Flexibility is the Key in Selling Homes Today
When it comes to selling homes, buyers are still around, but sellers
need to be aware of the fact that home buyers are looking for more value for
their money than they once were. The simple fact that there are some
many homes on the market for buyers to choose from has resulted in many
home buyers becoming extremely picky. As a result, if a home seller
wants to move their home in this market, they must learn to be flexible
when it comes to matters of money and time.
The truth of the matter is that home buyers who are willing to buy and
who are qualified to actually obtain financing are hard to come by today
and that means that when you do come across one you must take care not
to scare them off.
Toward that end home sellers must make sure that their homes are priced
appropriately. One of the biggest mistakes that a home seller can make
is pricing their home according to what they think they need to clear on
it. This might have been possible a few years ago, but not in today's
market. Although no one wants to take a loss on a house, many home
sellers are realizing that they need to be more objective when pricing
their properties. A qualified home buyer is only interested in finding
the best deal possible. If that means they can go two blocks over and
buy virtually the same hose and save $10,000 or more in the process,
they are going to do it.
Before actually pricing property, it is imperative for home sellers and
their agents to review the most up to date sales and listing information
possible on the local market. Not only should homes that are currently
for sale in the neighborhood be reviewed, but also homes that have
recently sold as well. This will help to keep sellers grounded in terms
of what they can realistically expect to make when they sell their home.
This may mean that a home seller needs to take a loss but in some
circumstances that might be better than facing foreclosure.
The days of being able to sell a home for more than its market value are
gone. At the maximum, a home should not be listed for more than its
current value. Even at that point, sellers should be realistic and
expect that their home may sell for less than that amount. It's not a
pretty picture, but it is a realistic one.
Acting promptly is another key to success in this market. A few years
ago home sellers had the luxury of receiving multiple offers and being
able to take a few days to mull them over. That's not the case today. If
you are fortunate enough to get a bid on your property, respond
promptly, in no more than twenty-four hours. If you wait longer than
that you may just find that the home buyer has withdrawn their offer and
moved on to greener pastures.
Along those same lines, think long and hard before you make a
counteroffer rather than accepting the offer that has been made on your
property. Offers are hard to come by today and you must think about
whether it is worth the risk of possibly losing that offer to try to get
another few thousand. The basic rule here: a bird in one hand is better
than two in the bush.
You also need to make sure that you are accommodating when it comes to
buyers. Be sure that your home is ready to be seen at a moment's notice.
Do not place restrictions on when your home can be seen. Ask your agent
about putting a lock box on the property so that it is always available
to agents for showing. Make sure you are prepared for an early closing
date when you do get an offer on your home.
Finally, once you do have an offer, avoid the temptation to quibble over
matters that are really small. If the home buyer really wants you to
leave the stove, ask yourself whether it is worth it to fight over it if
it means you might lose the contract. This is, unfortunately, a common
mistake that many home sellers come to regret after the fact.
Ultimately, you need to remember that in this market home buyers are
hard to come by and keep. If you are fortunate enough to find one, try
to be flexible enough to make sure that your deal closes smoothly. (You
may also want to read
Selling your home? Homework is the key).