With today’s changing market, it is even more important for sellers to know how to get the best
selling price for their property. Below are some tips that can help you feel sure in an unsure market.
The worst thing that you can do as a home seller in a transitioning market is to overprice your house. Even testing the waters by listing it at a high price for a short time frame can be detrimental. Not only does an overpriced house signal to buyers that you have no idea what you’re doing, but it can also signal potential buyers that you are stubborn and unrealistic. No one wants to work with a seller like that.
Trying to recover from overpricing can be difficult. If you try to correct it, buyers may sense desperation and try to lowball you on their offer. If you don’t try to correct overpricing, your house may sit on the market for longer than normal. A house on the market for too long of a time will lead shoppers to believe that there is something wrong with it. It can earn an undeserved bad reputation, further driving down the market value.
Stand Out From the Crowd
In a changing market, you are likely to see several homes for sale on your block or in your neighborhood at the same time. To make your house sell, make it the shining star of the block, literally. Try shiny new exterior fixtures or a brand-spanking new mailbox. Plant big, bright flowers by the curb, up the sidewalk, driveway and by the door. The enhanced curb appeal will draw people to your home, and maybe even help you hold or increase some market value.
Use a Real Estate Agent
In a tough market, hiring a real estate agent may seem to be cutting into already slim margins, but the exact opposite is true. In fact, without a market-savvy agent, you may ignite a lawsuit from mindless mistakes or, perhaps even, not make a sale at all. A transitioning market is no place to make beginner’s mistakes with the sale of your home. Trust the sale to a professional, and you can trust that it will get done.
A lot of people feel as if their home is worth its value price no matter what the market is telling them. While it may be disappointing that your sale value is not as strong as it was six months ago, remember that it is highly likely that your sale value is greater than your purchase value. That means that you’re likely to make a profit on the sale; in most
cases. Being unreasonable about the size of the profit can cause you to lose it entirely. In a changing market, the old aphorism, “A bird in the hand is worth two in the bush” couldn’t be more true.
Take a Different Perspective
If the housing market is cooling off, you need to disabuse yourself of the notion that you will be selling your house for top dollar immediately. It’s not going to happen, so you might as well look at the situation from a different perspective. Consider that you’re not the only one who will be selling property for less money. When you go to buy your next home, you, too, will be able to take advanrage of reasonable prices. A changing market gives you more time to make improvements to your home that might increase its value, and it gives you time to search for your next home.
Quiz Your Agent
Since you probably don’t know how to handle a real estate sale in a changing market, you need to be really sure that your agent does. For instance, there are agents who specialize in representing sellers. It’s probably a good idea to hire one of those. As well, there are agents who specialize in particular neighborhoods or types of homes. After all, in your market, housing prices could be holding steady while condo prices are dropping. Your house could be sitting next to an empty development of new construction homes, further depressing the price. An agent who specializes in new construction or condo sales or downtown lofts is better able to gauge the market that is peculiar to your home and attune your particular sale to the market.
While you’re almost always going to be better off with a real estate agent, don’t be afraid to change agents if the relationship isn’t working out. Many sellers go through a few real estate agents before finding one that really clicks with them and their home. Just be sure to read the fine print on that listing agreement. Under some circumstances, you may owe an agent a commission even if that agent doesn’t close the sale.
Offer incentives for potential buyers. Can you afford to pay the closing costs? Can you throw in your refrigerator? Whatever you can offer, do it. With so many houses lying stagnant on the market right now, buyers are really in a position to pick and choose among homes are substantially the same in quality and price. Throwing in a “free gift” like HVAC maintenance or closing costs, can boost interest and help seal the deal.
List in Unconventional Places
Your agent will probably list your house with MLS first, but don’t be afraid of other, more unconventional ways to list your property. Consider online classifieds, message boards, and even word of mouth to spread the news about your fantastic home on the market.
Get outta there!
Sellers should never be present at the time a house is shown. People are coming to see the home, not your anxious faces. Even your real estate agent shouldn’t be at every showing, as you don’t want buyers to feel pressured and pushed. Instead, your agent will schedule times to be at the house to answer buyers’ questions, and the rest of the times, she will just leave some information and her business card. Your agent isn’t slacking off, she’s giving the sale room to germinate and grow.
Today’s real estate market calls for aggressive yet gracious home sellers who are ready for a challenge. Get yourself ready and follow these tips, and you’ll be one step ahead of the sales game. For more seller tips, visit www.McKinneyRealEstateTeam.com.