Making the Decision To Sell For a Better Price Vs. a Faster Sale

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There are different approaches to selling a home and depending on your goal a couple different ways you can go about achieving that goal.  For homeowners looking to sell quickly so that they can relocate for a job, for instance, the option to sell as quickly as possible would be a viable one.  For families who have invested in their home for the long haul and had hoped to carry this investment through to the next property, hoping to maintain equity in their asset – selling with price in mind seems the better choice.

Either way, as we are in a current economic downturn that has lasted more than several years now, it is no secret that selling will not be as easy as it used to be.  By following some of the strategies listed below, you can count on an edge over other sellers who many not be savvy on the ins and outs of selling successfully.

Selling Your Home to Yield a Better Price

PRICE YOUR HOME REALISTICALLY.

The single biggest mistake sellers make during a soft market is to price their home too high.  Working with me we will investigate market trends in the immediate vicinity of your home.  In this link you will find information regarding a CMA.  (Comparative Market Analysis) As always I am happy to supply you with a personal CMA to gain an in-depth look at what other sellers are selling like kind homes for in your area, average Days-On-Market statistics, housing values and more.

Click here for your own personal CMA. >

SHOW OFF THE HOUSE.

Very surprisingly, a significant number of sellers have no idea that they should prepare the house for sale by highlighting its attributes.  Beginning with curb appeal, then the entrance of the home and finally throughout the rest of the space – any and all noteworthy features should be highlighted.  The home should be attractive; everything in working order and it should be set up in a way that potential buyers can imagine themselves living in the home.

RESOLVE ANY ISSUES.

Taking care of any outstanding concerns with the home, whether functionally or aesthetically, is a sure-fire way to get a better price.  Start with the major issues and then work your way down.  Unless you are willing to accommodate the price of repairs on a major problem such as a leaky roof, ineffective plumbing or an old furnace – resolve these issues. Remove all clutter that is in plain sight and “depersonalize” the space so that buyers can imagine their own things in the home.  A fresh coat of paint and replaced carpeting in neutral colors can go a long way as an effective selling tool.  Remember, the less a seller has to do once they move in, the better price you will achieve.

Selling Your Home Faster 

MARKET YOUR HOME EFFECTIVELY.

Anyone can put a house up for sale – but not everyone can get the word out and market it as effectively as needed to sell it fast.  One of the traits of a successful Realtor is going above and beyond the traditional methods of marketing real estate and actually selling the home.  Working outside the box will have a huge impact on your success – and it goes without saying that the more people know about your listing, the more likely it is to sell.

BE WILLING TO GET CREATIVE.

One of the best advantages you can have over other sellers is to realize that it is a buyers market at the moment.  If there are issues that you cannot resolve, be prepared to offer a rebate for the amount of repairs. Be wiling to contribute to closing costs – a feature of FHA loans – financing that many homebuyers are tapping into these days, home warranties are also helpful.  If you have an assumable loan, communicate it to the prospective buyer as this is an excellent tool to help sell quickly.  Provide as many amenities as possible so that the home is move-in ready; leave appliances that are already hooked up and include as many appliances in the deal as possible.  Some sellers even offer to pay the first year’s homeowners’ insurance.

REMAIN FLEXIBLE IN YOUR EXPECTATIONS.

If your primary goal is to sell your home as fast as possible, one possibility is auctions.  Though not the best way to yield the best financial return on the sale, auctions definitely provide the peace of mind that your home is sold almost instantly.  There are some disadvantages to auctioning a home – and other than price they are mostly restrictive to the potential buyer.  You must be very clear on your contract that the sale is “as is” since there will likely be no time for inspections.  Maintaining buyers’ expectations can be difficult in an auction but on the other hand you can present your home and expect an answer almost immediately.
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Not sure which approach you want to take?  Now that you have some tools and techniques – making the decision based on your needs should be an easier one.  Keep in mind you can also try to accomplish both, of course.  Regardless of the choice you make, it is essential to have a solid team backing you and one such pivotal member of your team will be your Realtor.  Be sure to choose a Realtor with whom you can feel comfortable, trust to take on the approach you feel is best for you – and one that will not be afraid to be honest with you in all ways to ensure the most success.

To Sell Or Not To Sell – Which Side of the Fence Are YOU On?

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With so much talk about this being the best buyer’s market our real estate industry has witnessed in a long time, there hasn’t been too much focus on whether one should consider selling right now. And if they choose to do so, what benefits or liabilities do they face in the wake of today’s economic downturn?

We take a look at both scenarios, so that if selling your house is an absolute must and waiting out the market is not an option – you can gauge the potential ramifications. Likewise, if you can wait the market out, what exactly can you expect to accomplish and in how much time?

When In Need, All Else Doesn’t Matter

The majority of home sales on the market today are those of people who are in an impossible situation. This could mean that they have to relocate for their job, the local economy has caused job loss, medical emergencies have arisen leading to the inability to manage the home or worse, total financial breakdown for any or all these reasons. Distress sales have recently become a growing phenomenon that is hardly possible to avoid during this current economic state.

Given that the national home prices outlook is bleak at the moment, this is a very difficult position to be in for these sellers. Often, they are people who obtained mortgages during the “golden years” of real estate when almost anyone could easily be approved for a home loan. Though not always the case, a lot of families who got themselves into homes thinking that economy would last forever – have now found themselves in an impossible situation.

DOES IT MAKE SENSE TO SELL RIGHT NOW?

Keep in mind that eventually property prices will rebound – so whether through creative financing, alternative arrangements with lenders, or even converting your property into an income-generating one, seek out ways to avoid selling.

If you can answer yes to any of the following questions, it is safe to say that selling is unavoidable:

• Do you need a significant amount of cash?
• Are you finding it harder to maintain your rental property?
• Is the estate in question an inheritance where all parties do not agree on what to do with it?
• Has a partnership dissolved, resulting in the need to split the assets?
While there are alternatives [http://thecincyblog.com/2008/01/18/three-alternatives-to-selling-your-house/], if property owners are unable to avail those opportunities, then there is no option to wait for the market to recover and the property in question must be sold.

WHAT ARE THE IMPLICATIONS OF SELLING NOW?

It is a buyers’ market after all – which means that homes are being sold. So if you do need to sell, you must stand out from the rest of the competition to find success.

Keep in mind that with inventory levels as high as they are in most markets (an average of about 8 months currently), buyers have a lot to choose from. This means that sellers have to offer many incentives for buyers to choose their property on top of existing factors such as neighborhood and schools system, area amenities or the type of housing community.

What’s Stopping You From Upgrading Into Something Bigger and Better?

As mentioned above, the majority of home sales these days are those surrounded in unavoidable circumstance. The rest of the home sales taking place nowadays are for people who want to seize the buying opportunities out there right now, getting in on historically low interest rates and equally as historic low housing prices. Combine both these factors and it makes good sense for many Americans who can afford it to move out and move up. The primary advantage for these people is of course that they save tens of thousands of dollars on mortgage interest and they get to live in a better home for about the same that they are already paying.

IF SOMETHING BETTER IS IN STORE – SELLING NOW IS A GOOD IDEA

Assuming that your home is sold, this could not be a better time for families to upgrade. When one home is vacated – the next one is occupied – those people then have to find a home, only for it to be vacated and those people have to find a home. This process is one of the driving forces of a well-oiled real estate machine that begins to affect local markets and eventually stabilize prices, contributing toward market recovery.
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Put very simply, if you have to sell and have no choice – you will suffer the consequence of yielding less than what you had anticipated. And if you can afford it, selling now is one of the best decisions you can make for you and your family because it will translate into a sizable investment once the market does recover.