Several years ago when the market was in favor of the seller, strategies for selling a house were different. Since inventory was low, it was O.K. for a house to be in less perfect shape.  Houses were being sold at inflated prices and sellers could afford to give money back to repair roofs and carpeting that were in less than good condition.

The market has changed. We are now in a buyer’s market. Inventory is high and price is low. Here are some of the myths that people are hanging on to in today’s market.

MYTH: My neighbor sold his house for X dollars 4 years ago and mine is nicer than his.

FACT: Your house is worht 40-60% less than it was 4 years ago. Get over it and let’s move on.

MYTH: I can overprice my house. Let people come and see it and make an offer.

FACT:  There is enough inventory out there that is properly priced that people will NOT even bother to come and look at your overpriced house. In 60 days when you decide to lower the price, it will be too late. Your house generates the most interest in the first two weeks you are on the market. If you’re not properly priced from the beginning, you lose your biggest opportunity to sell. The Smart Seller will list his house 1 or 2 thousand dollars BELOW the price recommended by the realtor in order to sell quickly.

MYTH: I know I need a new roof or carpet. I’ll just offer an allowance.

FACT: There are enough homes on the market in good condition that buyers do not want to get involved in replacing carpets or roofs. If you are serious about selling, you will fix these items yourself and but the house in A1 condition.

MYTH: I don’t need a realtor. I can sell my house on my own.

FACT: I love this one. You won’t sell your house with a newspaper ad and you won’t sell it by putting it on one website. To sell your home you need exposure.  Our listings filter down to over 800 websites and it is now estimated that over 90 % of buyers start their search on the Internet. Most sellers who decide to go it on their own give up after about 2 weeks and call a real estate agent so save yourself 2 weeks of frustration and give us a call.

Don’t Make These Mistakes

Yes, we are in a buyer’s market. Supply is exceeding demand which means that prices are down. In some cases WAY down. That doesn’t mean you can’t sell your home and still make a profit. A good real estate agent will help you properly price your home. Here are some common mistakes that buyers make that hinder the sale of their home.

Many buyers will price their home too high to test the waters. If they don’t get any showings in 30-60 days then they’ll consider lowering the price. The error in this is that most activity on a new listing will happen in about the first two weeks. If you don’t have any showings in that time period, the listing becomes ‘stale’ and activity will drop off considerably. It is very important to have your home listed at the right price.

Knowing that you will probably be getting less for your home than you could have several years ago, may buyer’s are hesitant to make needed repairs. Instead they think they can still offer an allowance to the buyer for things like carpet or new roofs. The problem here is that sellers who are committed to selling their homes will make the repairs and put their homes in A-1 shape giving them an edge over their competition. Fixed up homes will sell while those in need of repair won’t.

Pricing your home too high and hoping for a cash buyer is senseless. Today’s buyers are very savvy thanks to all the information available on the internet. They know what’s available and what’s a good deal. Overpriced homes don’t sell.

Beware of the real estate agent that promises you a high price. You will eventually find yourself following the market down as you lower your price. This happens when you start high and slowly reduce your price but keep staying just above market value. You eventually wind up not selling or losing a lot of money. Jim and Sue can show you how to avoid this pitfall.

The bottom line is there are two things that matter in today’s market. Price and condition. If your house is in good shape and priced properly, it will sell. You have to decide. Do you want to List your house or do you want to sell it. Call Jim or Sue and we can help you SELL you home.