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LYNN CALDWELL
Specializing in Grosse Pointe, St. Clair Shores
Harrison and Chesterfield Twp, Harper Woods
Waterfront Specialist
Real Estate News and More Frequently Asked Questions
selling in a buyer's market
It's a buyers market, meaning that there are more homes for sale
than there are buyers. If your home is not perfect either the buyers
move on to the next home or they make very low offers. The days
of putting a property on the market, receiving multiple bids, getting
more than you expected and accepting an offer in just days or weeks are over. Homes are staying on the market much longer than before.
In this market, you have to be proactive on home preparation, marketing and price before you ever put a "For Sale" sign in the ground. Prepare your home for a marathon, not a sprint. What more could you do you might ask?
1. Recognize every market is different, your state, town or neighborhood. When discussing your property listen to professionals in your geographic area not nationally.
2. Get your home inspected. It would be a shame to go through all the work of preparing your home to find out during the home inspection you overlooked something that may turn the buyer right away from your home. It may also save you money in the long term.
3. Shape up before marketing. You want to put your best foot forward. If it means moving out furniture, taking down photos, painting or working on landscaping, it could be the deciding factor for a prospective buyer. And, don't forget to clear out the junk
4. Devise a marketing plan with your Realtor. If your Realtor does not have a marketing plan, you might want to find a Realtor that does have a plan. Saving money on commission will only save you money if your home actually sells. Without a plan in this market it is highly unlikely that it will sell..
5. Set a price. Don't overprice your home to leave wiggle room for negotiating. That kind of strategy is never a good idea and can actually backfire in this market. If your price is too high potential buyers may not even look at it. With the mortgage companies tightening their belts, even buyers are leery about going to the top of their range. Search engines run in multiples of $25,000. If you are priced at i.e. $352,500, $350,000 buyers may never see your home. Think about how you would search if you were looking when you price.
6. Stay on top of the market. Ask to review the comps regularly. If your house has been on the market for 6 months, it probably needs a major price adjustment. Don't forget that even if you are lucky enough to sell your house for a high price it still needs to appraise out with the mortgage lender.. They will always appraise high for a home equity loan but the results may not be the same for a new mortgage.