Selling in a down market
Although Real Estate prices have fallen drastically, if you have to sell now, here are some tips:
1. Price it right
Most sellers want to price above the market in hopes of getting tip dollar for their home. This is completely understandable, but in this market is the kiss of death. I have sellers all the time try to outguess the market. In the end, it costs them the sale every time. Pricing your home correctly is the most important key to selling in a down market. If you price too high, buyers quickly pass you by and NEVER look back. So even after the list price has been reduced to where it should have been, the initial interest generated by the new listing is gone and the listing is lost in the nearly 20,000 listings that plague our market.
2. Make sure it shows well
Most buyers begin their search online, so a great virtual tour can really help. Have your home ready for some great pics when you list so they can be seen when it is first listed and generate the showings to get your home sold.
Don’t over clutter! When buyers walk through your home, too much stuff (although valuable and important to you) make your home seem cluttered, crowded, and small. If you are really going to sell your home, pack up the extra stuff and put it in storage. That way buyers notice your home, instead of your stuff. Wasn’t that the goal?
3. Use a full time Real Estate Professional
In a down market, many agents take part-time or full-time work elsewhere. This is understandable - they do have to feed their family. In listing your home, however, wouldn’t you want to use a full time professional, especially if the fee is comparable? Part time agents have to prioritize their full time job over selling your home. If selling your home is your top priority, why hire and agent who makes it the 2nd or 3rd priority? A full time agent is committing to make their living by helping people buy and sell real estate, which is what you hired them to do. They will have contact with more buyers and a better pulse on the market that a part-timer.
The overall key to selling in a down market is to commit to sell. If you are going to sell now, great. If not, don’t waste your time and your agent’s time and resources by dabbling. You overcrowd an already unprecedented number of listings and it won’t do you any good. Your home will not sell unless you are committed. By pricing right and having your home ready to sell, it can and will sell - even in this market.
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