If you are trying to sell your home and your are stressed out I hope this helps you in some way. Selling your home during a slow market is a struggle for everyone. I hope some of these ideas will assist you with your endeavor: Remember it is times like this that you want your home to stand out above all the other houses that are for sale. Try some of these suggestions of things that may work for you.
#1 Declutter Your Home – Remove everything you are not using! Clean out closets, take down those trophies that have been on the mantle for years (not if your child just won it last week), The piles on your desk and kitchen bar that you are sure there is something you are going to get to one of these days. The kids toys they have not played with for the past year,etc. Throw it away or go ahead and pack it up and place somewhere out of the way ie: the garage, attic, even under the bed. Getting organized will only make moving easier. As much as you love your stuff remember it may make rooms feel smaller, distract a buyer’s eyes, or take away from the positive features your home has to offer. Pictures are a distraction for people so do not remove all of them, after all you do still live in this home, but do need them all out? This is not exclusive to the inside, remember garages and lawns need to be decluttered too. Most people still drive by or at least see a photo before they see the inside of your home. If you like yard art, remember not everyone does. There is a buyer for every home make sure yours is one they want to come in and hopefully buy.
#2 REPAIR WHAT NEEDS REPAIRING- You know like all those little things that have been in need of repair for the past several months (or years). Remember that the buyer walking through your home most likely is on the tight budget that most everyone else is and any repairs they see just remind them of the money that buying your home is going to cost them. Eliminating as many of these type items as possible only moves your home higher on the list of ones they are considering. Touch up paint, change the light bulbs that are out, change out dripping faucets (it may only be a washer). Some repairs may be more expensive than others but most you can do your self. As you make this decision remember everyday you own a home you no longer need or desire, cost you interest. Months of interest add up to a great deal of money in most cases. Assess your situation and make decisions wisely. Spending money now may save you money later. If it puts your home at the head of the pack….well, is it worth it?
#3 PRICING YOUR HOME – Make sure you have done your homework. Check all the other home sells that are like and similar to your within the past 6 months. From that you can get a really good idea of the market value of your home. Most Realtors will give you a price opinion if you ask. Remember, you may see your home as much better than other people but more than likely the rest of the world does not. (sorry, but you know what they say “honesty is the best policy”) When you look at the other homes that have sold look at the price per square foot and compare to your square footage, consider the amenity differences ie. #of bathrooms, #of bedrooms, etc. Now do you price higher than what you now know? NO! Price at or just under the value that you come to. Having a home priced right will make you are break you when selling your home. Did you refinance to pay off a car or visa a couple of years ago (you are not alone)? Well the bad news is that if you are now wanting your home to pay off all that debt it probably can’t. You may have to take some of that debt with you. The good news is, in most cases it will pay some of that debt. In a slower market you have to realize that more than likely prices are not appreciating as fast as they have been and are more stable. So remember, Price is one of the top 3 things that sell a home. Even though we all want every dime that is ours (and more if possible) sometimes we have to face the reality that our home can not take care of all of our expenses (especially the vacation we put on visa last summer). So you may have to work on your other financial concerns in other ways.
#4 GET AN OPINION- Call a Realtor, friend, or family member to walk through your home and be brutally honest of what they see that needs to be done in order to make your home ready for a buyer to walk through. Make sure that the person is someone you know you can trust and that does not mind being extremely straight forward with what they see and think. Let them walk through and around your home making a list of things that they see that would deter them from buying your home. Now put your armor on and get ready! That list will have several things on it that every buyer that walks in your home will see too! It is not easy to take this without being defensive….DON’T BE! It is your home now but hopefully it won’t be for long if you get it ready for the market. Now, get busy and eliminate as many of these items as possible.
#5 REALTOR vs. FSBO- Well everyone has an opinion and I definitely do. Saving money is not the issue during a slow market, getting your home sold is. Realtors have many more opportunities for a Buyer that a FSBO ever will. First, find a Realtor you can talk to and you trust. If you do not know one or no someone that does you can do a few things to narrow your options. Look at the local advertising and find who is holding the most listings. (These agents are working and working hard) Call a couple and make sure you can talk to them. Communication, like in any relationship, is a key to getting your home sold. Tell them your goals, like the time line that you need your home sold in. Listen to the advice that they give you and work with them to get your home sold. While your home is on the market: Don’t get mad at your agent when they haven’t called you in a couple of weeks. Most all agents dread the call of saying “I do not have a buyer yet”. But it does not mean they are not working and trying to find your buyer. Trust me, they do not like working for free and until they get your home sold they haven’t made one cent and yet have spent alot of energy and effort. Talk to them and if they make suggestions remember they are on your side and right now they are your partner. If you choose the FSBO route you might try looking for online forms that will help you get through the process. Double check your state and national laws and make sure to follow them when writing your contract with someone.
#6 OFFER A BONUS - You might consider motivating all the other agents in your market to get on your team. Offer a monetary bonus to the Selling agent. What better motivation to get an agent to show your home first. Not all people are money motivated but I can assure you that if they are showing property in your area or price range they will do everything possible to get a buyer to view your home in hopes they can earn that bonus. Or at least they won’t overlook it easy! Remember the more people that come through your front door the more opportunity you have to get an offer.
#7 OFFERING AN INCENTIVE – Can you offer an incentive to the Buyer? You may think about offering to pay closing cost or a portion thereof, an appliance allowance, redecorating allowance, carpet allowance or what ever may be beneficial in your specific situation. Again, give it some thought it just might work!
#8 GET YOUR INFORMATION TO EVERYONE YOU KNOW! – and even the people you don’t. Remember you are on your Realtor’s team…..some places you might not think of would be the loan officers in your market (especially those working on commission). More than likely they have a qualified Buyer that may be in your price range. They will be glad to pass the information on. Your co-workers, your neighbors (believe me they would love to pick who buys your home), your family, friends and anyone else that is in your sphere of influence. Get people talking and paying attention. You may just find your buyer closer than you think.
#9 POSSIBLE TRADE- Are you staying in the area? Thinking of owning rental property? Well, just as yourself the market is full of people looking for a way to sell their home. Look around and see if any of them may have a home that you would like. They may also like yours. Working out a trade is not hard if both people want the homes that are involved. In the mid to late 80’s this was a common practice and certainly is not an outdated thought. Be open minded….it may only be a way to a means…..a stopping off point to get to the ultimate dream. The market will not always be like this and sooner or later it will swing the other way. If this is an idea that is Greek to you, well talk to your Realtor they can explain the details to you and you can decide if this is something you want to consider.
Put Your Armor On & Stay Strong!
#10 DON’T GIVE UP – What does not work the first month may just work in the long run. Remember that the amount of time homes are staying on the market will also increase during these times. Be patient and keep doing the things that may work. The goal is to get people through your front door, desire your home and make you an offer. When you get that offer remember “a bird in hand…” and do your very best to work with it. Time is money and the faster you can get the offer the better. Don’t be hard headed when you do. It may not be the dream offer but remember it is an offer and your goal is to SELL YOUR HOME! I have seen many people pass up the first offer because they got it a few days after they put their home on the market and thought they would get more for more money……most of those same people were sick 6 months to a year after they had still not sold their home. Don’t let this be you!
I doubt you will use all 10 but if one is helpful to you I will be happy. Certainly, remember it is your life and your home and I wish you the very best with your choices. GOOD LUCK!
