| | Selling
Get the Straight Facts About What Can Make or Break the Sale of Your Home.
Article from Feb 2009 Canada Realty News
| 9 Secrets to Selling Your House Fast in a Slow Market |
 Selling a house in a slow real estate market can be difficult. In times like these, it's not enough to simply list your home and wait; you actually have to sell your home. No one really wants to sell anything when the market is bad, however, it's not impossible to sell your house in these conditions. It just takes a positive attitude and a different kind of game plan.
Even though the market's not favourable to sellers and widespread economic recovery may be months, even years off, there are a number of tactics available to increase the likelihood of a sale.
1. Know your market
One of the most important things you can do to get your house sold is to learn your market, the value of your property and your competition. Most sellers operate in the dark, simply offering the property for the price they want, without regard to what other homes have sold for and are currently selling for. Undervaluing or overpricing your home can cost you tens of thousands of dollars.
2. Price your home right
With homes sales slowing and prices plunging, there's little doubt that selling for a good price in today's market is going to be tricky. The median existing home price dropped more than 7% compared with the same month last year, according to the National Association of Realtors. So if you try to ask as much for your property as your neighbour got a year ago, you're going to turn off potential buyers. Instead, price your home conservatively by looking at similar houses currently on the market. Also look at the homes that aren't selling. Chances are those owners priced their homes too high.
If you really want to stimulate a sale, you should under price your property by just a little. Trimming the price by a few thousand dollars can generate more foot traffic and create a buzz.
3. Make your home presentable
Keep your house looking good at all times, repair things that are broken, and replace things that are rundown. Add a fresh coat of paint (neutral colors preferred), freshen up landscaping, trim trees, clean up clutter and remove personal items, so that prospective buyers can picture themselves in the home rather than seeing you there.
To guarantee a quick sale, consider using a professional home staging service. Your property must make a strong, positive impression. Staging a home is the cheapest way to make a house look different from your competition so it becomes the most memorable one that the buyer saw.
4. Market your home aggressively
In addition to using the multiple listing service, advertise in local papers and be sure to include beautiful photos. Each photo should showcase something interesting and unique about the property.
Place numerous signs and flags in front of your home so that your house is easily seen. Consider placing a well designed flyer in front of the house. Make sure the flyer has great photos of the property from all angles, inside and out, as well as a link to a web site where people can take a "virtual tour."
5. Be flexible with showings
It only takes one Buyer to get your home sold. Don’t make your Realtor feel as though their request for a showing is an inconvenience.
6. Play up your home’s best features
If you have fireplaces, make sure that you have fires burning so that there is a beautiful warm glow and the sound of crackling. If you have a gourmet cook’s kitchen, have some great-smelling treats baking in the oven. Turn on soothing music. Set all lights and lamps if the home looks dark or feels heavy. Lighting is crucial. Do the same as if you were having a formal dinner party- the house will certainly sparkle.
7. Offer buyers incentives
A low price may be incentive enough for some buyers, but others might be holding out for something more. This is where creativity can really take over. Perhaps you can throw in a new set of kitchen appliances, or a 3-day paid vacation in Mexico. There are a ton of incentives that speak to the heart of the buyer; be creative and see which one speaks to yours.
8. Offer flexible terms
Often, the best way to sell a home more quickly in a buyers market is to adjust the terms of the sale instead of the price. While it may sometimes be necessary to adjust the asking price downward, or to negotiate a lower price with the buyer, sometimes offering help with closing costs, or an extended settlement date, will go a lot further.
9. The first offer rule
If you get an offer within the first few weeks, the tendency is for sellers to try and hold out for a better offer. This is generally a mistake. The biggest fish usually bite first, so keep in mind that your first offer will often be your best.
Lastly, keep a positive attitude!
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Choose an Experienced, Professional Realtor!
Selling your home is one of the most important decisions you will make in your life. Your home is likely your largest asset - this may be the biggest financial move you've ever made, one that requires significant thought and strategy.
Countless questions are unearthed during the process. How much is it really worth? How long will it take to sell in the current Vancouver real estate market? How do you handle buyers making undesirable offers?
As a top Vancouver Realtor with years of experience and a proven track record, it is my job to guide you through this complicated process, from beginning to end. I want you to get the maximum value for your home, within your own time frame.
Here are some tips to help you begin:
1. Establish the Reasons You Want to Sell Your Home.
Before you begin the selling process, closely evaluate why you're moving. Do you have too little space or too much? Has your company transferred you to a new city and you're relocating from Vancouver? Or are you simply looking for a change?
A complete analysis of your current position will set a good foundation for your home-selling strategy, as well as for your next home hunt. If, for example, you have already purchased a new home and your goal is to make a quick sale on your current home, this reason will chart the path you take in the home-selling process. If, on the other hand, you aim to net the highest price possible for your home, you need to prepare yourself for a potentially slower process.
Be clear about these reasons, as they will directly influence the amount of time and effort you put into preparing your home for sale, and the amount you set for your asking price.
2. Buy or sell first? Be clear.
This can be a tricky question. After all, if you find a purchaser for your existing home before you've found a new home, you may find yourself living out of a suitcase if convenient closing dates cannot be negotiated. On the other hand, if you find your dream home before you've sold your old one, you may be faced with having to finance both homes and shoulder the extra debt until you sell.
So how do you manage? It can be quite simple. Do your homework and have a good idea about the Vancouver neighbourhood and type of home you're looking for. Do an honest evaluation of your family's needs and budget.
Speak to me start your new home search in Vancouver as soon as your existing home hits the market.
If you've found a home before you've sold your existing one, use "sale of your existing home" as a condition on your offer. If you don't sell your house within a fixed period of time, you can choose not to go through with the offer. This, however, is a difficult condition for many vendors to agree upon and you may find that you have to forgo your price negotiating power.
Purchasing a home before you sell could be a risky strategy if you're counting on the proceeds from the sale.
If you've found a purchaser before you've found your next home, use "purchase of a new home" as a condition when you sign back the agreement.
Again, it will only be for a fixed time. Even if you have not found the ideal next house by the time the deal closes, you may still wish to proceed with the offer. As a buyer with a "sold house" you will be in a better position to negotiate price.
3. Pricing:
The competitive nature of the current Vancouver real estate market means that over-pricing by a few thousand dollars could make the difference between your home selling quickly or not selling at all.
Overpricing your home might mean minimized offers, fewer showings, fewer agent responses, limited financing, limited buyers qualified for your type of home, or a smaller net price. Avoid these outcomes by setting the price of your home at its market value when you first list on the Vancouver market.
Contact me I'll help you price your home competitively to attract qualified buyers. The first step I'll take is to generate a Comparative Market Analysis (CMA) report, which will show you a range of prices being paid for homes in your area.
Visit my short online Home Evaluation form that will give you an initial idea of your home's market value.
4. Make Your House More "Sellable"
While we all believe that our home is our castle, our personal tastes may not appeal to everyone. I will work with you to provide you with an impartial analysis of your home - how it relates to other "competing" homes on the Vancouver real estate market and how your home reflects current design and style trends. I'll also closely evaluate the general condition and upkeep of your property.
I'll work with you to position your home on the market so that the selling process will take place as expeditiously as possible. Here's how:
5. Use my Professional Marketing Program to Sell Your Vancouver Home!
I will work with you to develop a unique marketing program, catered specifically to your needs and goals. This begins with my Automated Internet Marketing System - Online Presence: 24 hours a day! This system allows me to respond immediately and directly to every prospective buyer. On my website, buyers can get information immediately about your home. They can access my site any time and view your property listing!
Through my Personal Home Search, your listing will be sent to every prospective Vancouver buyer in my database, where your home meets their personal criteria. I will continue to e-mail it to prospective buyers as long as your home is on the Vancouver market.
As soon as you list your home with me, I will enter your listing in the Multiple Listing Service (MLS) database. Other agents can immediately access your property information by computer. Plus, your property will be included in any printed MLS books.
I regularly publish in Vancouver area magazines and newspapers and send out direct mail pieces to potential buyers.
Remember, I will be working with you every step of the way to ensure you get the highest possible price for your home in the shortest period of time. |
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