Although home appreciation has leveled off in some markets, sellers can still get good prices for their homes. The sale may take a bit longer, but a little creativity can help sellers move homes without having to drop the price.
The professionals at Libby's Home Sales offer the following suggestions for sellers who want to speed the process:
Price Your Home According to the Current Market. Just because a house comparable to yours sold for a high price last year does not mean you will be able to realize the same price when selling your home now. Working with a full-service professional real estate team to determine the appropriate, competitive listing price for your home. Remember that in this market, your sales associate may encourage a list price in accordance with others currently on the market, rather than those previously sold. Visit the Home Evaluation Page to get a sense of comparative sales prior to meeting with your sales associate.
Be Thankful for Appreciation. While price appreciation has slowed in some markets in 2006, it is important to look realistically at the financial gains you have made over the years you have owned your home. According to the National Association of REALTORS®, over the last six years the median sales price of a single-family existing home in the U.S. appreciated 7.6 percent annually.
Make Your Home More Marketable. When a buyer sees your house for the first time, a critical first impression is made. If applicable, maximize curb appeal by trimming trees and planting flowers. A fresh exterior coat of paint might also prove valuable. Consider neutral colors for interior walls and carpets. Dark colors on walls, along with unnecessary clutter, make rooms look smaller.
Conduct a Full Home Inspection. If repairs are required, it is a good idea to go ahead and fix the problems. Potential buyers will cast an extremely critical eye over your home and, in a situation when more houses are available on the market, they may take a pass on a home that needs too many repairs. Be sure to have the home inspection report available for prospective buyers itemizing all of the repairs that have been made and the associated cost for each.
Offer a “Seller’s Contribution.” A seller can sweeten the deal by offering assistance to the buyer in ways that do not require lowering the asking price. These tactics can help your home to stand out from the crowd. For example:
· Offer to buy down the interest rate on the buyer’s mortgage.
· Offer to pay a portion of the closing costs.
· Offer the listing agent a higher selling commission allowing them to pay the selling agent a higher commission as an incentive to sell your property.
· Many condos and houses across the country belong to homeowners’ associations that require annual dues. Paying the first year’s fees could be a big incentive to a buyer nearing the limit of his or her liquid assets.
· Offer to pay off a buyer’s bills. According to Realty Times, some loan programs allow sellers to pay off the credit card debt or auto loans of the buyer which will help him or her qualify for a better mortgage and prevent the need to buy a smaller, less expensive house.
Don’t Worry. Properly priced homes that stand out from the competition are selling and demand for homes is still at historical highs. Speak to your Libby's Home Sales sales associate to find out how long an appropriately priced home is expected to remain on the market in your area.