How to sell your home/condo fast in a Buyers’ Market
Categories: Listings
hiAre you having a hard time selling your home and/or condo in this market?
It’s absolutely critical that you price your property right. One of the dangers of overpricing your property in a buyers’ market, is that it might remain on the market for months. The reality of the times is that in a declining market the longer you take to sell, the less money you will net.
1. Look at the “comparable sales” not at the listed prices.
Price your property on those properties that have closed either for all cash or where a lender has funded a loan. Some of the deals in today’s market fail because of the credit crunch, so beware when you see a property that went pending, that does not mean that it is sold.
In order to obtain comparable sales information online you can search here ; go into Realtor.com and multiple listing service (MLS) Web sites. If you want up up-to-date sale and/or price-reduction data, you can alwasy contact me for comparable sales information
2. Be realistic, not emotional.
In a buyers’ market you have to behave like in the stock market. Buyers determine the price of the property. It is not about how much you paid for and how great you think your home is.
3. Be careful when you put a price to the improvements you made.
Adding square footage or bringing your property up to the same standards as most other properties in the area will add value to your home or condo. Most improvements, however, make your property more saleable, but they don’t necessarily add to the value.
Most buyers have different taste than yours and they might not value your improvements as much as you do. Some people prefer marble over wood, or a buyer prefers light carpet in bedrooms over oak floors. Furthermore, overimprovement will probably backfire and you might not get your money back.
4. Learn how the market is behaving and do not waste your time by testing it.
The first weeks are critical. I would say the first 4 weeks. Buyers who have been looking for homes are anxious to see what is new. And you, as a seller, must take advantage of this. When this period is over, chances are that your property will be on the market for an extended period of time. You can generate additional interest with a price reduction, but it never creates the attention you receive when you first list the property.
To get the most from your real estate sale, avoid these costly mistakes. You can contact me for a free market analysis and property evaluation. Adriana Faerman – adrianafaerman@gmail.com – 305-773-0253
