching $125,000-$150,000. What about your buyer searching $150,000-$175,000? If its close, provide a round figure rather than presenting an exact amount. If a home is priced with a round figure, the chance of the advertisement being ranked in search engines is incremented by 7.1 percent.
TGIF! Friday, Friday, Friday!
Fridays are considered favorable for selling houses. Professional market analysis has concluded that the number of people searching for homes online increases by almost eight percent on Fridays as compared to the other six days of the week.
Get an Online Advantage
Making use of free Internet advertising opportunities is key for selling success. Social networking is also a great selling tool that should not be overlooked. Using the popular social networking sites YouTube, Twitter, Postlets, LinkedIn, MySpace and Facebook to market a home increases a homes public exposure while it is for sale.
Patience is a Virtue
With the number of foreclosed homes on the rise, its good to keep in mind that these homes tend to be priced thousands below market value. Make sure your home is in good repair and marketable against any foreclosed homes in your area. Some buyers may be looking for a good deal and willing to make necessary repairs on foreclosed homes, but most buyers are looking for homes they can move into with little or no renovation.
Foreclosures have upped the ante when it comes to pricing competitively to sell in today's market. Repairs and updates are critical in getting the highest dollar and the quickest sale possible for your home. You're competing in this market that's the bottom line. You need to show like a model and have the least objections as possible. Buyers no longer are looking for potential. They're looking for the one. Another reason to fix that leaky roof, call the plumber or tuck-point the chimney now is to avoid growing buyer concerns during and after the home inspection period. Rule out the concerns before they become one and you're more likely to make it all the way to the closing table.
Know your agents statistics.
Talk to an agent that has experience selling in your market. An experienced agent working in your market will help ensure correct pricing and avoid excessive time on the market that will cost you in the long run. Find out how many homes the agent has sold in the area, most recently, ask for referrals and find out how long it took to get the home(s) sold.
Be Easy To See. The house should be ready (or as close as possible) to show at all times. Turning down a serious buyer in this market can be all the difference. A serious buyer isn't planning more tours. They're interested in this one right now. Make the beds, clean up the dishes and flush the toilets before you head to work, and be quick to disappear on Saturday and Sunday afternoons if potential buyers are requesting to see your house.
Dont reject an offer. Don't take offense to the person making the offer. Take offense to all of the others who didn't. I can almost assure you that you are going to receive an low-ball offer. Why would you want to reject someone showing interest? They're probably just feeling you out. Take into consideration the buyers of our last great market. There was no fear then. Today, buyers are concerned with their job stability, the housing market and not paying too much and the rising cost of materials and repairs. Take it in stride. View all the terms, give it a good thought and thank them for the offer. Then counter it, warmly.