Selling a home can be the most emotional decision for many home owners. Most people have put in a good deal of effort and money in designing and/or organizing their homes to answer individual aspirations.
But, these are hard times and some decisions just cannot wait for better conditions to arrive. The major hurdle in a static market is that buyers are never in any apparent hurry to close a deal.
The media plays its role encouraging buyers to wait in anticipation of lower prices and the wait and watch game goes on. Nevertheless, there are some smart ways to sell your home even in the present conditions. Use the 4 best tips below to understand how you can minimize your losses or perhaps even make a small profit in the process of selling your home.
- Aggressive Pricing -vs- Intelligent Pricing – Across the nation, home prices have plummeted though some markets are showing signs of recovery at a slow pace. The first step towards selling your home quickly should therefore be to price your home intelligently instead of aggressively. Consider the home sales data nationwide and you will notice that the actual closed sales stand around 10% of homes that have recently been put on the market. Ideally, a home that is put on the market should sell in about 4 weeks. An intelligent pricing strategy would therefore be at least 1% less than the best price obtainable for a comparable home during the same period.
- How the buyer likes your home is important – You have organized the home the way you like it best. However, keep in mind that this is no longer important because the emphasis shifts to what the buyer likes. Take a deep look at shortcomings, if any. And then spruce up the whole place – do a total cosmetic makeover including painting, fixing of damaged windows, leaky faucets, and anything else that can help the buyer feel that he can move in and start living right away.
- Use an agent that is up to date with social media marketing – Invest a few hours to put together all the best attributes of your home and ask your agent to use social media to communicate that your home is up for sale. Be sure to cover every detail from a buyer’s point of view. For instance, if your photographs do not include a shot of the backyard or the bathroom, the buyer would potentially think that you are hiding something away. Bare everything because that is the best way to bring in buyers for a physical inspection. Encourage your agent to broadcast your listing in every way possible, including social media, video tours and mobile apps.
- Willingness to be flexible – Everybody knows how unpredictable the real estate market is. Be flexible with buyers who are keen to close the deal. Home loan lending norms have changed. Most lenders today insist on a 20% down payment and, if the buyer’s credit reports are anything but healthy, that could spell further trouble. Check out the financing plans of the buyer and explore room for an all cash deal. Even if the deal falls through, have your agent reach out to any interested parties that might has sent in a previous offer or back up offer. No matter what you do, make sure you select an agent who you can communicate with on a regular basis and is responsive to your needs and ideas. With a little due diligence your home will sell in no time at all.
