Sellers Learn to Compete in a Buyers Market
Wednesday, November 15, 2006
With more listings coming on the market than there are buyers, it is time to get serious about competing in a buyers market. Over the last several years, anyone who wanted to sell a house just needed to put a “For Sale” sign in their front yard, and buyers would come in droves. What a change of events during 2006. So, what can a home seller do to get their home sold for the most money in the least amount of time? Here are a few tips:
- Get your home in tip-top shape. Some of the small tasks can go a long way to getting your home noticed. Start on the outside of your home. Take a look at the curb appeal from a different perspective. Do you need a fresh coat of paint, do windows need rescreening, could you use new shrubs or mulch? All of these items are low cost fixes that will dramatically improve the look of your home.
- Clean & declutter. You will be amazed at how many home sellers don’t do the basic household chores. This is one step that, if you do it, will give you a major leg up on the competition. Remember to clean ceiling fans and vents, and get rid of piles of paper and old magazines. The fewer knick-knacks you have around the better your home will show. If you need a fresh coat of paint, do it. If you know you need new carpeting, do it. Offering a decorating allowance does not cut it. Most buyers cannot look past the work that needs to be done. Also remember to organize cupboards and closets. Buyers will look inside all of them. Your going to have to get organized before you move, you may as well do it before you have showings. Click here for a list of 25 Easy Fix-Ups.
- Hire a great real estate agent. The market has been flooded with new agents over the past several years, most of them looking to make a quick buck, and offering very little service. Before you hire a real estate agent there are a number of essential question you should ask. Make sure you are in the best possible position from the beginning. A good agent is going to know how to price your home right the first time.
- Be open to offering buyer incentives. In a buyers market, a seller will most likely be looking at offers with terms that favor the buyer. You will most likely offer closing assistance, up to 5% of the contract price. You will more than likely need to be flexible with the settlement date. Expect the buyer to have a home inspection, or have a home sale contingency.
- Be open to offering agent incentives. If you are not getting showings on your home, you will probably resolve the problem by offering agent incentives, ie higher commission and/or a selling bonus. When you are looking at comparative properties that have sold in your home, take note of any agent incentives. This is an area in which many home sellers don’t realize they are competing for agents to bring buyers. With so much inventory on the market, it is easy for a prospective listing to go unnoticed. Do something to get their attention.
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