It seems like the real estate market has changed overnight. Not long ago buyers were forced to make full price offers quickly, sometimes on homes that lacked many features they were looking for. Today those same buyers are saying no thanks to deals that are not sweet enough for them.
With homes now sitting on the market for two or three months sellers have finally accepted the fact that they will have to be proactive if their home is to sell quickly. That includes making necessary repairs and upgrades and lowering the price. Even though prices are not falling, it is a time of stabilization throughout the United States.
Historically, during times of transition like we are going through now, sellers must begin to offer concessions that were unthinkable just six months ago. The sellers who understand this current reality will be the ones who sell more quickly. Sellers need to adjust their thinking and be ready to negotiate with potential buyers. If someone is interested in a home make every effort to work with them. More homes are on the market now so buyers have more of a choice. Forget about what a house would have sold for a year ago and just focus on the present. Think about other aspects of the sale that are also very important to the buyer. Be flexible with the closing date, offer to help with closing costs, or ask the buyers what they need to be able to purchase your home. They may need something that you would never think about offering.
Homes that are in need of even minor repairs will now be passed by. Spruce up your home with fresh paint, landscaping, new screens, and anything else you have been putting off. Buyers want homes that are ready to move into immediately upon closing. If there are repairs you just cannot get completed offer the buyer’s cash back at closing to pay for these items. Check with your realtor to see how this can be worked out.
Be sure to see what other homes in your area are selling for. It is nice to know what prospective buyers have seen before they make an offer on your home. Make every effort to be realistic. We always think our home is the best one in the neighborhood.
List your home at no more than 5% above what you will sell for. During times like these people do not want to negotiate any more than that. You will save time and avoid low offers and people who are not truly ready to purchase.
Keep these things in mind and your home should sell quickly and for the best possible price.