We don’t know what will happen in 2008, but to date some Real Estate markets, both here and south of the border have stalled, if not declined. But still, owners are looking to maximize profits. What to do? If you’re a seller, here are a number of steps you can take to make sure your home has the best chance for a top price and a quick sale.
Know Your Marketplace.
It’s not good enough to know the sale prices in your neighbourhood, they frequently don’t tell the whole story. You also need to look at expired and terminated listings, these listings will give you information on homes that have stayed on the market far too long and the possible reasons why.
Reduce Deposit Requirements
To make a contract work there’s a need for a buyer deposit, the “consideration” necessary to bind a deal. If you’re the seller you want the largest possible deposit, but if you’re in a slower market you may want to settle for less. Buyers want the smallest deposit possible, avoiding tying up larger amounts money with little or no return on their funds.
Throw in Stuff
Do you really want to take the swing set or a washer/dryer with you? In some cases it may be best to “reluctantly” part with such items in order to entice an offer.
Update MLS Photos
If it’s June and your listing photos show a home with 4 feet of snow in the front yard, buyers can guess that the property has been for sale some time — meaning the price and terms are flexible. Perhaps more “flexible” than you would like. Have your agent post newer photos, and lots of them.
Visit Open Houses
It’s always good to visit open houses or, as they are sometimes called, the competition. It’s not easy to be objective, but is there something other owners have done that might work for your property? Maybe re-painting the kitchen or brightening up the basement.
Keep Things in Perspective
It’s silly to worry about small costs and concessions when the goal is to sell your home. A buyer may ask for an extra $500 to resolve a concern just before closing. What happens if the market slows and prices soften? Would it not be cheaper to “lose” the $500 than to find another buyer a few weeks or months later when the market may be tougher and your final sale price could be thousands of dollars less? Something to think about.**Nothing on this website should be confused with financial or legal advice. If you need this, or any other type of advice, please seek the help of a competent professional. In addition, because real estate laws change all the time and differ from state to state, and even city to city in the same state, everything in these pages should be considered general marketing advice and ideas. Please see link to full Disclaimer at the bottom of this page.