Welcome back for Part Two!
In my column yesterday, I talked about the current market condition and how it can be a blessing to buyers. I also promised that I would discuss the impact of this market on sellers.
LET'S FACE IT...IF YOU NEED TO SELL...REALLY NEED TO SELL...YOU NEED TO KNOW HOW YOU CAN MAKE THE BEST OF A NOT SO PERFECT REAL ESTATE MARKET. AND, YOU NEED TO KNOW RIGHT NOW!!!
It is undeniably a buyers' market, and you should be prepared for what you can expect if you need to sell your home in a buyers' market. However, you need not be afraid. AS LONG AS IT IS A BUYERS' MARKET, THERE WILL EXIST READY, WILLING AND ABLE BUYERS. THE KEY IS TO GET THOSE BUYERS INTO YOUR HOME...AND STACKING THE ODDS THAT THEY WILL CHOOSE TO PURCHASE YOUR HOME.
There are three secret keys to making your home stand out from the crowd (and getting a buyer to buy it) in a buyers' market.
1. Your home must be in the top 30% of the market in terms of condition. In other words, if there were 10 homes for sale in your neighborhood...all in the same price range...your home must be in better condition than 70% -- or -- 7 out of the 10 homes. In many areas, it is not uncommon for there to be 20 or more homes for sale in the same neighborhood. I know of one neighborhood in my market that has 46 homes for sale, as of 6 pm today.
2. Your home must be priced lower than 25-30% of the homes on the market. (Don't read that incorrectly. Your home does not have to be priced 25-30% lower than other homes.) Let's apply this rule to the same example I used in #1. If there were 10 homes for sale in your neighborhood, your home should be priced below 2-3 of them.
BEST CONDITION...BUT NOT THE HIGHEST PRICE! In a sellers' market, you could expect to receive the highest price for the best condition. In a buyers' market, being in the best condition ensures that you will sell your home while your neighbor's home sits on the market month after month.
3. Hire a pro! You are probably thinking...'Of course she'd say that...she's a REALTOR®!' Yes...I am...and a really good one! However, I'm not just being self-serving. In a challenging market...even more than ever...you need an experienced and successful REALTOR® working for you. You need exposure...lots of exposure. You need an edge over the competition. You need an agent who is aware of daily changes in the their market, so that they can advise you correctly. You need every advantage that a successful REALTOR® can offer you. You need me! (Okay...that was self-serving!!!)
You now have the knowledge you need to face the oh-so-feared BUYERS' MARKET. KNOWLEDGE IS POWER; THEREFORE, YOU ARE EMPOWERED TO SUCCEED.
IF YOU ARE THINKING ABOUT BUYING OR SELLING...OR KNOW SOMEONE WHO IS...I KNOW A GREAT REALTOR®!!! I'D LOVE TO INTRODUCE YOU TO HER!
CONTACT:
Elizabeth Nieves, Broker REALTOR®
(919)749-3749
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