| With almost a year’s worth of excess inventory already listed on the market, home sellers this year face some major challenges – especially as we head into the slowest real estate sales season of the year. But it is still possible to generate strong interest in a home and attract buyers for a timely sale, as long as the homeowner is realistic about pricing and takes a few steps to speed things along.
Here are a few expert tips from experienced real estate professionals for helping sell a home despite being in a confirmed buyer’s market:
Price it Right and Revisit the Price Periodically
To sell in this historic buyer’s market requires aggressive pricing, and that means that homeowners should avoid trying to “fish” for a higher price. The potential delays are too costly, especially heading into the slow season, so it is best to price based on what comparable homes are actually selling for and not how much money the individual homeowner hopes to get. The asking price should not be a “wishing price” in other words, but should accurately reflect current market conditions and sales activity.
When listing a home, Realtors often suggest starting at one price and then reevaluating the price periodically. Do it on a schedule by marking the dates on a calendar, rather than trying to base any price change decisions on emotions or day to day fluctuations in the number of showings. If listing the home at $200,000 on September 15th, for example, mark the calendar for a reevaluation of price on November 1st and again every two weeks until it sells.
To sell a house sooner, find out the low end of the price range for recently sold comparable homes. If sales have been between $250,000 and $280,000 for example, price yours closer to $250,000. By anticipating what buyers are willing to offer and setting the asking price 1-3 percent higher, buyers can be given a discount from the full price without eating into the seller’ projected margins. That makes buyers feel that they got a better deal, while giving the seller some negotiating room.
Dress it to the Nines
The better a home’s curb appeal, the greater the chances that buyers will notice it. And when a house looks great on the inside, agents are more inclined to show it to clients. The work that goes into showcasing a home is a good investment, especially when the selling arena is competitive. Today’s homeowners are not just competing with neighboring houses but also with brand new construction. Builders hire professionals to decorate their listings, and they are able to throw in lots of upgrades and perks. To sell a house against that kind of competitor, don’t sp