In today’s world of buyer’s markets, sellers often feel left out in the cold. The hard truth is that with there being a lot of inventory out there for buyers to choose from, seller’s have to knuckle down and be competitive in order to sell, and especially to sell in a timely manner.
Price it Right
Pricing a home to sell might seem like a simple task; however, it is often the single that is a deal killer right out of the gate. I have seen it repeatedly; a seller bullies an agent into listing their home for what they want it to be worth. Not only will this hurt showings initially, (subsequently harming the chances of an offer) but if the property does sell for a ridiculously high amount, the deal will most likely fall through at appraisal. This causes nothing but headaches for all parties to the transaction, and wastes time. When selling, use the tools your agent provides you with the market analysis in order to come up with a price range that is the most likely for the home to sell.
Count on Incentives
When looking at homes on the market and competition from new home builders, sellers will inevitably find one commonality: incentives. Offering incentives for closing costs, repairs and home warranty items are something a seller should expect when selling. When coming up with a plan to sell their home, a seller should account for a minimum of 3 percent of the sales price going toward incentive items.
Spruce it Up
Having a “clean house” is great when you are selling. Having a house that is show worthy and memorable can be even better. Seller’s that take the time to spruce up the interior and exterior of their property by painting, de-cluttering and staging are more likely to sell faster than their competition. Why? Because a buyer looks at a property through the “things they will have to do when they move in goggles.” The less a buyer has to do on move in the more maintenance free a property appears, thus the more likely it is to sell. Not cleaning and sprucing up the interior will hurt sellers in this market, sometimes tremendously.
Know Your Competition
There is no better advice that I can give you rather than to be familiar with your competition. Go to neighbor open houses, see what they have done (or have not) with their properties. Look at their homes through the eyes of a buyer to compare it with your own. This will give you a very good idea about where you stand on the totem pole of a potential sale.
In addition, visiting model homes for staging ideas and decorating clues will aid in the sales process. Take an afternoon and visit at least three builders to take the pulse of what is helping to sell in your immediate area.
Having a home ready for showing and not requiring a lot of notice is necessary” if you want to sell in this climate. Try to be agreeable to an hour’s notice when showing. Anything longer could hurt your chances of a buyer showing up.
Like it or not, in today’s inventory heavy market, much of the responsibility of whether or not a property sells rests squarely on the shoulders of the seller. Use a professional Realtor and listen to their advice when selling your home and you may just find it is a lot easier than what you anticipated.