Economies are always based on supply and demand. When the supply side is more than the demand, prices get lowered to move unwanted inventory. Sellers who ignore this fact of life and maintain an above market price will not be getting any offers on their home in the near future.
In a high housing supply market, like we see in our local economy in the Asheville, North Carolina area, homes that are priced to sell will sell. That means that they are priced well below where they were being priced even a few months ago and certainly a few years ago.
But the big questions on seller’s minds these days is “how do I get my house shown?” . No amount of advertising will sell an overpriced home.
Here are 7 tips on attracting buyers to come look at your home.
- Improve the condition. Clean, paint and replace items that have been deferred. Fall is just around the corner so get out and get the curb appeal up to the next level.
- Offer Buyer Incentives. Your buyer will need a mortgage so offer to help. Your agent can help you figure out what you can offer. Discounts and allowances sometimes work but helping that buyer get fiananced into your house may be a more valuable incentive.
- Offer Above Average Selling Commission. Agents usually have to pick out which homes they are going to show, and there are literally dozens to pick from in any price range. So think about it, which one, if you were a commissioned sales person, would you pick to show today? One that offers a discounted commission or one that offers a percentage point or two above what other sellers like you may be offering?
- Be willing to look at selling short if your situation demands you get out quickly. There are basically two kinds of “short sale.” One kind of short sale is where you, the seller, bring money to the closing, your mortgage gets paid off, your credit is unblemished and life goes on. The second kind is when you don’t have any money you can bring to closing and the bank needs to agree to take “less than what is owed on the balance of the mortgage.” While this solution will affect your credit somewhat, it is far better than having a foreclosure and/or bankruptcy to follow your credit for a long time.
- Have Your Home Pre Inspected. Invest the money to have a pre-listing professional “Home Inspection” done. Carefully, with the Inspector, go through the house top to bottom. Then, fix the easy fixes. Major defects will need to be attended to (fixed) or disclosed. Better to fix them because a fussy buyer will not consider your home unless you give them a huge discount.
- Have your home professionally staged. A staging specialist will tell you if the paint colors need to be updated, what wall paper will or won’t work, placement of furniture to really show off spaces and don’t forget the garage, basement and even stairs and porches.
- Finally, pictures, lots and lots of pictures. Email your agent pictures of your home in different seasons if you have them. Agents with websites can show them off to the buyer on online. Visual and virtual tours are expected by buyers. They will look on line before they ever set foot in many homes. So make sure there is an abundant supply of photos either taken or made available for showing.
Until next time,