There is no getting away form the simply fact that we are in a “BUYERS MARKET”. The reality is that foreclosures and short sales are still increasing at a drastic rate. As we all know simple economics will dictate that the more supply we have the less likely we are to have demand catch up which will naturally drop prices. Well, although this puts sellers in a tough position, sellers should not throw their hands up in the air. There are many things a seller can do to help move their home is such a tough environment.
Here are some tips for selling your home:
1. Do not wait around for a recovery or major turn in the market – The harsh reality is that home values will more than likely not see a drastic increase or even a nominal increase any time soon. Keep in mind that if you are selling and subsequently buying, what ever you feel you are leaving on the table by selling lower you will probably pick up on your purchase as you will then be the buyer.
2. Make Improvements – Due to the economy, many repairs are much cheaper to make now. Contractors are giving create deals and with the slow down in building materials are also relatively cheap. So make your home different form the competition.
3. Hire professionals – Dont give the work to a friend or family just because they are a friend or family. Be sure that your broker has experience and will market the property to the fullest potential, remember your broker is your marketing partner. The same goes for whomever may make improvements to the property. Ask for credentials and experience.
4. Make sure you know about buyer assistance programs – Make sure that you broker is well versed in the first time home buyer tax credit for example. Your broker needs to be able to make suggestions to all prospective buyers for financing and government assistance.
5. Price the property properly – A property will sell if it is priced properly, especially if your property is not a foreclosure or a short sale. Your broker will be able to assist with this by providing a comparative marketing analysis.
6. Clean up the look – Remember buyers want to picture themselves in the home. Therefore, very specific decor or excessive knick – knacks will take away form the buyer’s experience. Keep the decor simple and the personal items out of sight as much as possible.
Please feel free to contact us or visit our website additional tips on listing, marketing and selling your property.
South Florida Brokers & Associates, Inc.