Written by There is no doubt that we are currently in a buyers market. Home affordability is at an all time high, and interest rates have reach levels that make purchasing a home easier than ever. With the influx of real estate owned and foreclosed properties, this type of market can prove very difficult to sell your home in. Most deals are ending with the seller having to not only price correctly, but also include extra incentives to entice buyers into considering the property. Other than the basic admonitions of keeping your home clean and holding open houses, there are a few thing to remember if you are selling your home for the first time, especially in this market.
One mistake that sellers often make from the beginning is not pricing their home correctly. Again, we are in a buyer’s market, meaning that there are more homes on the market than there are buyers. If you price your property too high, you may be missing out on your one chance to catch the interest of a specific buyer. If you price your property too low, then you may be loosing thousands of dollars that you could have put in your pocket. Either way, pricing your home correctly from the beginning can ensure a nice, smooth market experience. Remember, the longer your home is on the market, them less buyers are interested. A typical buyer will think that time on the market is in direct correlation with actual value of the property.
Another sad truth is that you will have to be prepared to lose some money, especially in this market. I am not saying that you for sure will, but the possibility is there, especially considering the vast amount of Americans that are currently underwater on their mortgages. Buyers understand that the market is favoring them, and are going to try to do anything they can to get the best deal. Often times, houses that come with an extra incentive, remodeled kitchen, etc., are the ones that will appeal to buyers. Because of this, you may have to do a little extra to motivate buyers to consider your property, whether it be additions, kick backs, or simply lowering the price.
Finally, you have to be ready to promote like crazy. Real estate agents do a lot of work on the back end to promote your site through such entities as the Multiple Listing Service and past client lists. You must also be willing to do your part in the promotion of your home. You may consider posting an ad in your local real estate news paper, or possibly inviting neighbors over for a “see the inside” get together, where you can not only hold a make-shift open house, but also let your neighbors know you are looking to sell. Who knows, they may know of people looking to move into the neighborhood.
No matter what market you are selling in, you have to be willing to adjust your game plan to duplicate what is working in the current market. Selling is a dynamic process that requires teamwork, patience, and the willingness to adjust your current plan.
