Drive thru just about any neighborhood and you will see the homes with high weeds, deferred maintenance and most often a foreclosure sign to go with it.
Foreclosures are obviously on the rise and cause a lot of panic with sellers that are not necessarily in a financial crisis but would like to sell.
This is a very price sensitive market we are in and the increased exposure through media, signs and the internet of foreclosed homes and prices falling has stimulated the buyers to keep fishing for sellers to take lower offers and pushing for better prices.
So what about the sellers not in a financial crisis but would like to move?
Don’t worry, homes are still selling, but now more than ever there are 2 key things you can do; price the property so it is priced competitively with the overall marketplace and make sure the property shows in absolute perfect condition. The more choices a buyer has, the more critical the showing condition. Take a look at your property, how many other homes are available that are very similar and in a similar neighborhood, the more the better yours needs to show. The buyers need to see a distinct difference in price and condition to choose you over all the others.
Get clear about market time, the 2000-2004 times we are used to seeing are not here any longer, times have about doubled or more. Remember buyers aren’t going top pay a premium out of sympathy simply because the seller wants a certain price, they will offer based on the market conditions and the true perception of value based on what they see.
Work with an agent. Now more than ever, an experienced real estate agent can help provide advice and knowledge, sellers need to get their home sold. Agents can also provide the proper avenues of marketing and networking to ensure your home doesn’t get lost in the marketplace.
Price you home correctly from the start. All to often sellers end up chasing the market down rather than being ahead of the market, no business has ever survived by chasing the marketplace in which it provides but by being the leader in that area, it’s the same with home pricing. When looking at comparable homes don’t just hire an agent that’s looking at a computer screen shot of a home, hire one or do it yourself and get in the car, drive around and take a look at the homes in your area you are competing with, that’s exactly what buyers will do. Choose the best method to promote your property and all its features.
Nowadays typical advertising is not that important, its really not, reason being is that every buyer has complete information from the internet, everyone can find properties for sale and all the information they need on the computer. Advertising used to be important when buyers did not have the grand access they have now, buyers typically do their own searching, shopping and choosing of homes before they call anybody. They do their search based on perception of value of the property types they are looking at. Notice I have said “perception” of value a few times now, perception is key, priced right and better condition than the other properties will create the perception of value you need to get sold. Now I am not saying ads don’t have a place and yes the internet should have many pictures of your home and stay in season with them also, who wants to see a home in June that shows 3 feet of snow on the internet?
Make your home the best value, buyers will look at all their options, you want to make it painfully obvious you are at the best value on the street. It does not always mean the lowest price, it may be a nicer condition home for the same price, it may be having better kitchen appliances for the same price. In the end you will either help sell the other homes or sell yours.
The Derrick Monroe group specializes in helping homeowners navigate through these situations to get the most money for your property possible. If you’re looking to sell a home give DMG a call at 612-282-7653 today.
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