As I mentioned yesterday, when interviewed by
WHSV,
there is still somewhat of a stalemate of buyers and sellers. Some sellers are holding their prices a little higher than perhaps they should be priced, and some buyers are not wanting to try to negotiate.So, you have that gap that likely could be bridged, but it just isn't happening.
I tried to encourage buyers to make that first move yesterday, and in the past I've pointed out that sellers can make offers, but here are a few perspectives that sellers should consider in our current market.
- This is not the most wonderful time to sell your home, as there are many more sellers in the market than there are buyers. That doesn't mean you'll have to sell at a loss, and it doesn't mean that your house won't get snatched right up the first week it is on the market --- but if you don't have to sell right now, you might consider waiting until we have a more balanced market.
- If you have to sell your home, or you really want to sell your home, you must price your home "correctly" from the start. If your home sits on the market for several months with an overly optimistic asking price --- and nobody bites --- you're likely in for a long ride, with several price reductions and an improbable sale. In a buyers market more than any other time, buyers are skeptical of homes that have been sitting on the market for a long time. You must put your best asking price on your house at the start, your Realtor should market the home like crazy and follow up aggressively with any interested buyers.
- Even though I told you to put your best asking price on your home from the start, you still must be prepared to negotiate, at least a little. Even with a very well-priced home in today's market, buyers have a hard time paying full price or very close to that asking price. With that optimal price on your home from the start, you'll still likely have to engage in some "token negotiation" so that the buyer knows and/or feels that they are getting a good deal on the house.
- More than anything else (and this one is a bit out of order), you need to know your segment of the real estate market! As you price your home, as your home is marketed, and as you negotiate an offer, you must be aware of the other homes on the market that you are "competing" with, and also the other homes on the market that have recently sold and now affect the value of your home. This knowledge will educate your pricing and process, and is essential for any seller in today's buyers market.
Earlier I noted that you shouldn't sell your house right now if you don't have to or really want to. And yet,
even in this market, you can sell it relatively quickly and at a good price. But to do so, you'll need to know the market, price the house "right", market it thoroughly, follow up aggressively, and negotiate wisely!
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