Selling
How to Sell Your Home in a Slow Market
Many say that the housing bubble has burst and it's very difficult for people to sell their homes. In Columbus we have never experienced a huge correction, only minor ones. I don't expect any bubbles to burst, just slightly sag for a year or two. Although sales in 2006 have been inline with the white hot market of 2005, inventory is 30% greater than this time last year. This translates to a market that is moving, just moving slower than it was. A sellers market is now a buyers market.
I've got a few tips to help get your home sold in a slower market:
1 - Begin with your Realtor - Make sure your current agent has a ton of experience. Used to be you could hire any agent, with only 3 months on the job, and the house would sell before her or she pounded the "For Sale" sign into the ground. No more. Get someone with experience and name recognition in the community.
2 - A Proactive Agent - Get an agent that will truly "pound the pavement" for your listing. You need a proactive agent that will be out there, moving and grooving on your property. Many of the newbie agents that got into the biz over the last two years will be in "career change" mode in the next few months. The real agents who know how to work will be the ones who survive this cycle. Find one who will work for you!
3 - Know an Agent's Quality - Ask your prospective agent what professional designations he or she has attained or is striving for. Success seems to follow those who value continuing education.
4 - All the World's a Stage! - Hire a "stager" to go through your house and make your house sellable. Many people wrongly think staging is too expensive. Not true. It's about being creative, not spending money. It's actually possible to sell your home "as is" (and not stage) and lose money.
5 - Realistic Pricing Plans - You may not get the big profit you thought you would. Plan accordingly for a much more stingy market. Let your agent do the research on the right price for your home, in your neighborhood. Over the last 2 years sellers were selling for top dollar and if priced well could choose their buyer. In the current marketplace, it will be realistic for sellers to expect to make some closing cost concessions, expect lower offers, and be expected to make repairs after inspections.
6 - Self Staging - You're a Do-It-Yourselfer, huh? Okay. Know this - any wild and crazy decorations, furniture, fixtures, colors, and designs in your house will turn off the average John Q. Public homebuyer. You might have the most clever and eclectic taste on the planet. Your artsy friends think your house is "to die for!" But dark, rich colors on the walls and ultra-modern furniture can turn off today's picky buyer.
SELF-STAGING TIPS: - To save money, make sure you have Curb Appeal: manicure the front lawn, add some colorful flowers, paint the shutters, trim bushes, paint the front door a nice neutral color, brush falling leaves off the roof, etc. Lay down sod if the summer beat up your grass. Add a new doormat.
- Is any room in your house red? Blue? Bright green? School bus yellow? Paint it. Creams, whites, pale yellows, coffees, and light earthy greens. With white trim around the doors. Use an eggshell paint to keep off fingerprints and make it easy to clean before an Open House.
- Declutter. Remove those piles of books, magazines, and newspapers. Less is always more. Remove anything and everything knick-knacky. Take out all your family photos. They want to picture themselves living there. Again, less is more. Makes the house look and feel bigger.
- Check under your 70's orange shag rug and pray someone put hardwood floors there. Pull it up, rent a buffer (or hire someone to simply re-finish the floor), and you've got an inexpensive way to add home value.
- Turn cluttered kid's rooms into a guest bedroom. Not everyone has or likes kids. It could turn them off to see a pink bedroom with ponies and stuffed animals.
- Steam clean the carpets. Remove pets to the Mother-in-Law's house (you might be used to the odors, but...) if you have them. Use new fresh towels, candles, and flowers during an Open House.
- Replace blinds. Keep curtains open during showings - natural light sells.
- Get rid of dirty clothes, trash in waste baskets, mail on counters, make it look like no one lives there. Or a photo layout in "Better Homes and Gardens".
Good luck in selling your house!
