Home Selling in 87107>Question Details

Gilles, Home Seller in Albuquerque, NM

how to sale my house in a slow market?

Asked by Gilles, Albuquerque, NM Thu Dec 6, 2007

2128 manchester pl Nw 2169 sf, .28 acre, $ 369000

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Gilles

In a static or declining market, agressive pricing is most important.
Many sellers price according to sales in the last year or more, price according to neighbors pricing
(plus cost of their special amenities), and/or add a little on top "for negotiating"

Buyers are out there and they are and have been buying. Buyers have a large inventory of available property in any given parameter field, and they are shopping for the best deal (in their mind)

On new financing, lenders are requiring their appraisers to use comparable properties no older than 3 months.

In order to agressively priced and to sell your home the fastest and still net fair market value:

Analyze the properties that are most comarabel to yours that have sold only in the past 3 months.

Price your property at value rather than value + (room for negotiating)

Have your home in uncluttered clean showing condition

Have your home reasonably available to accommodate a buyer's schedule needs.

Probably the most difficult of these is for the seller to price at value.
Put on your buyer's cap for a moment.
As you, the buyer are looking at all the homes in your parameters, you are also on a learning mission, what you can get for what price.
As you as buyer see dozens of homes all priced value +, you find a home priced at value.
That is most often the property the buyer makes their 1st offer!

Of course the buyer will always come in with an offer.
But if you have priced at value, while the competitive properties have all been priced at value +, the buyer will more easily be able to "justify" (in his mind) be open to, and accept, your counter back in line with value.
2 votes Thank Flag Link Fri Dec 7, 2007
This will sound like a cliche, but the only thing you can do is position yourself to be the one chosen. A slow market normally means far too much inventory and that is our case right now. There are 10 houses for each buyer. So you MUST put your home in show condition and have it that way every day as you leave for work.

NEVER lose a showing by not being ready.

Price at the low end of the comparable houses that sold in the last 60-90 days. Forget any sales farther back than that.
2 votes Thank Flag Link Fri Dec 7, 2007
Gilles,
It takes a combination of properly staging your home, marketing and pricing your home. Without all three in our market it is going to be tough to sell. With that being said, the market seems to be picking up and there are still plenty of homes selling.
Web Reference: http://www.johncastillo.com
1 vote Thank Flag Link Sat Feb 16, 2008
Don't let this market scare you. That being said, do you NEED to sell your home now? If not, hold onto it for awhile.

Despite what the media is saying, homes ARE selling...they are taking a little longer to sell but they are selling.

In any market, you need to price your house right, declutter your home if needed, make sure the curb appeal is there. Go visit your competition and see if there is something you can do to make sure your home is more appealing than anything else on the market. Sometimes just a fresh coat of paint helps.

Make sure there are no unfinished projects or deferred maintenance.

All the best to you!
Web Reference: http://www.DotChance.com
1 vote Thank Flag Link Fri Feb 15, 2008
Giles
You have some very good advice below. My only additional comment is to put it on the market now. You have less competition, serious buyers are looking, and interest rates are favorable for buyers.
Particularly in a slow market, imagine competing with 40 homes instead of 20. When spring market starts, you will have many more homes with which yours will have to compete.
1 vote Thank Flag Link Sat Dec 8, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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You need to more attractive than any of the competition that is currently on the market. You cannot price according to only active lisitngs, as there is no validation for those prices. Look to recent solds, and adjust for pricing trends. i.e. If a property closed 60 days ago, but was under contract for 60 days, it went to contract 120 days ago. Apply any modifications to the comp price that would reflect recent price trends or changes in the marketplace.

With the suggested sales price as supported by comps of solds in hand, look at the under contracts and the active properties. What went under contrct recently? Why? Look at the active offerings. How do you stack up against the competition? If a buyer can have a similar property to yours for less$$, that is what the buyer will buy. You have to outshine your competition, and your asking price must be supported by data.

Once your property is priced right, it needs to be aggressively marketed. Are you currently listed? Review the marketing plan presented by your Realtor. Is there a strong online presence? Discuss this w/ your Realtors and see what modifications might be made to increase your exposure.

Good Luck
1 vote Thank Flag Link Sat Dec 8, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
Giles, While patience is a virtue, it doesn't sell a house! Take a tour of some of the other homes that are listed at or near your price. Then you need to do an honest assessment of how your home stands when compared to these homes. If you don't trust yourself to be objective, take a friend with you. One you know to be honest and blunt. After the tour review your assessment. (a prospective buyer will) If your home is at the top end in looks, location, size, has a good flow, and is neat and tidy, you should be in good shape. If your home is not on the top end, try to see it as the buyers would. Consider what you would have to do to whip it into shape. If that is not easily done, you might want to consider a price reduction.
1 vote Thank Flag Link Fri Dec 7, 2007
The albuquerque housing market has always been better than the rest of the country. You can sell your albuquerque home fast if you do a few things. Stage your home and market it aggresively. These days the internet has made selling a home much cheaper than years before. Listing websites like http://www.elbosqueatandaluciadelaluz.com/ and whats called "Listing Syndication" has your listing on thousands of websites and looking better than a typical listing. There are more things but those 3 things, done correctly, will get your albuquerque home sold fast and for a great price.
0 votes Thank Flag Link Tue Sep 22, 2009
There's a great program available by Mark Kemp on how to sell homes in a slow or buyers market. You should check it out at howtosellhomesinabuyersmarket.com
0 votes Thank Flag Link Fri Feb 15, 2008
Ideally you should try to wait to put the house on the market after Jan 1 because of the slow holidays. Next I suggest you select an agent who can demonstrate how they will set your home apart from the rest currently out there. Generally speaking, homes in California are taking an average of 4-5 months to sell right now. It is all about pricing, location and staging right now! Good luck.
0 votes Thank Flag Link Sat Dec 8, 2007
Please read my short and helpful article found here: http://www.zillow.com/wikipages/Selling---A-Formula-for-Succ…
0 votes Thank Flag Link Thu Dec 6, 2007
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