The current real estate down turn, along with negative sentiments, is having an adverse effect on property sales. However, there are still plenty of opportunities for sellers.
With that being said, If you are a seller in most areas today, you had better price your property to sell! Well, that is, if you hope to attract buyer interest.
Sellers, you need to know that you are now in a buyer’s market. If you are not serious about selling, you should take your property off the market. This may include being ready to take an offer that is less than what you initially wanted.
Buyers, it is A GREAT TIME to buy! If you are just getting in the real estate market or if you are buying and selling in this market, it is a great time to move.
For those who are serious about selling, here are four important aspects that you now need to consider:
1) Sweeten The Pot
In this market, you will need to be open to negotiations. If you do need to sell, consider any serious offer. Especially if it is a clean deal and the buyer does not have to sell their home as a condition.
Turning down an offer or waiting for the buyer to first sell their previous home might well balance out any drop in price that you may need to entertain right now.
2) Fix It
As mentioned above, this is a buyers market and there is a lot of inventory to choose from. With so many properties to choose from, buyers are not going to be interested in a property that appears to be neglected.
You do not need to break the bank. You do not need to go through a full kitchen renovation, but you do need to have the basics done. Clean carpets, modern-esque kitchen and bathrooms. A few new pulls on the cupboards or a touch of paint can go a long way.
3) Price it right
We say this ALL THE TIME. We sound like a broken record but trust us!
- Pricing it too high and reducing it makes people think something is wrong with it
- Pricing it wrong too high and pulling it from the market to re-list with a new agent also makes it look like something is wrong
- When you price too high, you as a seller are typically unhappy with the offers that come in and this leaves little room for negotiation
- When you price it properly it may stay on the market a little longer but there is a higher chance it will sell at a price you are more comfortable with
4) Track Records Are Important
Do yourself a favour, be sure to choose an agent with a track record in the area; selling in a buyers market.
Work with someone who is willing to tell you the truth and provide you accurate numbers so you don’t need to change realtors later.
Sellers need to know that today’s buyers are smart – they have access to the latest news and technology, and they know exactly what is going on in the market.
To stand out, sellers need to heed smart advice.
As always, if you need help buying or selling your home or your parents home, please do not hesitate to contact us.
And Ryan Bamford