We just posted our first question and answer in our Ask-the-Expert series on the Carolina Living Realty website. This week, Sharon discussed how to effectively position your property for a sale in a down market. She covers points that include: pricing properties effectively, hiring the best agent, creating the best image for your propert, and how to set proper expectations.
I’m posting the full-text of the article below, but be sure to check http://www.carolinalivingrealty.com/ask_the_expert.php every week for the latest updates!
Question: It seems like my house has been on the market forever. I dropped the price six months ago, and it still hasn’t sold. What gives?
Sharon: In a buyer’s market, it is critical for sellers to take on a business mindset when trying to sell their home. There are several things to do and keep in mind in today’s market::
1. Separate your emotional attachment to your home from your financial interest in your largest financial asset. The right mindset will make all the difference in the world as you go through the selling process.
2. Make a good impression. Buyers in today’s market are picky, picky, picky — and they can afford to be. Make sure that your home has great curb appeal and that everything (inside and out) is in good repair and looks as good as it possibly can. Deep cleaning is a must … powerwashing, painting, window cleaning, de-cluttering … these are all low-cost “musts” that will have a major impact on attracting an offer. Think of it this way: if you were selling a car, you would clean it from top to bottom, inside and out, maybe even have it detailed by a professional before you ever took the first picture of it and put a sign in the window. Your house is no different — it needs to look better than it’s ever looked before when it’s on the market.
3. Price it right. The right price for your home is whatever a buyer is willing to pay. Make sure it’s priced competitively from a business point of view — not what you think it’s worth emotionally. Forget what you could have gotten for it two years ago or what you paid for it. The only thing that counts is what’s happening today in the market you’re in. Look at what’s sold in the last 12 months, what’s available in the general price range today and determine how your home compares. If YOU had to pick between your house and 3 others on the market, which would YOU choose?
4. Hire a competent agent. It seems like that would be obvious, but very few people actually understand what an agent really does and how an agent can, should, and will work for them during the listing period. If your agent is counting on someone else to sell your home, you need another agent. Anyone can stick a sign in the yard or enter data into the Multiple Listing Service. What SPECIFICALLY will your agent do to attract buyers to your home and make it stand out against the competition? How knowledgeable is your agent about what’s going on in the market — who’s buying, what are they buying, where are they coming from, how did they find out about the property they bought? What kind of support does your agent have — is he or she a “one-person” show or do they have other agents in their office working to sell your property as well?
5. Be realistic. If a qualified buyer gives you a reasonable offer, be prepared to accept it. Don’t lose the deal over a few dollars. With so much inventory on the market, a buyer can easily move along to the next property and negotiate until he gets the deal he wants. Remember that the buyer isn’t emotionally attached — your property is one of many from which they can choose and be satisfied.
