Anyone that has been exposed to the news in recent times knows that the real estate market is cyclical and that sellers are having a difficult time selling their homes. Between tighter credit markets, decreasing home values, recession, unemployment, and economic uncertainty, the real estate market has been quite slow. Conditions in many parts of the country now favor the buyer. Often referred to as a “buyer’s market”, this means that the inventory of homes for sale exceeds the number of buyers interested in purchasing a home. It’s a classic case of supply and demand. As a result, buyers can be more selective, and more conservative, with their offers. To sell a property in a slower market, keep in mind price and showing condition.
The number one thing a seller can do to help their home sell in a slower real estate market is to price it right. This can be done through a market analysis by an experienced Realtor, or by getting a professional appraisal. Your Realtor can also give you advice on pricing and negotiating for a successful real estate sale. A knowledgeable buyer will know a value when he/she sees it. If you price the property too high, you are unlikely to receive offers, since buyers know there are plenty of properties to choose from. Also, if you reduce the price in small increments, buyers will not always revisit an old listing, especially if new listings are continually being added to the MLS.
In addition to pricing a property to sell, you can make the property stand out from the rest by getting it in top notch showing condition. This means giving it curb appeal, and charm that will pique the buyer’s interest. Ask your Realtor about staging a home for a successful sale. Clean the clutter, shampoo the carpets, paint the walls, remove personal photos, and refinish the floors or replace the carpet. Homes can be staged for showings by smelling fresh or like newly baked treats, turning on the lights, opening window coverings, clearing sidewalks of snow, and having the heat on at a comfortable temperature (or fireplace burning to create warmth and atmosphere).
In a buyer’s market, you have to do everything you can to make your property rise above the rest. Don’t hesitate to ask the professionals for help in pricing and preparing your home for sale.