Although it is impossible to predict what is looming on the horizon of the 2011 housing market, there is no doubt that those who plan on selling their homes this year will face steep competition. The housing marketplace is flush with inventory from short sales and real estate owned properties and buyers currently hold the upper hand. That balance may be intimidating to private sellers entering the arena in 2011, however, by implementing a proper sales strategy from the get go, home sellers can gain control and preparation is essential to selling homes in 2011.
Consumers interested in selling their homes need to conduct their due diligence as consumers longing to buy a home now hold all the power. Prior to entering the arena, sellers need to research local market conditions (including average neighborhood prices and length of time homes are listed prior to selling) as that information is crucial to the long-term sales strategy. Once that general knowledge has been garnered, the work of selling a home in 2011 can begin.
Look At Your Home With Fresh Eyes
Despite providing shelter, homes are considered to be the heart of a family. While current owners may tear up when they look at the place where Jimmy took his first steps and Betsy had her prom snapshot taken, home buyers do not have the same positive memories associated with a property in question. Dedicated home sellers must emotionally detach themselves from the task at hand in order to create a canvas for the next potential artist, and there are several steps that should be conducted before offering a home for sale in the local multiple listing service (MLS) boards.
The easiest and most affordable way for sellers to look at their home anew is by literally cleaning house. Removing personal touches such as excessive family portraiture, collectibles and clutter is the first step to the process as not only will those memories be temporarily stored until moving day, but allow home browsers the ability to picture themselves in the home in question while making a home look more spacious. To that effect, personal color choices (such as bubble gum pink in your daughters room, or a red wall in the living room) should be covered with a fresh coat of neutral paint to help aid in the transition.
Price To Sell
Although precious family memories may make a home more intrinsically valuable to a seller, home buyers are not going to pay extra for that set of emotional baggage. Only after home sellers conduct their research and can objectively look at a home as a commodity should an asking price be determined. The price should be based on conditions including fair market value and analyzing comparables.
Analyzing comparables should be included in researching local sales transactions (within a half mile radius) for the previous six months and must include adjustments for square footage, home condition and age of home. Those factors are the best guidelines for determining an accurate listing price, and homes listed marginally less than comparable homes will garner more interest from the get go.
Private sellers who embark on this strategy should also feel free to mention that they (not a bank) are selling a home and that the transaction is a conventional home sale. The current playing field is filled with homes being sold out of financial necessity and while bargains are possible, those transactions are not as straightforward as a traditional home sale. Many consumers are not interested in dealing with the complications associated with buying foreclosed properties or short sale listings.
Roll With the Punches
No two home sales transactions are alike and home sellers that are malleable to an offer or situation have an advantage over their less flexible counterparts. Sellers willing to accommodate requests such as providing a walk-through in inclement weather or off hour visits will win bonus points for their efforts. Perhaps a potential buyer falls in love with a piece of furniture or artwork used during the showing? Gifts with purchase are one of the newest strategies skilled real estate brokers are using to sweeten the deal, and private sellers can use that strategy as well. Overall, home sellers that let the situation dictate their behavior (and not the other way around) can increase their odds of selling their home in 2011.
If you are a consumer looking to buy a home, the time to act is now as not only are there plenty of single family attached, town houses and condominiums for sale at low prices, but mortgage rates are historically low and are below the 5 percent mark. Mortgage Marvel can help borrowers locate the mortgage rates needed to comparison shop for the best deals and secure the lowest interest rates possible.
