5 keys to SELLING YOUR HOME when SALES are SLOW
In a “Buyers Market,” (more homes for sale than there are home buyers), buyers can be selective when making their choice on the property they purchase. They will take their time in looking and seek out the best value for their home buying dollar.
When there are more homes listed than serious buyers, sellers should work on their competitive advantage to attract buyers. Homes should be “Best in Show”, meaning that if 20 homes are for sale in certain price range and area, your listing should be the best value, be in the best condition and offer the best terms. There are far too many choices for buyers to hold out hope that your property will be chosen just because you love it.
So, how do you make your house stand out so it will sell when sales are slow?
1)Price Your Home Aggressively
In today’s market – pricing is critical. There aren’t enough buyers to price it high and test the market. You must get the attention of the serious buyers immediately before they move on to another property. The market will set your price. If there are no offers presented, be quick to reduce your price.
It is hard to be objective about the value of your own home, which is why it’s important to get professionals help with this. As an agent, my job is to find out the market value of your home by preparing a comparative market analysis (CMA). I research comparable sales and available properties in your area and advise you of the appropriate price range for your property. With this information, you can better determine an accurate asking price for your home. Competitive pricing is the best way to get the most money possible for your sale.
First impressions mean everything! When a prospective buyer pulls up to your home they will make and instant judgment and you want to make sure it is positive. Make sure your entry is welcoming, the lawn is mowed, shrubs are pruned and all the toys and bikes are put away.
My advice, spend time on the little things. Paint the front door for a fresh look, and evaluate the door knob. Quality hardware shows pride of ownership and is the first thing that the buyer will notice when they are evaluating your home. Double up on your gardening, plant new flowers in the yard to give a pleasing curb appeal. Keep things cleaner than usual, and take serious control of your pets during this time period. Putting a little extra time into your home to help potential buyers see it the way you do can make all the difference. You wouldn’t put your car up for sale without getting it washed and waxed so why treat your home any differently?
The objective is to make your home appealing to as many prospective buyers as possible. A bright, spacious and uncluttered home is very important to homebuyers. Open the blinds, removed extra furniture that crowds a room, add furniture to an empty room and put new towels in the bathrooms.
As buyers look through the house, you want buyers to imagine themselves living there, not think of you as they travel room to room. The home should look neutral (think model home) and not have a lot of your personal or sentimental items. Its time to put away the broken chairs, fix the holes in the wall, give rooms a fresh coat of paint, pack up the stuffed animals and toys that aren’t being used on a daily basis.
I am experienced in giving clients valuable staging tips and suggestions. Often it is a matter of packing up non-essential items and re-arranging furniture to best show off the features of your home. Whether you do it yourself, ask me for help or hire a professional, staging is by far the greatest return on your investment in preparing your home for sale.
Buyers will notice everything. What you don’t want is a buyer to go through the house with a mental list growing with items that need to be repaired or done before they could move in. In a market with many homes on the market, buyers can afford to write offers only on homes that are in move in condition.
Paint, update outdated light fixtures, have the roof cleaned or treated, repair broken windows, service the furnace, etc.
If you can’t do it yourself, hire a handyman or expert. I have lots of referrals to get most any job done.
Make the most of the internet. In a 2005 study done by The NAR (National Association of Realtors) it was found that 25% of buyers first found about properties was through the internet. Be sure your listing is posted on internet sites that cater to specifically to homebuyers like Realtor.com, Trulia, Craig’s list, Cyberhomes, etc. In the same study, it was determined that 36% of buyers found out about homes first from a Realtor®. For optimal visibility make sure your home is posted on the sites that Realtors® have exclusive access to. In Portland, that would be RMLS. This will allow buyers agents to search your home when looking for their clients needs. Pictures say 1000 words, so make sure there are plenty of pictures that will beautifully represent the best features of your home.
I make sure that each one of my listings is represented on at least 15 of the online sites that I have access to. I also hire a professional photographer and strategically select pictures that accentuate the home. I also use include a 360° virtual tour which further shows off the homes special features. Peaking interest on the web is a great strategy to get buyers to schedule and appointment. I also create a website specifically for the property –adding more pictures and more detail. As an experienced agent, I know where to get the best exposure for your home.
