The number of homes listed for sale in most cities high. The result is prospective buyers know they can negotiate hard over price and terms. (Simple laws of supply and demand apply here)
This poses some tough times as a seller. But if you are prepared you will definitely be able to get good results as there are still many buyers out there and they are prepared to buy. Here are a number of things that you can do to make your home more attractive in this market to the buyers.
STEP #1: If you seriously need to sell your property, and are not just “testing” to see what price you might get, the first step is to get your home into top notch, near-model-home condition. Most buyers don’t want to buy a fixer-upper in this market; they prefer to turn the key in the door and move in.
Cleaning, repairing and painting are the most profitable actions to take. Install new light fixtures and new carpets or flooring if needed. But don’t waste money on major renovation, which you won’t get to enjoy and buyer prospects might not like.
If you have lots of unneeded “junk” you don’t want to move, September and October are ideal times to hold weekend garage sales. Better yet, call it an “estate sale.”
STEP #2: Today’s home-sale market is not a good time to be a do-it-yourself “for sale by owner” home seller. The reason is there is so much competition from serious home sellers whose listings are professionally marketed through the local agencies. Agencies are able to access more websites to put your house on where many of today’s home buyers begin their searches.
Be sure to choose a good agent that you can trust and you can openly communicate with that can also criticise and applauded your home. A good agent will be able to tell you how to stage your house to get the buyers interested. Also make sure that that agent you choose has a strong company backing. Buyers in this market tend to buy and work with stronger agencies so that they can feel more safe and comfortable in the buying process.
STEP #3: After selecting an agent make sure you consult with your agent so that he or she knows exactly what a buyer is getting with your home. In this market you are looking for the cash buyers that feel safe to just buy your property. So if need be get a building inspection and a LIM report and having it accessible to the buyers who ask for it.
After getting the LIM and Builders report make sure that if there is anything wrong with the property make sure you get it rectified. It may cost you a little bit of money to get these reports and to fix any problems but in the long term it makes you look serious about selling and makes you look legitimate and could make a buyer feel more comfortable about buying your home at the price you ask.
STEP #4 After getting your home ready to sell, hiring the best listing agent and having all professional inspections completed so you can disclose all information it’s time to set a realistic asking price.
With the help of your listing agent, study those CMAs (Comparative Market Analysis) prepared by all the agents you interviewed. Consider whether the local market for homes in your price range is rising or falling. In most markets, prices have levelled off from what was attainable a year or two ago. If you really want your home to get sold quickly, don’t get greedy.
Asking a few thousand dollars less than your closest competitor homes can mean your home sells while the others don’t. Holding your home an extra month or two often costs far more than setting a realistic asking price.
Here’s another asking price secret: set your asking price $1,000 below threshold amounts. For example, if your home is worth around $300,000, set the asking price at $299,000 rather than $300,000 or higher. The reason is buyers who tell their agents they will pay up to $300,000 will then see your home on internet searches. But if you set the asking price at $300,000 or above, those buyers might not learn about your home.
STEP #5: Many home sellers are insulted if they receive a written purchase offer substantially below their asking price. Some sellers and their listing agents won’t even make counteroffers.
That is a major negotiation mistake. Always make a counteroffer to keep communications open with that prospective buyer. Negotiations often take several weeks, back and forth, before determining either a sale will result or the parties are too far apart in price or terms. But unless the seller counteroffers every purchase offer, even a “low ball” offer, you will never know if a sale can result.
After both buyer and seller sign a firm purchase contract, the sale isn’t over. This can be the most difficult time period. You and your listing agent must keep on top of deadlines, especially to be certain the buyer follows through on obtaining the finance and other essentials.
Sellers should be aware the buyer might be encountering the dread “buyer’s remorse” disease. For this reason, it is essential for sellers and their listing agents to keep in touch with buyers and their buyer’s agent to be certain the sale closes on schedule successfully.
All the Best