How to Sell in a Down Market

Selling in a down market doesn't have to be challenging. Every day homes go under contract at prices that make both the seller and buyer happy.

To quickly move from "for sale" to "sold", here are three important selling points to consider:

Price

Properly pricing your home is the most significant selling tool you have.

When a professional appraiser surveys your home, the value is determined by square footage, number of bedrooms and bathrooms, the condition of the home, amenities, location, and recent area home sales with similar specifications. Using these criteria as a guideline, work with your real estate agent to see what comparable homes have sold for in the last six months. (The buyer's agent will likely use this same information when preparing an offer so by reviewing it in advance you are a step ahead of negotiations.)

Also, don't forget to check out your competition. Your home should be priced similarly to other homes in the area. If you really want to generate interest, list your property slightly below market. Even a few thousand dollars in savings can really attract buyers (and is usually insignificant to the seller when looking at the big picture).

Perks

Offering the buyer a little something extra can go a long way in making your home stand out. Advertising that you'll pick up the tab for closing costs, a home warranty, or a year of home owner association fees can make your home look like the best deal on the market.

Perks can also be used to turn a home deficiency into a non-issue. Draw in buyers by offering a credit for landscaping, flooring, appliances, or upgrades that may need to be made.

Looks

The way your home looks (inside and out) is more important than ever. From the first day on the market until closing, your home needs to be clean, clutter-free, and visually appealing.  Buyers generally make up their mind in the first three minutes of entering a home, so a good “first impression” is critical.  You may need to consider some level of staging.  Make sure the photos depicted in your listing bring out the home's best features. If you think your high-end gourmet kitchen is your selling point, then don't just state that it has one - show it.

Links:

Sell your House

Should you Stage your Home?

Seller Tips

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