3 Sure-Fire Selling Strategies For A Buyer’s Market
Key Information for Selling Your Home In A Tough Market
So, you need to sell your house but it has to sell quickly. In today’s market you’re concerned that it’s going to sit for too long. What can you do?
Although today’s real estate market has tipped in favor of the buyer that doesn’t mean you can’t sell your home in a jiffy. Here are three proven home selling techniques to get the job done.
1. Make Your Home EXCEPTIONAL In The Eyes Of The Buyer. (Hint: you are biased)
When buyers hire a real estate agent like me, we jump in the car with a long list of possibilities. Somewhere around the 5th house on the list they all start running together. After number 10 or 15, forget about it – it’s all a blur.
The only homes that buyers remember are the ones that truly stood out from all the others. These homes were the exception. There was something about them that made them stick in the minds of the buyer.
Now let me be brutally honest with you. Most homeowners think their home is that one exceptional home on the block that everyone should love. You have every right to feel that way. After all, it has been a part of your identity for a long time. Truth is, only one out of 25 homes is truly exceptional. The odds are against you.
When buyers enter an exceptional home, there is a “WOW” factor that blows them away. Here are a few common characteristics of exceptional homes:
- They have newer upgrades and updates that other homes in their neighborhood do not have: a totally new kitchen, new carpet, new roof, new windows, new master bath, etc. (not everything on the list but the more you have, the better). They did it right - no cut corners, unprofessional work, or sloppy makeovers.
- They are priced very well compared to the competition. Remember, price is the primary decision making factor. Keep in mind that in a buyers market, upgrades to your home will NOT necessarily get you more money when you sell it. It only helps it stand out from the competition - and sell faster.
- They are located in exceptional neighborhoods where there is high demand. Areas like Cherry Creek, Wash Park, Platt Park, Highlands Ranch, and Lone Tree are great examples. Unfortunately, Homes located in less popular neighborhoods are, frankly, hard to sell.
2. Lower The Price. No, Lower Than That. Keep Going…
Ask any Realtor today what’s selling quickly and you’ll hear the same thing: foreclosures and short-sales. In many cases home buyers are buying these homes at well below market value. It is true that these homes come with their own set of problems and they can be a real pain to purchase. Nevertheless, in today’s real estate climate most buyers out there are hunting for a bargain.
The low prices of short-sales and foreclosures make it difficult for sellers to compete. Nevertheless, one key to selling quickly is dropping the price until people recognize, “wow, this is a great bargain”. It’s another version of the “WOW” factor.
Buyers are looking to the future hoping they can sell for a profit down the road. If you can provide that, you may be able to sell quickly. The hard cold reality is that sellers cannot expect to get the top-dollar of 5 years ago for their home today. Today’s market just won’t allow it. If you need to sell quickly then consider a significant price reduction.
It’s not all doom and gloom, though. While you may have to take a hit when you sell, you can make up for it when you buy. Don’t wait, take advantage of the buyer’s market while you can!
3. Consider Leasing Your Home Instead
While the thought of being a landlord may not be appealing, it could be just the ticket to help you move on. By carefully selecting tenants you can have someone else make your mortgage payments, while waiting for the market to bounce back in your favor.
The biggest challenge you will face is separating yourself from the home emotionally. You MUST make the mental shift - this is no longer your home, it is your first investment property. Consider making a small investment into a residential service contract. That can help you avoid some major repair costs and late night trips to unclog the toilet.
Selling your home in a tough market also takes a Realtor who can guide you through the process. If you are considering selling your home, I would love to sit down with you and help you understand what is required in today’s real estate climate. You can contact me in several places on this website or just call my mobile phone at (303)-506-4052.
Regards,
