Karen Arbutine & Associates

Get Your Home Sold in a Slow Market - Make It Stand Out

Mon, Aug 27, 2007 at 9:31PM

When the housing market is slow and you need to get your home sold, what do you do? You want to get as much money from the deal as you can and you are in a hurry -- especially if moving day is right around the corner.In a slow housing market, remember that you are competing with all of the other homes for sale in your neighborhood. The key to successfully getting your home sold is to make your home and the deal itself more attractive than what the competition is offering without giving away too much. If you find yourself having to sell into a tight market, here are some tips to help you make your home more attractive and sweeten the deal to generate more potential buyers in your home:
  • What does the market say your home is worth? Don't be greedy. Most sellers tend to set the price too high, thinking their home is worth more than it really is. Check the sales prices of comparable homes that recently sold and the asking prices of comparable homes that are currently for sale in your neighborhood. You can always call Karen she will be able to do a no obligation Coprehesive Market Analysis on the value of your home. Click here to get started on finding your home's value!
  • Obtain an appraisal in advance that way you will known what your property is officially worth (based on the appraiser's professional opinion).
  • Use an experienced Realtor. A REALTOR is a veteran who is already familiar with price wars in the housing market. According to the National Association of Realtors®, a home sells on average for 16-percent more when the seller uses as certified Realtor.
  • Have your home professionally inspected before showing it. Get everything repaired so potential home buyers won't have an excuse not to buy.
  • Give your Realtor copies of all improvements to the home and any guarantees for anything like a new roof, A/C, or hot water tank.
  • Have your home professionally staged. A professional stager can transform an empty or overly cluttered house into a warm and welcoming home.
  • If you need to move before your home is sold, leave it staged so that it looks lived-in. Vacant houses feel more like uninhabited caves than homes.
  • Be willing to pay closing costs for the purchaser, up to 6 percent. A slow market is usually due to a slow economy. Buyers are strapped for cash and may need you to help in some way with the financing.
  • Make sure your Realtor is marketing your home. With Karen as your REALTOR you can rest assure that you home will be extensively marketed.
  • Keep your home in ready-to-show condition at all times. Do not require a 24-hour notice.
  • Focus on curb appeal and making a good first impression. You do not get a second chance to make a good first impression.
  • Be open to negotiating on things like leaving furniture or appliances behind.Although you may be tempted to take the first offer that comes along, be careful. All offers are not created equal. Here are some warning signs to watch out for:
    • Someone tells you to take your house off the market for a period of time, and in exchange, the person will pay you more than the asking price later. This is usually a sign that the person plans on using your home as part of a mortgage fraud scheme in which he obtains a loan for more than the house is worth, pays you a little more than what you were asking, and pockets the excess proceeds.
    • A cash back at closing deal in which the person offers you more than the home is worth if you agree to kick back the extra money at closing.
    • The buyer is not pre-approved for a mortgage loan. This person can tie up your home, preventing you from considering better offers.
    • The person is offering no or very little Earnest Money Deposit. The lower the EMD, the more likely the deal will fall through.
    • The prospective buyers make the purchase agreement contingent upon their home selling, and for that to happen, several other transactions must occur first. This is know as the domino effect, and you should avoid it, if possible.
    Once again, don't go it alone. Give Karen Arbutine a call. Karen has the knowledge and expertise to get your home sold in the sluggish market!

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