Todays Market: 6 Keys to Seller Success
4.25 million homes sold in 2011, according to the National Association of Realtors. That seems like a lot of real estate, so the questions rise.... how are people doing it?
No individual home is the same as another, each home is unique in its own way and there is no single strategy that works equally well for every property. Learning to understand that today's market is cash driven, quick and highly competitive is part of the key. Those who understand their local market and work with a knowledgeable real estate agent are those more likely to succeed.
One third of all sales in March were cash. A large number of buyers are not depending on lenders for financing, the sale of their home or a settlement that might be 45 to 60 days in the future.
To be ready for your home sale in today's market, you as the owner should consider six basic keys to successful selling.
6 Keys to Seller Success
1) Curb appeal counts. Most buyers want homes to look good from the outside in. It's not just a question on curb appeal - it is perception. If the home looks good from the street it likely means the home is ready for a new occupant without a lot of cost and fuss.
Buyers will pass on a home that doesn't look good on the outside and will not bother to even look inside.
2) A clutter- free home. With new focus on cash sales, sellers must quickly rid of clutter and show homes that are completely clutter-free. A clutter-free home becomes a open, and spacious home, that shows better and sells better.
3) Working condition. Having a home that is in good working condition, is a huge advantage in today's market. Most distressed homes can not compete with homes that have the functioning basics such as heating, plumbing and air-conditioning. Homes that can certainly pass the home inspection are easier to finance, and are just more appealing to buyers, as no one wants to face the unknown complications, costs, and delays that an malfunctioning home can bring.
4) List and negotiate properly. Hire a real estate agent that is skilled and help teach you as an owner how to best market your home according to certain factors such as location, price, condition, and financing. Owners like to work with Linda Secrist & Associates as our experience brings value and confidence to a transaction, factors that are extremely important in helping change the marketplace.
5) Seek pre-qualified buyers. While many sales are cash, the majority still require financing. If is frustrating to get into a sales contract with a potential buyer who ultimately cannot obtain financing to purchase your home - meaning a loss in time - and potentially money - resulting in having to start over.
6) Distressed properties. Approximately 30 percent of home sales are 'distressed' properties. You need to consider the number of 'distressed' homes in your neighborhood when pricing and marketing your home. 'Distressed' properties typically sell at a discount, especially in major foreclosure centers and some require substantial renovation and repair.
While 'distressed' homes may work for some they are not right for those who want a home in move-in condition, homes in better shape that can command higher prices.
While the housing market is just beginning to dig itself out and find recovery, it is still possible to successfully sale your home as you are catering to the type of buyers in the market today, and by making sure you and your home are as ready to move as quickly as your buyers are.
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