Az Real Estate Round-up

Selling your Home in a Down Market

Yes, there are still some people out there that bought their homes years ago and have equity in their properties and need to sell. For reasons, such as job transfers, downsizing, and other various reasons.

First thing to keep in mind is that we are in the middle of a “Buyers market”  the buyers have the upper hand at this time. So, if they make an offer on your property that includes, all the appliances and the dining room set, you may want to just take a deep breath, let it out slow and say….O-K-A-Y to make the deal.

Why, because there is more property on the market now than there are buyers to buy them. We have REO’S (Bank Owned Properties) homes foreclosed on by the banks. Which are being re-sold at some very low prices. Granted, many of these properties are not in the best of shape due to being empty for 6 months to a year. Some of them were also abused by the previous owners before they were required to vacant the premises. But they ar cheap.

Then we have “Short Sales” that is when the bank allows the present owners to sell their home for less than what is owed on the property.  Because they are either UPSIDE DOWN in equity or are having a tough time making payments. The ‘Short Sale” Homes are usually kept up and priced for today’s market place, but unattractive if you are not a buyer with patience to wait out the closing that could take from 3-6 months or longer. People often cancel their contract on the “Short Sale” property because they can’t stand the waiting.

This gives a Seller, that is just looking for a Buyer that wants a normal closing a bit of an edge over the other properties we just talked about. However, your house had better sparkle in order to move it. Curb appeal is the first impression the buyer has of your home. Keep the lawn mowed, weeds pulled and add flowers for color. Fix up the back yard as well.

Go through your home with a critical eye. Notice the clutter that may have been there so long you don’t even see it anymore. Notice it cause your Buyer will, remove it, store it, hide it. Also, remove furniture to make the rooms appear larger as well. Paint over the wild paint colors that you love and your buyer may hate with a neutral shade.

Keep animals in one room or in the backyard, so a buyer can look through your home without the dog barking  or jumping on them or worse. Spray the home with a deodorizer daily to remove pet and lingering food odors.

Clean your carpets and remove the stains prior to showing your home.  Refurbish wood or tile floors and clean the grout.

You could even get a home inspection done on your home prior to putting it on the market. So that you can make the necessary repairs ahead of time and show the buyer the report and receipts for items already repaired. It will help remove a buyers anxiety of what could be wrong with your house if you can  provide them with a report at the onset.

Lastly,  meet with your Realtor, go over the homes in your neighborhood that have recently sold and are on the market now.  Then schedule a time with your Realtor to go through the homes so you will be aware of your homes competition. Determine a sales price and if you are looking for as quick a sale as possible, Your home needs to shine and be priced a little  below the current homes in your area. So in short, be the best home selling for less than the rest.