Many people who want to upgrade their home get excited when they see prices in a range they can afford. You want to upgrade because of the abundance of homes on the market listed for the price you can afford. But while the price of an upgraded home is attractive, the market value of your home has decreased. Couple this with the copious amount of homes for sale in your neighborhood, the reality of moving up seems further and further away.
Selling a home in this atmosphere is stressful and often times slow. You need to be sure to take every action possible to make your home stand out from the rest. You also need to have realistic expectations when it comes to pricing your home. It may be difficult, but pricing your home for what it’s worth is a must especially when it isn’t the same price as what you paid for it or what you think it is worth. A trusted and knowledgeable Realtor will be able to determine what to list your house for in this economy.
Just a few years ago real estate agents gave recommendations for selling homes quickly. But these recommendations are now mandatory if you want to stand a chance in this rocky economy. Below are a few important things you can do to sell your home in a tough real estate market.
Stage your home
Make it look spacious, clean and depersonalized. This may require time and money, but the payoff is worth it. For the exterior: Mulch, plant flowers, seed the lawn, trim the hedges, power wash the house, clean the gutters, replace missing shingles, replace your welcome mat, repaint porch rails or columns.
For the interior: Repaint of touch up, remove at least half of the hanging pictures and patch the nail holes, then paint. Removing pictures makes the room look more spacious. Remove half of the furniture even if you think you need it. This also makes your home look more spacious. Clean your carpets, re-caulk windows and doors, clean out closets, place fresh flowers in home, update window treatments/hand towels in bathroom/kitchen hardware/light fixtures.
Take the time to walk through other homes for sale and get ideas how they staged their home. Pretend you are a buyer and take note of things you like, or things that make that home stand out. If you can walk through a home for sale by the builder, do so. Many times they hire professional stagers who completely design and furnish the interior. You can get many great ideas!
Market Your Home
Be sure to research and hire a Realtor that goes all out when marketing your home. Do they use every available online tool? Do they use print marketing? Do they hold open houses? Do they update you at least every 10 days with marketing reports? Do they promptly give you feedback after showings? You need to know your agent is thorough and effective in his marketing plan in this tough housing market.
Market your home yourself. This is in addition to using a Realtor. Tell friends to tell their friends. Let your co-workers know. Print your own flyers or get some from your Realtor and hang them in your office and on public billboards. If you use social media such as Facebook and Twitter, post that you put your house up for sale. Be sure to sell your neighborhood. Many people want to know about the schools in the area and amenities in the neighborhood. Is there something you can tell people that isn’t obvious? Examples include “home is not on main road so no through traffic” or “clear view of sunset from back deck”.
Talk to your Realtor about strategies to sell your home in this difficult market. Ask for a comparative market analysis as well as a list of homes recently sold and what they sold for. Be realistic in your expectations and know that everyone is in the same boat.