The foreclosure rate impacts every homeowner and it can make selling your own home at a fair price difficult. Homes sold in foreclosure generally sell for much less than they’re worth, which in turn brings down home prices for everyone else in the neighborhood. Effectively, the home you bought two years ago may be worth much less than your purchase price. "We're in a very price-sensitive market and obviously in any buyer's market that's the case," says Chris Heller, President of The Heller Real Estate Group, Inc. at Keller Williams Realty.
Here are some home selling tips to help homeowners sell a house, according to Heller and real estate writer, Phoebe Chongchua.
Get the Property into Perfect Showing Condition
According to Heller, in such a market, there are two things a seller can do when selling a home: price the property competitively, and ensure the property in absolutely perfect condition. He adds, "The more choices the buyer has, the more critical the showing condition."
Establish a Market TimeframeBefore placing the home on the market, clearly establish how long you will leave it for sale. "Having an accurate picture of how long you can have your home on the market will help you to price it correctly," says Chongchua.
Work with an AgentIn such a volatile and competitive home selling market, someone with experience can lend immeasurable assistance in effectively selling a home. An experienced agent has done the same thing many times, knows how to promote the sale, and sell the home more quickly than an inexperienced homeowner.
Price the Property Correctly
Often, when sellers price their homes too high, according to Heller,"They end up chasing the market down -- whether they realize it or not." Price is critical. When you are attempting to arrive at a price for your home, take a close look at homes competing against you, outside and, if possible, inside. As Chongchua states, "Overpricing your home will cause it to sit on the market for an extended period. Eventually your listing will become stale and you may receive many lowball offers from buyers who are simply fishing to see how low you'll go. If a home is slightly underpriced you can generate more attention and improve your chances of getting a qualified offer."
Select the Most Effective Advertising"Nowadays, advertising isn't really important because every buyer has access to almost complete information via the Internet -- everyone can find the properties," says Heller. Today, potential buyers can shop and find virtually everything they want to know from the comfort of their living room easy chair. Having Internet-based advertising, which should be included with any good agent’s basic services, is a must. A virtual showroom with lots of pictures will go miles further than a snapshot in the local newspaper.
Ensure Your Home Is the Best Value Around
As Heller states, being the best valued home doesn’t necessarily mean the lowest priced, "It may mean having more goodies for the same price. It may mean having a lower price, but the buyers have the information and prices of what's available and they will choose the one that is the best value."
Nothing is a sure thing with today’s housing market, but effective tips like these can maximize your chances of selling your home getting a good price for it.
Source: Phoebe Chongchua,"Selling Your Home In a Market Full of Foreclosures." Real Estate Times, August 2008.
Alan L. Hammond - In addition to his Suite 101 Golf coverage, Alan is an editor and writer for SportsMD Media LLC, which publishes GolfersMD.com and ...
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