Real estate is a fickle beast, and in a down market it can be doubly as fickle when you are trying to sell your home. However if you follow a few simple tips, you will increase your odds of selling quickly even in a down economy.
Upgrades and Improvements
One of the first places people go wrong in trying to sell their home in a down market is with installing too many upgrades or home improvements. Money is a factor in a down economy that cannot be ignored. Meaning that if people already don’t want to pay the prices that homes are being valued at, then adding more of an expense through costly upgrades is not going to make your home sell faster, because the investments will be raising the already too high price.
Stick to fixing items that need to be repaired, and touching up areas of paint that will affect the home’s curb appeal, as well as make the interior look more clean, spacious, and appealing to live in. Water leaks, chipped paint, and clutter send a message to the buyer that this home has not been taken care of which could mean big dollars down the road. You want buyers to be able to see themselves in your home as their home without a bunch of costly repairs. So by spending your money wisely in these areas, you increase your salability without increasing the home’s overall price.
The number one reason a home does not sell within the first month is pricing. It is important to verify that your pricing fits what other comparable homes in the market place are selling for. These prices may be lower than you wanted to ask for your home. However they are what the current market place is selling at; pricing your home substantially higher than the neighborhood won’t sell your home faster, it could actually limit the number of potential buyers who take the time to look at your home. If the market place is not supporting the price that you think your home is worth, then this may not be the right time for you to sell.
Appearance for Showings
It is hard to want to put away all of our special items that make our home your home, such as family pictures and knickknacks. But, you will be glad you did when you see how it improves your homes salability. Tuck away personal items, and clear off counter tops to create a more spacious and neat appearance. Keep your home clean at all times, meaning no dishes in the sink, or dirty laundry on the floor, so that you are ready at a moment’s notice for unplanned showings.
Leave the home feeling warm and cozy when potential buyers are on their way over. Make your potential buyers feel welcome in the home possibly with a welcome note and a plate of fresh baked cookies on the counter for their enjoyment. Creating an inviting feeling is the feeling that will keep your home in their mind long after they have left, turning a potential buyer into a buyer.