Getting the Best Price for Your Home in a Buyer’s Market
With so many homes for sale at reduced prices because of the current recession in the real estate industry, it is truly a buyer’s market. This means that in order to sell your home you must have the home priced competitively to attract interest leading to a sale.
Even though there are plenty of homes to choose from, it is also difficult for buyers to obtain the financing they need due to tighter lending restrictions of the various lenders.
The price is not the only thing that will help you sell your home quite soon after you place it on the market. Many who want to sell are having doubts about the process at the present time thinking that they will be unable to get the price they want. It is important for you to research the process of selling your home to become as informed as possible.
It is true that the market conditions dictate what you will eventually be able to sell your home for. Before placing your home on the market, you should check out what competition you have in this area. This means checking out the listings in your location to find what other home owners are asking. Compare the homes to yours in terms of the size of the house and then property on which it sits. Take advantage of Open House events so that you can see the interior of the home and compare the features of this home to what you have in yours.
You may have to lower your expectations in the amount of profit you can realize from the sale. If you have been living in the home for many years, you will likely have the major portion of your mortgage repaid and this will give you a bit of leverage in that you will receive more from the sale than you need to repay the outstanding balance. You cannot expect to receive the same price for your home today as you would have two years ago and this is a fact that you have to take into consideration when setting the price.
Staging your home for a sale is something that will attract the interest of potential buyers. This starts on the exterior of the home by making sure that the house looks clean and tidy and that the grounds are very neat in appearance. A buyer will drive by a home that looks unkempt without ever bothering to take a look inside.
When staging the interior of your home you also have to look at it objectively. Try to look at each room from the perspective of a buyer and arrange the furniture so that it makes the room look larger than it really is. If you have an outstanding feature, such as a fireplace, make sure that this becomes the focal point of the room. The carpets should be cleaned and any clutter should be put away so that the house does not look untidy.
It won’t cost you a lot of money to give the rooms a fresh coat of paint and take care of any repairs that are needed. Having a home inspection in place for the buyers will also go a long way towards selling the home because it assures them that they will not have to undertake costly repairs just after they move in.
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Couldn’t agree more. It’s a shame for all those people trying to sell their houses now-a-days and ending up with a fraction of the price they paid. But I suppose that’s just the way it is right now. I’m wondering which is the better course of action. Staying in the house for a few more years, in hopes that it’s value will go up when/if the economy bounces back. Or to try and cut your losses and go with what the market says it’s worth right now.