Take Advantage of the Buyers' Market
Falling interest rates, available financing and a wide
inventory of homes make for the ideal buyers' market. But what does
that mean for the seller? A buyers' market can be good news for the
seller too, if he or she knows how to respond to the competition for
buyers. Most sellers will discover that with careful planning and
attention to details, they will find themselves in as attractive a
position as the buyer.
Sellers wanting to attract serious
buyers
must begin by
pricing their home in the right ball park. An overpriced house will
discourage buyers from even looking at your home. And if they don't
look, there's no opportunity to even discuss negotiating the price.
FAIR MARKET PRICE
To determine a fair market price, meet
with
a real estate
professional. A REALTOR can show you listings of comparable houses in
the area that have sold in recent months. This will help you define a
price range from which you can determine an initial asking price
(probably high in the range) and a bottom line price (the least amount
you're willing to accept). Remember, however, that the lower the house
is priced, the more traffic you'll have to contend with. In a buyers'
market, you will need to weigh the pros and cons of a higher price
against more potential buyers. A REALTOR can assist you in reaching a
conclusion that works best for you.
SPRUCE-UP BEFORE SELLING
Once you have decided on a listing
price,
make your house
attractive to prospective buyers. A few cosmetic touch-ups, such as
interior painting, can go a long way towards attracting buyers. Plant
flowers in the front yard, clean out closets and fix those little
things you've been meaning to do all year.
Have a REALTOR walk through your home
with
you to suggest
changes and improvements. A stranger's eye is going to notice things
that you're likely to overlook. Focus on the kitchen and bathrooms --
these are important to most buyers.
Once the house is listed, make an
effort to
keep it clean and
tidy at all times. Buyers expect, and generally enjoy, decorating a
home to their taste, But buyers don't want to have to do heavy cleaning.
Make the house readily available to
potential buyers. Some
REALTORS recommend putting an electronic keybox on the front door which
allows them to enter when you're not at home. Most sellers find it
impossible to restrict their lifestyle to ensure that someone is always
available to let the REALTOR in to show a home. Also, most potential
buyers are more comfortable viewing a home when the vendors are not
present.
Once offers start rolling in, the
negotiations start. It's
critical that you have a real estate professional assisting you at this
stage. After all, only a REALTOR is qualified to handle the most
important financial transaction of your life.
The
above article was submitted by the Vancouver Island
Real Estate Board for the information and benefit of consumers.
August, 1994
rev Jan/98
Get
Your Home Ready for Sale
Your
Realtor: Best Source for Tips to Help Sell Your Home
Tips
to Help Homeowners Plan Their Next Move
Tips
on Sprucing
up Your Home Prior to Selling
Preparing
For Your Open House
How
an Open House Can Sell your Home
Selling
Your Home? Enlist the Services of a REALTOR
Sellers:
Take Advantage of the Buyers' Market
Creating
Curb Appeal Can Help Sell Your Home
How
To Books Offer Advice
Buying
or Selling a Home? Use a Realtor
