Keeping Your Property Competitive

Keeping Your Property Competitive

Selling in any market conditions

Take a look in just about any neighborhood over the last few years and you may find the sign of distressing times. Foreclosures have been on the rise and that can cause a lot of panic for sellers who aren’t in the same financial crisis. The increase in awareness about foreclosures has been stimulating buyers to keep fishing and pushing for even lower prices. We have been in a price-sensitive market, in any buyers’ market that’s true but sellers who are not in foreclosure or who are not in distress have to vie with those properties and the same pool of buyers. 

More recently, things have been turning around, the market is on the rise and inventory is low. But buyers are also savvy. So, regardless of whether it is a buyer's market or a seller's market, there are a few things sellers can do to keep their properties on top. The two most important would be:

  • pricing your property competitively
  • making sure your property shows in absolute perfect condition.

Price your home right from the start. Don’t just look at computer photos. Drive around and check out the interior as well as the exterior of your competition. That’s exactly what buyers will be doing. Overpricing your home may cause it to sit for an extended period of time sparking low ball offers just to see how low you’ll go. Being slightly under-priced can generate more attention and improve your chances of getting a qualified buyer.
Having a clear idea of how long you can have your home on the market will also help you determine what the right price for your home is. Whether you are selling your property due to your own financial needs or whether you have the time to wait it out until you get the price you want. Just keep in mind that buyers aren’t going to pay a premium price out of sympathy because the seller owes more on the mortgage. Price your home based on its worth, not what you owe.
Buyers want the most for their money, the best value. They will be looking at all of their options. Making your home the best value doesn’t necessarily mean putting the lowest price on it. It may mean a nicer house for the same price. It may mean having a few more extras for the same price. It may come down to having the lower price, but the buyers have all the information on what’s available and ultimately they will be deciding which one is the best value. So, you’ll either be helping to sell the other homes or the other homes will be helping to sell yours.

Decide how you will be promoting your home. Nowadays, most buyers have access to the Internet. Advertising used to be more important when buyers didn’t have access to property information or a way of finding the location, but now they can do their own shopping, searching, finding via the Internet. And they’ll be doing that based on their perception of value; how it’s priced based on other properties in the same range and what condition it’s in. So use websites and loads of pictures featuring your home. Buyers like to preview before they actually see the home in person. Last but not least, work with a professional Realtor. Now, more than ever, an experienced agent can help provide the advice and knowledge sellers need to get their home sold. Realtors have the tools to aggressively market your property so that it doesn’t get lost in the sea of foreclosures and with your help, they can show your home as the best value.