In a declining real estate market where supply outstrips demand, a person can generally sell a property faster by lowering the price. But there are other ways to enhance a property’s attractiveness besides lowering the asking price. If you’re looking to sell your property in a cooling real estate market, read on for some tips on how to generate interest and get the best price possible.
Differentiate From the Neighbors
In order to attract attention and to make your property more memorable, consider custom designs or additions, such as landscaping, high-grade windows or a new roof. This can help improve the house’s aesthetics, while potentially adding value to the property. Any improvements should be practical and use colors and designs that will appeal to the widest audience. In addition, they should complement the property and its other amenities, such as building a deck or patio adjacent to an outdoor swimming pool.
However, while it can pay to spice up your property, don’t over-improve it. According to a 2013 article in Realtor Magazine, some renovations, such as adding a bathroom or putting new shingles on a roof, might not always pay. The data suggests that in the USA the nationwide average amount recouped for a bathroom remodel is about 58%. For a new roof, it’s even less. If you’re going to invest in property improvements, do your research and be sure to put your money into the things that are likely to get you the best return. In addition, if you have added any custom features that you think buyers will be interested in, make sure they are included in the home’s listing information. More than ever, in a down market you should take every small edge you can get.
Clear the Clutter
It is imperative to remove all clutter from the property before showing it to potential buyers because buyers need to be able to picture themselves in the space. This might include removing some furniture to make rooms look bigger, and putting away family photographs and personal items. You may even want to ask your qualified real estate broker to give you some tips on staging your property to help you make better use of the space. Many people feel that staging the property can make a home more salable, so this deserves some consideration.
Sweeten the Deal
Another way to make the property and the deal more attractive to buyers is to offer things or terms that might sweeten the pot. For example, sellers that offer to pay the property transfer costs entirely will in some cases receive more attention from property hunters looking at similar homes. In a down market, buyers are looking for a deal, so do your best to make them feel they are getting one.
Finally, it’s important to note that some buyers are motivated by the option to close in a short amount of time. If it is possible for you to close on the home within 30 to 60 days, this may set your deal apart and get you a contract.
Improve Curb Appeal
Sellers often overlook the importance of their property’s curb appeal. The first thing a buyer sees is a property’s external appearance and the way it fits into the surrounding neighborhood. Try to make certain that the exterior has a fresh coat of paint, and that the bushes and lawn are well manicured. In real estate, appearances mean a lot. What better way to set your home apart than to make it attractive at first glance?
Get Your Home in “Move In” Condition
Aesthetics are important, but it’s also important that doors, appliances and electrical and plumbing fixtures be in compliance with current building codes and in working order. Again, the idea is to have the home in move in condition and to give potential buyers the impression that they will be able to move right in and start enjoying their new home, rather than spending time and money fixing it up.
Pricing It Right
Regardless of how well you renovate and stage your home, it is still important to price the home appropriately. Consult a qualified real estate to see what comparable homes are going for in your area.
It’s not always imperative to be the lowest priced property on the block or in the condo building, particularly when aesthetic and other significant improvements have been made. However, it is important that the listing price is not out of line with other comparable properties in the market. Try to put yourself in the buyer’s shoes and then determine what a fair price might be. Have friends, neighbors and your qualified real estate broker tour the home and comment as well.
The Bottom Line
Selling a property in a down market requires a little extra work. Do everything you can to get the property in excellent shape and be prepared to make some small concessions when closing the deal. These tips, coupled with an attractive price, will increase the odds of getting your property sold.
And Please Remember
Only use a qualified real estate broker!
Regards
Robert Watson | CRS | NAR | REBAES
www.fivestarvillasandcondos.com
www.fivestarvillasandcondos.com
