The media has been full of stories about the slowing housing market. Although this kind of market normalization is commonplace in the real estate industry, there is no question that in many parts of the country, houses are currently on the market a little longer and there is more competition for buyers.
Hire a Professional
If you want to sell your home fairly quickly, now is not the time to go at it alone. You want to make sure that your home gets the maximum exposure and the best marketing strategy. When you work with a qualified real estate professional, your home will be listed on an MLS database that other real estate professionals can access. In addition, you get the benefit of an experienced marketer and negotiator who is familiar with real estate issues in your community.
When selecting someone to represent you, interview at least two or three real estate professionals who are familiar with your area. Ask questions such as: How will your home be marketed to reach the greatest number of buyers? What price can they get for your home in the current market? What's the average time their listings have been on the market versus the market average? What advanced training and credentials do they have?
Price it Right
A house priced at just below market value piques the interest of real estate professionals and buyers, while overpricing chases them away. Price it too high and interested buyers may never even tour it. It is true that you can always drop the price, but the first 30 days are the most critical. That is when interest is the highest, and it can be difficult to recapture people's interest later on. The longer the property is on the market, the fewer the prospects, and ultimately the less you will make on your home.
Get your home in show condition
Get your home in tip-top shape, before any potential buyer views it. Remember, you only get one chance to make a first impression. Get rid of the clutter and personal items such as family pictures. Touch up the paint where needed. Clean the carpet. Hire a decorator or professional home stager for a one-hour consulatation on how to best present your home to buyers. You would be amazed at what a little rearranging of furniture can do! Kitchens and bathrooms are the big draw for the buyers. If your kitchen is outdated and you don't want to renovate it to meet current styles, change the hardware on the cabinets for a fresh look. Have a friend or real estate professional tell you honestly if there are any noticeable smells in the house, and address them immediately. Pet, smoke, and cooking smells are generally undetectable to homeowners, but will turn a buyer away in an instant. Consider having your home inspected, and make any recommended repairs. (If there are any repairs you decide not to fix, inform the buyers about the condition of your home and discount the repair cost from the selling price.
Curb appeal
Don't overlook the outside of your property. You don't want a buyer to rule out your home based on the outside appearance. The lawn should be trimmed, bushes and shrubs pruned, and leaves raked. Remove dead trees and limbs. The front of the house needs a clean, fresh appearance. Even the mailbox needs to be attractive and functional. (Believe it or not, a rusty, unhinged mailbox can turn potential buyers off.) Sidewalks, driveways, patios and decks should be pressure washed and stained if needed. And don't forget to put away bicycles, toys and other items that may make your property seem cluttered.
Offering incentives
Offering incentives should usually be used as a last resort when preparing your home for sale. These days many buyers can't see past the dingy paint or tattered carpet, and do not want to have many cosmetic projects ahead of them before they move in. Go ahead and paint the walls and replace the carpet with neutral colos. But if you decide that replacing the carpet is absolutely not feasible with your current household, get a quote from a reputable company, and have the quote and samples available for the buyer to see. You can also offer a one-year home warranty which your Realtor can explain to you. Depending on your market and budget, you may want to offer to pay some of the buyer's closing costs.
Don't be discouraged if there are competing homes for sale in your neighborhood. Making the right moves at the beginning of your home selling process can give you the upper-hand you'll need in today's competitive market.
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