Tips on selling your home in a slow market

If a for-sale sign is planted on your front lawn, it’s likely no surprise to you that home sales are slow. Sales of existing homes plunged 8.0 percent in September from the previous month, and stood at 19.1 percent below sales in September 2006, according to the latest figures from the National Association of Realtors. The national median price for existing homes of all types was $211,700 in September, down 4.2 percent from the $220,900 median a year earlier.

At the end of September, there were 4.40 million existing homes on the market, which NAR says represents at 10.5 month supply at the current sales pace. In a dismal market like this, what does it take to clinch a sale? Real estate experts say that sellers need to set a realistic price and be prepared for some hardball negotiating.

Consumer Reports Money Adviser offers the following tips to help your home stand apart from all the others on the market:

• Pick the right broker.  Look for agents who are listing, marketing, and selling in your area even if the market is slow. Visit potential brokers’ open houses to make sure they greet people, and show the home at its best, including details like removing pets.
• Know the real prices. To negotiate effectively you need to know if if deals in your area tend to include sweeteners. A house may sell for $400,000, but if the owner gave a 3 percent credit for deck repair and a new furnace, that’s a $12,000 reduction. Your real-estate agent should revise your deal to reflect what’s happening in your local market.
• Use staging to enhance your home’s appeal. A professional home stager can make over your home to de-emphasize your taste and make it more appealing to a broad range of buyers. A two-hour consultation can run around $300. Find staging pros in your area at www.stagedhomes.com or www.homestagingresource.com.
• Keep your MLS listing current. If it’s December and the picture of your house on the Multiple Listing Service shows your hydrangeas in full bloom, it’s a dead give away that your home has been on the market for awhile–and potential buyers may look elsewhere.

Comments

[Jill Denton]

Whether it’s a buyers market or a sellers market, there’s always a reason a home is NOT selling. There are three major elements to consider. 1. Location. 2. Condition. 3. Price. If any of these three major areas are neglected, it will most likely be very difficult to sell your home.

Let’s take a closer look at each of these elements. When it comes to location here are just a few things that may make a difference. Does the home sit near an airport, freeway or railroad tracks. Is the home is a good school district? What is the crime rate in the area? Sometimes, people are even looking for how far or close a home is to local conveniences; such as, a grocery store, dry cleaners and even public transportation. It’s been said before and I’ll say it again … location, location, location.

What is the condition of the home? Is it the best house on the block or the worst? Are there many things to be fixed, updated or replaced? Do you have a unique style (that you love) but may not appeal to the masses? These things can be deal breakers. Don’t be afraid to hire a staging professional to help you make your home looks its absolute best.

Be sure your home comes on the market at the right price. It’s important to look at comparable homes in your area. Add value for upgrades or features in your home and decrease value for elements that are less desirable. It’s difficult for most to place a value on their own home; after all, you purchased this home because you loved it … someone else must feel the same way … right?

I’ve only mentioned a few things that can make a difference in whether or not your home sells quickly or at all. Please note, homes typically get the most traffic from buyers when it’s first listed, so be sure you’ve addressed any location issues, made any necessary adjustments to the condition of the home and that you have priced the home to sell!

Jill Denton ~ Changing Spaces
Pleasanton, California