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Closing a Sale: Selling a Home in a Buyer’s Market
2008-07-27
Author: Thompson Appraisal
Price your home according to the current market. Just because a house comparable to yours sold for a very high price last year does not mean you will be able to realize the same price when selling your home now. Work with an appraiser or find a real estate professional understands the market and how to value real estate in changing market conditions. Remember that in such conditions your appropriate sales price may more closely reflect active list prices of other properties and not those recently sold. Increase the marketability of your home. A good first impression is important in real estate just as it is in relationships. A critical impression is made by your property on the potential buyer the first time that he sees it. Maximize curb appeal by trimming trees, planting flowers, and even rolling out new lawn sod. Some fresh exterior paint might also improve that first impression a great deal. Also consider having a your home "staged" to make it more attractive to buyers. The cash spent on this service can be more than offset by better sales price. Have an inspector conduct a complete home inspection. Required repairs should be done in advance of listing your home. In a buyer’s market, people may pass on your home for another that does not require as many repairs. Make the home inspection report available to prospective buyers along with an itemized list of all of the repairs made; and don't forget to include receipts. Take advantage of past appreciation. Price appreciation has slowed in most markets but it should be remembered that the financial gains already achieved should be considered against historical statistics when deciding if you’ve made an adequate profit on your home. Do not be greedy: price your home with these gains in mind. A seller can improve the attractiveness of the deal by offering some sort of assistance to the buyer so as to avoid lowering the asking price. These can help your home to stand out from the others on the market. Examples would be paying down the buyer's interest rate, closing costs, or HOA dues. Sellers must remain patient. Properly priced homes that are appealing and do not have deferred maintenance are still selling in this market. The average time to buy a home on the market has increased in Santa Clara County, it still is relatively low compared to other parts of the state. If you work to properly prepare and market your home, you can put yourself in a strong position to sell your home for the best price.
 
 
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