As fall approaches in the middle of one of the biggest recessions in history there are a couple points to keep in mind when you’re selling a house.
If you have your house listed or find that you need to list in the winter months you need to be aware that we are no longer in 2007. If I could go back to that time I would - and I have had many discussions about finding a flux capacitor - but sadly I can't find one. Seriously though that means you need to pay special attention to a few things that are paramount to selling your home.
Price
Ya you have heard it a million times but I promise - a good home will sell in any market if it is priced right. That's a good fact, go ahead and Twitter that out to people you know.... I’ll wait....:)
In today’s market when a homeowner is presented with the need to reduce their price after listing, or needs to set their price lower than they had hoped while setting up the listing, the standard response from everyone is - I don't want to give it away.
The bottom line is if you list your house and you're not getting showings - you're too high. If you are getting showings but negative feedback and no offers - you’re too high and should address the negative feedback. If you’re giving it away and the price is too low - several Realtors and private investors will be viewing your home back to back and you will be in multiple offers that day and you don't actually have to accept any of their offers...but wouldn't it be nice to get offers so you can make that call.
Until then - you're not giving it away. The market has changed and it is relative. You may sell your home lower today it is very likely you will buy your next home cheaper than it was listed before. Focus on the big picture and lets get you moving into your new home...
Condition
The condition of your home needs to better than your competition - yup you heard right - your competition.
Anyone selling a home in the same town for the same price point is your competition regardless of the home. The public look at price first followed by...everything else. That does not mean just the overall condition of the home but it’s daily condition too.
Before listing you want to spruce everything up and make it the best it can be, put away all that extra stuff and make it a show home. Take a walk through and pretend you’re the buyer - would you be impressed with the presentation of your home. Go ahead try it, you will be amazed at how honest you can be - if not get some friends to go through....honest friends. Once that is done you have to keep it that way for short notice showings. Let me be clear, you need to keep it that way until you sell your home.
Location
Ok there is nothing you can do about location but really focus on item 1 and item 2 and be aware of the value of the location and area you are in.
Check in next week for a few points on Buying in this market when homes are hitting their actual bottom lines and the deals are gone.
Have a great Thanks Giving Weekend
Erika
