If you’re trying to sell your home in this market, you’re probably well aware that it’s tough out there. Not only is the market down but you’ve got stiff competition from foreclosures and short sales, which accounted for 39% of the sales in February for around 15-20% less than yours. Here are my top tips on selling in this market:
Substantially Slash Your Price: Pay attention to your competition and what the recent comps are. If a comparable house down the street sold last week for $45,000 under your list price, chances are you’ll need to take out the ax. Something to remember in this market, there’s a huge gap between what sellers are asking for and what buyers are willing to pay. Someone needs to move, and it won’t be the buyer.
Stage It: Professional home staging. When done right it often speeds up the sale and often times fetches a higher price. If you’ve listed your home with an agent, ask them to pay for it. You’re already on the hook for the 6% commission, so the sale is in their best interest as well.
Find the Right Proposition: Don’t go the traditional route. People these days start their home search online, so you should be creating an online presence. If you don’t, you’re certainly not getting the necessary exposure. Oh, and more pictures of your home the better, have 15 instead of 3. The other factor you’ll need to consider, or just plan for is to incentivize the buyer. Remember the current condition of the housing market and you’re competing with homes already marked down 40-50%. Along with price cuts, you’re most likely need to toss in additional perks so your home stands apart and the deal closes.
Clearly this is not the best time to be in the position of selling, so if you can hold out you may be better off in the long run.