Real Estate Blues!
If you have been feeling the real estate blues, you are not alone! Like most people trying to sell real estate today, the prospect of selling a home has been hampered from the global economic uncertainty and financial decline in both the real estate and stock markets. However, there have been other influential factors that have laden the real estate markets in the United States and Canada. The credit crunch has affected those people with multiple mortgages for properties that they were looking to flip, while many have gone into bankruptcy due to loss of jobs and lucrative lending practices. Instead of dwelling on the past, people should be focusing on getting realistic with the sale of a home. The expectations for selling a home can become clouded if sellers are living in the past and still expect things to get back to what they once were.
If you have to sell a home out of necessity or desperate circumstances, then being realistic about selling a home is the key factor in getting through this gloomy period. Home Link Design has a few helpful tips for sellers in today’s uncertain times:
1. Do not test the market! What does this really mean? Well, if you are like some people in today’s real estate market, trying to list your home for the sake of it may not be a wise idea. There are a few basic reasons why this won’t work in today’s market. Firstly, marketing your home in a soft market can lead to an even more oversaturation of homes. In other words, there are already a handful of sellers, like you, who are just playing the game too! Do not list your house because you want to make a stab at getting a high list price. This will not work because your listing will only compete against the hundreds of other sellers out there! Secondly, testing the market because you would like to “try it out” can definitely burn your house in the long run. Later, if you have to really sell your home, the first list price will be the set price point for your listing which usually means that you will have to list it lower at another time. Many sellers believe that they can list now and, if they do not sell, then they can relist at a later date. However, savvy buyers and realtors will always recall a seller’s home price, even if it is six or twelve months down the road. In other words, your original list price may not be that easily forgotten among other serious sellers and agents alike. Remember that your home will have a track record even if you think that it will not appear on a new listing.
2. Do not buy before you sell! This may be a no-brainer in today’s market. But, there are a lot of people who are not being realistic about their real estate goals. Now is not the time to play Russian roulette! Be focused on your immediate goals, and look at selling a home before jumping into the next.
3. Look at the numbers! Taking time to make your own market analysis on homes that have sold in your area, the square footages, upgrades and the number of days that it took them to sell, is a great way to understand your real list price. Do not only listen to your agent’s statistical analysis, if you are serious about listing. Being consumer savvy is very important in this business of selling.
4. Scout for a good agent! There have been many agents who have coasted the last few years, but now they have to do more work in getting a property sold. Try to determine what type of agent is good for your property. But, be careful that you do not fall into the trap of choosing the realtor with the highest bid. Try to get a few proposals before choosing your list price and agent.
5. Setting the stage! Today a seller will have to work harder at selling their home. This does not only mean that they will need to be real with their list price, but they will have to take a hard look at their home both inside and out. As a seller, you should really take the emotional side away from selling and focus on the bigger picture. First, ask yourself; “What is the real price that you need to have for making a sale?” And secondly, “Does your house really reflect that amount in the overall scheme of things?” In other words, ask yourself, “Would I purchase my own house for the list price I want?” If you can honestly answer those questions, then you are ready to make a rational sale. This means that you need to heartedly know that your home is the best one out there for the list price! How do you know? Well, simply put, you have gone out and done your homework!
6. Doing your homework! Yes, go and visit other homes to see how your own house ranks in the long list of other homes for sale. Today’s market is a competitive one, so in order for you to successfully sell your home, you must know that your house is priced the best! This is why you should not play the real estate game if you want to list your home high! It will not work because other serious sellers will set a definite price to sell!
7. Waiting for spring! Typically spring and summer are the best times to sell a home. Agents usually tell their sellers to wait until the spring to list, however many people in the fall and winter took their homes off the market thinking that they can relist again in the springtime. Be assured that there will be a lot more homes on the market for sale during this time than most other times of the year.
8. Looking global! Well, this does not mean that a seller has to look at every place in the world to know what is happening in their own home town. But, it sure does mean that everyone is being affected in some shape or form from today’s global economic crisis. Do not forget that the buyers out there are also looking elsewhere! Therefore, for those who have recreational properties for sale, now is your time to scope out your competition amongst the rest of the world! There are many buyers who would rather spend their money in a place that offers them a lot more luxury for the same buck or less. So, as a seller, you need to be even wiser and knowledgeable about other real estate markets out there!
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Tags: Real Estate Blues
