One of the most important factors in getting your home sold in any market is to price it right. This holds especially true if your local market is in a any sort of slump. In addition to pricing, there are a number of other creative steps a seller can take to ensure their home is sold in a bad market.
Market Analysis
A market analysis can provide you with professional information on the current housing trends in your area. Your real estate professional — whether it is an Indianapolis, Key West, Florida or Anywhere, USA real estate agent — can provide you with sample listings of what homes are priced currently on the market, what they sold for and how many days it took for them to sell.
In order to get your home sold, you need a realistic approach. Even though you may have additional amenities, your home is probably not worth a lot more than others in your neighborhood. To be competitive in a difficult market, you should plan on listing your home similar to the other houses – even better: price it slightly lower than the others to gain the edge of the sale. You’re likely to get far more views that way – and you want as much exposure as possible.
Interview Several Real Estate Agents
Before you sign with an agency, you want to do your research and interview a number of real estate agents. You should look for someone that comes up with a fair listing price and has a solid marketing strategy to get your home sold. They should also be tough at negotiating and have a number of buyers and agents in mind to bring to your listing. You should also choose someone that you feel comfortable working with since you will be spending a lot of time together. Even better: list your home with the highest producer for your neighborhood. That translates to an in-depth knowledge of recent sales and the current competition – those details can make a huge difference in getting a home to appraise at the sales price. For example, if a recent sale for a comparable home is well below your sales price, your Realtor can inform the bank’s appraier on why it sold below market – a condition of the home such as a major problem with a foundation, for example – and the appraiser will be less likely to use that disadvantageous sale in calculating your home’s worth.
If you choose your Realtor well, and follow their price advice, you won't be playing with Monopoly money for long!
Get Your Home Ready
Before listing your property, you need to make your home as attractive as possible. You can start with curb appeal. Your home should be warm and inviting the moment the buyers pull up to your home. Keep lawns and gardens well-manicured and place flowers at the front of your entryway. As they enter your home, have bread or cookies baking in the oven. Attractive smells can be enticing and create a welcoming environment.
Repair banisters, leaky faucets and broken windows. A fresh coat of paint inside and out and polished wood floors shows the buyers that you have taken care of your home. To help the buyer envision the home as their own, you should box up any personal belongings and store them elsewhere. You can also make your home appear more spacious by getting rid of clutter and debris.
Offer Incentives
If your neighborhood has a wide selection of inventory currently on the market, you need to do something different from the other listings to entice buyers. There are a number of incentives that a seller can offer to make them stand out from the competition. This might include paying the buyers closing costs, accepting a reduced down payment, paying for a home warranty plan for the buyers or cash back if the buyer closes by a particular date. Be aware that certain incentives may be deducted from the appraised value by the lender, another topic to discuss with your real estate professional.
Your home can be easily salable in a tough market if you take the time to put forth a little time, effort and creativity. All it takes is showing the buyers how your home is of greater value than the rest of the competition and how it’s so much better than anything else that they have seen.
Realtor Rudy Molinet continues to be the #1 real estate sales producer in the Key West property market.