Thursday, October 1, 2009

Ideas for Selling your Home in a Slow Market

Consumer Reports, the trusted rater of goods and services, also offers information for homeowners through tried and true ways to quickly sell homes.

Seek representation from a REALTOR who knows the area. Seek local agents know the area. Have several of them give you a presentation to justify your home’s value and explain their marketing technique.

Know your Market. A good agent can help you understand market conditions and the latest prices because she or he has access to closed sales data before they become public records. He’ll also possibly have knowledge about the details of the sales including concessions and other giveaways that may not show up in the final price.

Give something to get something, i.e..a sale! Offer to pay toward closing costs, promise to include tangible items like a TV or new kitchen appliances or allowances toward updating paint, cabinets, etc. Consumer Reports reported sellers offering vacations, golf carts, a period of monthly condo assessment or maintenance fees, moving expenses and the first mortgage payment. Get creative. If your neighborhood does not have a pool or health club, offer a year’s membership at a community pool and club. This offers an amenity that your neighborhood might not have that a competing house selling nearby could offer through a neighborhood pool which might cost you a sale.

Obtain a home warranty. Consumer Reports said, depending upon the coverage, costs range from $250 to $400 from companies like American Home Shield and First American Home Buyers Protection Corp.

Make sure you have curb appeal. Curb appeal is a potential buyer’s first impression of your home. It should bring out a gotta-have-it desire that might make that buyer grab his or her cell phone to call for an appointment! Unmaintained landscaping, litter and “yard art” will turn people away.

Stage your home, whether it is occupied or vacant. If you have a vacant home, staging helps define each room so that your average home buyer might more clearly see your property’s potential. Obtain professional staging if you don’t have home decor talent on your own. Your home will be more appealing to a wider variety of buyers, according to Consumer Reports. Even Staging a home that has your “stuff” in it by removing clutter and cleaning house until is sparkles is part of the effort. Bad odors are turn offs. Staging can cost from hundreds to thousands of dollars but it can be worth the price and some real estate agents include some staging as part of their service so it may not cost you a dime if you push it over to the REALTORS side of the equation.

When buyers know market conditions are in their favor, expect them to let you know that they know. And don’t forget, anything in the real estate deal is negotiable so don’t leave that deal breaking kids swing set in the backyard if you don’t want it to become part of the negotiating process. Also, don’t have feelings hurt with low-ball offers. Leave emotions out of it.

Update your Listing Regularly. Consumer Reports says don’t use out-of-season photos with your listing. It tells buyers you’ve got a white elephant that isn’t moving. With browsing for housing now a common practice among buyers don’t overlook virtual tours, your own property web site or blog for your home. Also, when working with a REALTOR make sure that every 150 or so days that they renew the listing with a new MLS number. Nothing screams at REALTORs who may have a potential buyer for your property that you have a white elephant that is not moving than for them to pull from the MLS that you have had your house on the market for 200,300, 400 days or longer.


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