October 11, 2007
What can be done to help sell my home in a slow real estate market?
Trying times for home seller's in the current Calgary housing market.
Over the past 3 days I have been scouting entry level townhouse condos. In total, I looked at 11 units and 10 were vacant. Of the ten vacant properties, each had been on the market over a month. How frustrating for the seller. They are stuck in a flooded market.
Having your home sit vacant for any length of time can be discouraging when trying to sell.
How do you get that home sold in a market such as our current?
Here are a few key helpful hints:
How does your home show compared to your competition? Clean, tidy, and fresh - I am unable to emphasize more how the presentation of your home is up most important. Clean Clean Clean. Tidy up the yard, wash the windows - every little bit helps. Again, you want to keep the upper edge over your competition.
Many buyers are shopping online first - your internet display is as important as your curb appeal. If your interior images are weak, have your realtor re-take them. Upmost importance to have interior images - must must must!!! Every home buyer I speak with dismisses properties without pictures. No excuse nowadays to not have images online for potential buyers to pre-view. Is your home marketed accurately - no surprises - if you say you have a mountain view - it best not be from the bathroom window!!!
How is your home priced in relation to your current competition?
Are you in-line, slightly higher or lower with their price? As much as we dislike having to say the evil words of "price reduction", this is a reality right now. If your home is priced "average" or slightly above your competition, you may want to consider reducing your asking price. Give yourself the upper edge over your competition.
When considering pricing, look at what has recently sold (last 30 days) - how are you priced in relation to them? Realtors will be looking at recently sold properties to compare - if you are priced higher than what has recently sold, it can deter a potential buyer.
You also have to be careful when choosing a price if reducing - how close are you to your competition. If you reduce your price by $5,000 or $10,000 - will your competition do the same thing? Thus negating what your objective was. Play strategy, do what you can to look better than your competitor - beat them to the punch.
Look at your property objectively and put yourself in a buyer's shoes and ask yourself at that point which home is a better buy. Doing this can help determine what needs to be done inside/outside your home as well as pricing.
Real Estate has its ups and downs. Currently, Calgary is heading into the downtime and many home seller's have no choice but to concede with lowering their home prices and spend a little time focusing on how to stand above their competition.
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