6 Tips for Home Sellers - Competing With Short Sale Listings! (Bradenton, Sarasota, Manatee County, Sarasota County)
Posted under: Home Selling in Manatee County
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June 6, 2009 10:08 AM |
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If you are trying to sell your home in the current Real Estate market, it's a reality that you WILL be competing with foreclosures and short sales. In order to succeed and accomplish your goal to sell your home in this challenging real estate climate, here are some excellent suggestions to get buyer attention for your property and to get moved to the front of the line... ahead of the short sales & foreclosures!
- PRICE, PRICE, & PRICE! You must be competitive! If you aren't willing or able to price your home realistically and competitively... you should NOT be offering your home for sale in the current market... period! It will be an exercise in futility for you and for your real estate agent to put an over-priced listing out there amongst the hundreds of foreclosure and short sale listings. Until the distressed property ratio for homes listed for sale goes down... you must deal with the price issue. These distressed properties are being used, not only as competition for offers on your home, but for comparables for doing appraisals, so even if you DID get an offer close to your asking price on an over-priced listing, chances are... it would NOT appraise for the buyer's lender.
- CONDITION! This is your "Ace in the Hole" so to speak in your arsenal of weapons to use to outshine the distressed property population. Most distressed properties (hence the label "distressed property") are in poor repair and condition due to the seller's financial history and lack of funds to make proper, timely improvements and repairs. This is where you can entice and attract the buyer... IF you take the time, money, and effort, up front, before you put your home on the market, to clean, de-clutter, polish, and stage your home. Make sure when the buyer walks through the front door of your home that the first thought that they have is.. "WOW, Beautiful! ... I could move into this home tomorrow without doing a thing!" Since there are a lot of buyers out there that either don't have extra money for repairs, improvements, etc. or don't have the time frame to "wait out" the process of short sale or foreclosure, and then, on top of THAT ... have to suffer through repairs and renovations.... YOU HAVE A LOT OF POWER if you take those annoyances out of the buyer's way! Use this power!
- OFFER A HOME WARRANTY! Pretty self explanatory... a type of "insurance" that will assist the buyer with many problems that could arise, not apparent at time of home purchase. This perk helps put the buyer's mind at peace for unforeseen problems after closing.
- OFFER A QUICK CLOSING! Make sure that you have made plans, in advance, for moving... whether that means identifying and procuring a rental or buying another home. Put yourself in a position when you receive an offer and need negotiating tools, to offer the buyer a quick closing period. The long, drawn out processes for short sales and foreclosures are one of the main draw backs to those transactions... again make sure you position yourself to use this SELLER ASSET to get your property noticed and SOLD!
- SELLER FINANCING! Not every seller is in a position to use this tactic, but if you are... WORK IT! With the "Home Buyer Tax Credit" expiring in December.... there will be buyers out there that will be desperately trying to make that deadline. Short sales and foreclosures WILL NOT be able to compete in this arena because of the nature of their processes and systems... they take forever! Some buyers may need creative assistance with financing. Talk with your Real Estate agent about the ways that you could offer "seller financing incentives".
- HIRE A REALTOR WITH EXPERIENCE AND AN AGGRESSIVE MARKETING STRATEGY! The 2 most important points when selling a home is "Price" and "Exposure". Hiring a professional to market your home properly... negotiate the sale.... and handle the paperwork involved for closing the sale is the best way to get "top dollar" for your home.... period. Homes sold with a REALTOR, traditionally, sell for more money and the difference, in most cases, MORE than offsets the real estate fees charged by the REALTOR.
Visit our website to view The Serena Group's Marketing Plan!
www.TheSerenaGroup.com
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