There has not really been a whole lot of chance in the metro real estate market in the past few months. At best it activity remains slow and it looks as if the housing market will be slow for at least the next year.
It is not a good time to be a home seller and many sellers are meeting disappointment when they find out what their homes are actually worth. Still, some folks have to sell in this market and I want to address what you as a seller can do to improve your chances.
I think the most important thing is that you have to be realistic about what your home is worth today. You can't look at what your neighbor's house sold for two years ago and expect your Realtor to perform the same miracle for you. I would have to say that the biggest obstacle facing home sellers today is that too many people are overpricing their homes. Don't do it. An overpriced home in a hot market is not such a bad thing, but in this market it is the kiss of death.
The second biggest mistake that sellers are making today is not putting enough effort into making their home presentable. This is a no-brainer. In a market where there is a surplus of homes and a shortage of buyers, homes that show the absolute best will still sell rather quickly and for a few dollars more while "average" homes will linger on the market for ever unless they are sharply discounted. Buyers today have the luxury of "cherry picking" and can afford to look at homes until they find the one that has a new kitchen and updated baths. Everything you can do matters. If your appliances and baths are dated, then you better make sure everything is in perfect condition and spotless. The yard is important too. I don't think a beautiful home needs staging but if your home is a little tired then perhaps you had better pay the money and have a professional come in and stage it for you.
The last thing is that in this market you had better be ready to negotiate. Buyers hold just about all the cards and it is important that you as a seller realize this. I am not saying you have to cut your arm off to keep a buyer happy but you should be prepared to give a lot and be willing to make the buyer think that you value that they like your property.
In this market price matters. If your home has been on the market for 60 days and nobody is coming to see it then you had better take a hard look at your asking price. You may think it is a deal but the market is going to deter min the value of your home. You really have two choices, lower the price or get out of the market and try again next year. I know this sounds harsh but it is that kind of market and will be for some time to come. Good hunting!
