Home Selling in 66106>Question Details

Erin, Home Seller in Kansas City, KS

What can I do to get my house to sell in this market?

Asked by Erin, Kansas City, KS Thu Feb 12, 2009

We bought in 2006 with the hopes of remodeling slowly, but are needing to sell right away. Any advice would be appreciated. Thanks!

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Erin, the 4 factors that will influence whether or how long it will take to sell your home remain constant in any market; (1) Price, (2) Condition, (3) Location and (4) Local Market Conditions. You did not mention wether your home is currently listed. Not knowing the exact location of your home and what you are asking for it does make for generally vague discussion. Feel free to contact me if you have further questions. We have 2 offices (1 in Lansing and our Main office is in Bonner Springs). We do alot of business in KCK. Mike
0 votes Thank Flag Link Sat Feb 14, 2009
Erin,
If you need to sell right away, you need to be priced at, or most likely, below market value. With the high number of homes available, you need to be priced super competitively. Make sure your home is in showing conditions at all times. Do not turn away showings for any reason. Good luck!
0 votes Thank Flag Link Fri Feb 13, 2009
Erin,

Selling in today's market is all about visibility and price.

The more people that know about the property the greater the percentage chances of selling it. Additionally, having it priced competitively in today's market should get the attention you require for a sale.

Good luck
0 votes Thank Flag Link Fri Feb 13, 2009
Erin
Please see the link below. 87 homes for sale. None recently sold. Zero.

A few helpful suggestions:


The only owners that sell in a buyer's market HAVE TO SELL.

Knowledgeable agents know that - not all agents are knowledgeable.

Given that there are NO recent sales, you have to ask yourself some questions:
1. Do I absolutely have to sell? Are there any alternatives (such as renting it out?)?
2. What happens if it does not sell? ANY listing will sell...at the right price.
3. Should I opt for a short sale or a loan modification (the answers point in opposite directions)?
4. What are the tax and credit implications of the chosen strategy?

The only person that should really be offering advice is someone that knows your home, your market, and your personal situation (when you need to sell, why, and how much you need to net). That means trusting someone. They had better know their stuff. If you need a referral to a top Realtor in your area, contact me via my profile.

Good luck.
0 votes Thank Flag Link Thu Feb 12, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Erin:

There are five fundamental things that go into selling your home: slip in any of these areas and you reduce your chances of a sale:

1. How Well You Are Motivated To Sell

If you are not motivated to do what is necessary to sell your home, it will be an uphill proposition. Selling starts at home. Motivation means going after the next four items with gusto.

2. How Well Your Home Is Prepared

Preparation is critical: you will be competing against REOs who are currently driving the market downward with stunningly low prices. You have to demonstrate that your home is actually a better value and better choice than a low priced REO. Your Realtor should be able to help. Many Realtors, understanding how important staging has become, now include it as a complementary part of their services. See the following link for more information:
http://blog.homegain.com/home-improvement/no-stage-no-play/

3. How Well Your Home Is Priced

80% of selling your home is price: after your agent has done their part, you need to step up and deliver. Your home needs to be priced UNDER the competition if you want it to sell. See the following link for more information:
http://www.trulia.com/blog/carl_medford/2008/12/when_does_a_…

4. How Well Your Home Is Marketed

Your Realtor should be providing numerous professional quality pictures, a virtual tour and so much more. There is no excuse for poor marketing – since all Realtors charge the same, interview until you find one that has an extensive Internet-based marketing plan. You should be able to Google your Realtor’s name and have listings and extensive information about your Realtor pop up right away. See the link below for more information:
http://www.trulia.com/blog/carl_medford/2008/12/the_new_real…

5. How Well The Buyer’s Agent Is Compensated

Make sure the buyer’s agent is well compensated for brining a qualified buyer to the table. In the current market, a buyer is everything. Many buyer’s agents view their buyers as assets and direct them to the homes where their “asset” will produce the highest dividend. You may not like this fact, but it is an unfortunate aspect of human nature that you cannot afford to ignore.
.
Web Reference: http://www.carlmedford.com
0 votes Thank Flag Link Thu Feb 12, 2009
It sounds as though you may be in a tight financial spot. If that's the case, it's not the time to be fooling around testing the water or theories of home sales and what you think your home is worth. The first thing you should do, is sit down and determine what amount you absolutely must have, to recover financially by the sale of your home. That is, what is your payoff balance. Do you have any pre-payment penalties or other costs? Are you sure? Are your taxes current, do you have a second mortgage, are there any type of liens or other costs attached to or related to the property that you will have to pay upon sale to provide marketable title? What type of condition is the property in? What kind of repairs are needed and what are the costs? Call at least one maybe up to 3 Realtors and ask them for a (BPO) Broker Price Opinion or at least a Comparable Sales Analysis. Don't confuse this with what other people are asking for homes they have on the market, because the asking price doesn't mean that much when you really want or have to sell. You need to know what comparable homes in your area have sold for during the past 3-4 months. Don't go back longer than that, because in today's market those older statistics become worthless real quickly. You also want to know at least the average of how many days the homes were on the market before they sold. You'll have to decide what types of incentives you want to apply to help sell your property quicker, i.e. closing costs, appliances, etc. You also want to know what types of financing and financing assistance is available in your area for Buyers, and if you're going to provide incentives there as well, like a buy down. Talk with a Realtor, decide if you want your home pre-appraised or pre-inspected. Get it ready to sell. It has to be as much "the jewel of the neighborhood" as it can possibly be. And don't be stupid about pricing. Price it right at the start, no playing the "we'll play the negotiating game" or "we can always come down game". Price it to sell it, make sure it's always available to show. Get a Realtor.
0 votes Thank Flag Link Thu Feb 12, 2009
Hi Erin,
In addition to being a full time real estate broker, I am also a writer and have attached a link below to an article I wrote on this exact question.
Basically, you need to make your home the best value in it's price range. You also need to get the most exposure you can in this difficult market.
I hope that this helps.
0 votes Thank Flag Link Thu Feb 12, 2009
Erin

Whether you are represented by an agent or not, the blog attached to the first link below may be of some interest to you. While it is directed mainly to FSBOs, if you are represented there are still some ideas that you possibly could implement to augment your agent's marketing plan . Please always keep your agent abreast of anything you do on your own. The second link may be of some value in selecting an agent if you havn't already and are planning to.

http://www.trulia.com/blog/rockinblu/2008/08/thinking_about_…

http://www.trulia.com/blog/rockinblu/2008/12/i_ve_got_my_fin…
0 votes Thank Flag Link Thu Feb 12, 2009
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