The real estate market has slowly become friendlier to sellers. Yet, while there are a lot of people making money on the market, there are also many self-sellers who will have a hard time competing with more “for sale by owners” and others who need to sell their homes. According to research, more than a third of homeowners on average in the country are falling sellers. Changing buyer attitudes are not only helping to make the market more friendly, but are making it more likely that a home will find its best market value in a down market.
First Tips for Selling in a Declining Market
- Real Estate sales are up in spite of the decline in property values. Yet in a small number of communities throughout the country, the spread is not that wide. This is what a top real estate agent and a top-notch investor will know about the community in which one lives. So give yourself time to make sure you are listing and selling in an area where inventory is keeping up with demand.
- Leave Personal Preferences at Home: Before listing your home, make sure that your agent is a friend and you are willing to work with them on listings, regardless of how much you value their opinions.
- Following National headlines of foreclosures, unemployment, and drop in home values is not a selling point. Prior to posting your home for sale, go on a road trip to the neighborhood you originally governed and see for yourself the changes that are occurring. Talk to neighbors, homeowners, and agents (or if you are not the one seeking out the sale, perhaps a real estate license). Pay close attention to how distressed homeowners are now seeking to sell their homes.
- Before having your home listed, make sure you are aPSIon Secret Shopper, involves a home inspection by a professional,and repair aggress aLike Salespoint; allow a professional appraisal to explain the true value of your home. Prospective buyers are much more likely to make a competitive offer when they know their offer is backed by a professional property inspector.
Second Tips for Selling in a Declining Market
- Price is what most buyers are looking for. The number of buyers out looking is up, but the interest rates and monthly payments that are available cannot be sustained by many buyers. Understand that buyers are looking, and already have budgets already worked out, on what they might be able to afford. Price is what they are after.
- Make your Home Presentable: This is where many homeowners have been making poor decisions. You don’t want to end the process of selling your home by leaving it up to chance. Walk through each room and make an objective proposal of each aspect of the property. ranks will help you decide which maintenance you should do ahead of time, in order to increase the speed with which you sell your home. Make sure the lawn looks nice with good lawn maintenance. If need be, hire a consulting arborist to make sure the trees on your property are in good condition.
- Know the Marketing and Advertising Strategies: It is one thing to educate yourself on home maintenance and renovations, but it is another thing entirely to figure out the best marketing and advertising approach to take for your home. It does not have to be expensive or overly intricate. A few printed flyers and an informative lawn sign can get you an aggressive turnout for a showing.
- Property Recession:This is a downside to a high inventory market for sellers. For instance, let’s say that a seller recently sold an interest only home and a buyer had his closing date set to be within a month. The buyer is stuck because although he is qualified for a loan, since the sale has not yet closed, his loan does not have his closing date set. This means that he has to wait until the last minute and hope that he can sell his home or wait until the interest rate on his loan is updated and his lender will update his loan to match his new purchase power.
In a market such as this, property values will drop. If you are not prepared, and the market takes a down trend in your area, you stand to lose. Not only saving money for the purchase price, but you also stand to lose the money you had planned to invest in the property for upkeep, inspections, and future improvements.
Take these into consideration and prevent you from thinking “I can’t sell my house in this market!”