Selling Your Home In A Down Real Estate Market
It’s no secret that the real estate market is headed for a soft landing. No longer can we expect the wonderful appreciation in home prices that we saw between 2004 and 2005. If your house is on the market then you need to do everything in your power to position your home in a better light than the dozens and dozens of other ones just like yours out there competing for buyers.
Design To Sell -Low Cost – High Impact
Keep your home clean and smelling fresh. Buyers are in control of the real estate market now and they have plenty of homes to choose from – so you can avoid losing a potential buyer by simply keeping your home tidy. I’ve been to several open houses over the last few weekends and I’ve seen buyers turn around and walk right back out of a condominium that was, to put it gently, worse for wear. The smell of left over pizza and kitty litter didn’t help either. The condo was priced below market value, was on the beach and had quite a few nice amenities but buyers weren’t going to waste their time – one look and one sniff and they were on to the next home on their list.
Design To Sell – Moderate Cost – High Impact
Fresh Paint and Deep Cleaned Floors. Two relatively small changes that can really make a difference. Scuffed walls covered with your toddlers artwork isn’t going to win over buyers. A weekend and a few gallons of paint will make your home look “newer”. Buyers aren’t looking for fixer-uppers – there are so many homes on the market that they can pick and choose and STILL get a really good price. If you have carpet then get it deep cleaned by a service such as Sears or Stanley Steamer – it may seem pricey up front but it will more than pay for itself in the long term. Buyers in today’s market will be keeping a list of all that is wrong with your property and they will bring it to the bargaining table – to reduce your asking price. It’s your job to anticipate and address your property’s short-comings and by doing so you will better position your property against other like properties.
Design To Sell -High Cost – High Impact
Bathroom or Kitchen Remodel. Aside from the monetary expense associated with a remodel you will also have to consider the time expense. Remember that we are in a down market and the longer you take to get your property ready for prime time the harder it will become to sell as more properties enter the market and non-selling properties begin to reduce their prices. In this case – you may want to either reduce your asking price or add a suitable “Decorating Allowance” for the new owners to update the bathroom and/or kitchen.
If you aren’t sure what to do with your property then enlist the aid of your realtor – they have a vested interest in selling your property. Therefore, they will give you tips and advice as to what changes or fixes will give you the most bang for your buck.
RELATED: Decorating Tips for the Home Seller
