 I get so frustrated lately reading all the latest news from the major media outlets like ABC, NBC, MSNBC, etc. Their portrayal of the housing market situation grows bleaker and more grossly exaggerated on a daily basis. I'm tired of all this negative nonsense. Yes, I admit that lenders, a group of homeowners, and the general marketplace is in a trough, but why the news of impending doom on a daily basis? Clearly the writers and editors down at the major news stations don't see the bright side of the housing downturn. I guess they don't realize that lower housing prices is a good thing for investors and homebuyers. Now that home prices have dropped to affordable (and more accurate values), the millions of buyers who were edged out of the market during the boom, can finally afford a home. Another bright side of the real estate market trough is the ability of investors to find some great deals. With high foreclosure rates and even higher inventory levels, there are plenty of "good buys" out there. While investors can scoop up some amazing deals, they may have to wait it out a few years for the market to shift to a seller's market once again. In the meantime, many investors will be renting out their purchases for some added income, until they can sell the home for a profit. Now, if you are on the other end of the spectrum... the seller, you are more than likely struggling to get your property sold. However, there are several proven strategies that can help you sell your property faster and at a higher price, without paying huge fees to hire a realtor. Use the following procedures as a guideline to improve your chances of selling your home faster, and at a higher price: - 1. Debut on Friday- According to many different internet sites, Friday generates more online traffic than any other day of the week. Use this to your advantage. Since the majority home buyers will be browsing pages on Friday, a great strategy would be to debut your listing on Friday. And because your listing is new, it will most likely appear at the top of the page. This could potentially generate much more traffic to your listing then if you debuted on Tuesday.
- 2. Market Online- Research has consistently shown that online marketing is the single best tool to get the word out about your property. According to the California Association of Realtors, seventy-two percent of California home buyers use the Internet as an important part of the home-buying process. This statistic highlights the importance of marketing your property online in order to increase exposure to potentially decrease the time it takes to sell and increase the properties value. Since the overwhelming majority of people now use the internet as their primary source of information, you cannot afford to pass on this valuable marketing resource.
- 3. Do not Overprice the Property- A high listing price can sometimes cause an interested buyer to bypass your property without a second thought; call it real-estate sticker shock if you will. Often times, listing at a lower price will a.) generate greater interest in you home, b.) encourage interested buyers to become more aggressive in bidding and negotiations for your home.
- 4. Wait Until Foreclosures are Off the Market- With the enormous surge in foreclosed properties, it is unlikely that your area has not been affected in some way, shape, or form. Foreclosures have a devastating effect on surrounding properties and could lower you property value by an average of $5,000, according to a report from the Center for Responsible Lending. Moreover, banks are typically eager to unload foreclosed properties at substantially lower prices; giving your listing some stiff competition. As a result, it is wise to wait until any foreclosed properties in your surrounding area have gone off the market. If you simply cannot wait, you will have to account for it in your listing price.
- 5. Stay Motivated- The proverb, "A squeaky wheel gets the grease" is still relevant for real-estate and selling a home. Studies consistently show that motivate and engaged sellers are able to sell their properties up to 30% faster than typical sellers. Staying on top of communications between buyers and agents can substantially increase the chances of selling your home quickly and at a better price. Aloofness in any business can deter buyers since most people favor direct interpersonal communication. Moreover, being outgoing can encourage a better deal with buyers and motivate agents to be more aggressive on your behalf.
(Posted by: K. Skowronski) |
