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Tips for Selling in a Buyer's Market
 As the fall season brings the
usual slow-down in home sales activity, many regions of the country
that experienced hot sellers' markets over the summer are now seeing a
change toward buyers' markets. But don't let that hamper your plans --
if you prepare properly and make the right moves, you can sell your
house.
One of the
first things real estate brokers and agents will encourage you to do if
you're selling in a challenging market is to price your house
appropriately and add appeal.
So what can
you do to give your house selling appeal? For starters, you should:
| Set your price competitively.
Offer
incentives. If your carpet is old or outdated, offer a carpet allowance
up front. If a potential buyer knows this right off the bat, they might
be able to overlook the unattractive carpet - probably the first thing
they'll notice when they walk in the door. Or, offer to include your
appliances with the home. If you're moving into a new home, appliances
may already be included, or you may be ready to upgrade. This type of
offer will be especially enticing to first-time buyers who are putting
most - if not all - of their available cash into their down payment and
closing costs.
Offer
to pay the nonrecurring closing costs - the loan appraisal, loan
points, credit report, title insurance, and property inspections. This
can be a major motivation to cash-strapped buyers; these costs usually
run about 3 to 5 percent of the cost of the house. Depending on your
market and budget situations, you may offer to pay part or all of the
costs.
Get
a professional home inspection before you put your house on the market.
Nothing will kill your deal quicker than a buyer's inspector finding a
major problem during the inspection process. Even if you reach an
agreement with the buyer on who will pay how much of the repair work -
or if you agree to pay all - the fact that the buyer has to wait for
the repairs could put a damper on their plans, and even trigger them to
break the deal, especially if there are plenty of other comparable
houses on the market.
Be
flexible. When you get an offer and the buyer wants to move in sooner
than you'll be ready, make plans to stay in an apartment or with
relatives until your new place is ready. A month or two of
inconvenience will surely be worth it down the road.
Create
good curb appeal. A home shopper's first impression is everything. The
moment they pull up to the curb, they'll make an instant judgment.
You'll want to be sure it's positive. You can begin by making sure
leaves are raked up, and your shrubs and bushes are pruned. Make sure
bikes and toys are out of sight.
Focus
on your walls. If your walls are dirty, it will be an automatic turnoff
to potential buyers. Think about touching up the paint on your walls
before you put your home on the market, keeping the colors neutral and
light. Save your favorite reds and greens for your next place, where
you'll be staying put for awhile.
Make
sure your home shows well. Get rid of all the clutter. Keep the house
clean and simple. If you have a lot of knickknacks, keep them out of
sight. Make sure there are no lingering pet or smoke odors. Set out
some fresh flowers. Turn on some light music.
Let
the light in. Open blinds and curtains so plenty of light illuminates
the home's interior.
And,
most importantly, be patient. Don't be too hasty in reducing your
asking price. But be ready to when the time comes. You'll want to talk
to your agent about how long homes are staying on the market in your
neighborhood. The time to think about reducing your price is once you
pass that mark.
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Written by
Realty Times Staff
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