How To Sell Your Home In Today’s Real Estate Market

How To Sell Your Home In Today’s Real Estate Market

It is no secret that this is one of the worst times in history to be a home seller. Just ask anyone who has had their house on the market over the last few months. The bad news is that it doesn’t look like it’s getting any better soon and it may get worse, according to economic pundits. So, is there any good news for home sellers? As dire as the housing market looks, home sellers have options that can result in a home sale with money in their pockets.

No, there are no magic waves of the wand that will make your house sell for top dollar in a short time. Nor are there any secrets that a seller can discover that will make his or her house sell before all the others in the neighborhood for the price that they want. But there are some things that a seller can do if selling is a must.

The one strategy that always works and tends to sting a bit and most home sellers recoil at the mention of it, but it is a fact of life and every single real estate professional will back me up on this - the only reason a home does not sell is because it is overpriced. Period. Granite counter tops, stainless steel appliances, and that cool media room that you built won’t matter beans if your home is selling for more than others in the area. If you want to sell your home, price it below your competition.

Location, location, location has been supplanted by price, price, price. With so many fine communities and school systems in just about every locale, home buyers are looking for maximum return on their purchase more than location and they are negotiating hard. Fueled by the news media’s take on the status of the nation’s housing market, espousing the dire straits of sellers and the bargains that can be had, buyers are making low offers and demanding seller concessions. And, oftentimes, they are getting what they want, leaving some sellers bitter and poorer.

Although, in the past, seller incentives were used and worked fairly well to effect a sale in this tough market, their effectiveness has waned because just about every seller is doing that and buyers are too educated to let incentives command a higher price. The best thing to do is just reduce the price of your home and forget the incentives. Buyers want to see real dollar savings. They are comparing your home to dozens and sometimes hundreds of other homes that they are qualified to buy. Your lower price will get the sale, not the flat panel HD TV that you’re willing to throw in.

When there are few buyers in the market, as we are experiencing now, home sellers need to concentrate on three key factors in order to stand out from the crowd. The first is the price, as has been harped upon above, but it cannot be emphasized more. If your home is not priced lower than comparable properties around you, then your home will linger on the market along with those comparables.

The second strategy for selling your home is to hire a competent real estate agent who is a marketing expert and is internet savvy. Up to 90% of home buyers now search the internet for real estate information at sites such as Realtor.com, Homes.com, and thousands of private real estate sites from around the country. If your home is not marketed all over the web, you are losing out big time. The internet and email has become the way most people prefer to communicate today when it comes to buying or selling a home. Make sure your agent knows how to promote your home online effectively.

The third method that will accelerate a home sale is to offer the buyer’s agent, the real estate agent who brings a buyer to show your home, one percent more commission than what other sellers are offering. A higher agent commission will make the buyer’s agent do the promoting and selling for you. He or she has a significant monetary incentive to showcase your homes over others that their buyer clients are also interested in. This is a powerful way to get both your agent and the dozens of other agents who have buyers to promote and market your property.

The bottom line is that times are hard and there are no easy and quick ways to sell a home today without some pain. If you don’t have to sell, don’t. If you do have to sell, you need to be realistic and understand the market and the habits of today’s home buyers and demands by mortgage companies. Like it or not, if you want to sell your home, you need to price it where the market tells you. And remember, buyers are the market.

Till Next Time, Bernie Rosellen, Your Agent In The FieldPlease keep in mind that my statements above are based on my personal experiences, research, and observations around the neighborhoods of central Virginia. Some statements may not reflect fully the situations, regulations and laws of other states nor apply in all areas, so please see what applies in your area (my disclaimer to keep me out of Realtor Jail).