It’s Not As Easy, But You Can Sell Your House In A Depressed Market.
Now that you have taken most of the preliminary steps in making your house as saleable as possible and have gotten your home ready for prospective purchasers, what’s next? The front of your home is always neat and trim, and the inside is always vacuumed and picked up so that you are always ready to say “Come right over” if the real estate broker wants to show it. You have also made certain there were no glaring issues to take care of.
If there are any problems with the home, be honest rergarding them. Either have them correctly repaired, or be ready to make a price concession for them. Hiding any problems will probably come back to haunt you in the guise of a lawsuit.
Make sure your asking price is realistic. Work with your realtor to examine the comparables which will show which houses in your area sold for in the recent past. This list is important. You may feel your house is worth more because you have a pool, but that may not be a universal selling point. But be wary of the motives of the real estate broker in setting the price. Real estate agents seek current income and so may sacrifice the larger commission in order to guarantee a sale now rather than later (or not at all). This may clash directly with your desire for the highest possible price. You have to look for a careful balance between the two.
It is still thought of as important to put a premium on the price to permit some wiggle room. Every buyer is certain to offer a figure lower than the published price. A slightly higher listing will give you some room to negotiate.
When you list your house is also crucial. In both a buyer or sellers market, there are some traditional seasons that are better for sales. In an area that has mostly young families, you will find that people like to shop in the spring so they can take care of closing and moving before school begins. If you live in an over 55 community, in contrast, this will not be concern, but you may not have a lot of viewers over the winter when many older people go south for the warmer weather.
Another big timing issue is when and where you are relocating. Most people don’t have enough money to carry two mortgages, so it is important that you time your sale to coincide as closely as possible with the purchase of your new house. Because of the expense of a home loan, it may well be better to sell your current home before purchasing a new one, for a cushion of time. In this market, don’t lose a good opportunity for a sale just because you don’t have your new home yet. Renting for a short time is probably cheaper than losing a sale and having your home stay on the market even longer.
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