Sell this house!
Gregory J. Alexander
In case you've been on an extended vacation to another planet, the real estate market has softened, making it more and more difficult for sellers to get a quick sale at the price that they want. However, it is still possible to sell your home—albeit possibly not at the price you may have gotten two years ago—if you're willing to do some dirty work, as well as listen to your real estate agent.
"Selling a home is really about educating the seller on the market. Many sellers get fixated on what their neighbor's house is listing for; however, the important factors when deciding on a price are: what comparable homes sold for vs. what they listed for, the average number of days that homes have sat on the market and the number of homes in the area that have reduced their price," says Dan Motz, a real estate agent with Coldwell Banker Residential Brokerage. "In the end, selling a home really comes down to price, product and location."
While it's hard to change your home's location, Motz says that sellers who price their home strategically will see results. "Buyers are really knowledgeable about the state of the market, so pricing your home fairly is a must. Also, be prepared for offers below asking price, as buyers are quite bold these days." Don't be too anxious, Motz warns, noting recent clients who received an offer well under listing that they were tempted to accept. Motz advised them to be patient, and when the less-desirable home across the street went on the market for around the same price, they received two full-price offers.
Besides price, make sure your home is in tip-top shape. "It's not just about keeping it clean," Motz says. "Tackle minor repairs before you put the house on the market. Buyers tend to exaggerate home repair costs during negotiation, and chances are, these repairs will be discovered during a home inspection."
Other ways you can position your home to sell:
- Declutter. "Rent a storage unit if necessary," Motz says. "Buyers need to be able to envision their furniture in your house." Important areas to tackle are closets, kitchen pantries, basements and garages.
- Open houses work. Motz says that other agents visit open houses to scout out potential homes for their clients. Some agents have jazzed up open houses by showcasing artwork by a local artist to create an open house/art show. Another creative open house was held at night instead of the traditional Sunday afternoon. The "Twilight Open House" featured food, drinks and music.
- Play soft music to break awkward silences.
- Fresh flowers inside and potted plants at the front door bring color to a home and make your home memorable. Decorate the kitchen with fresh fruit, an open cookbook or vegetables on a cutting board to make the kitchen come alive.
- Bake cookies or simmer cinnamon sticks in water on the stove.
- Put out fresh towels and decorative soaps in bathrooms but go easy on air sprays.
- Set the dining room table—ever notice how home magazines always do this with a home feature?
- Avoid wild colors and overuse of political and religious iconography. Depersonalize a teenager's room if necessary.
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