Sell, Not, Sell, Not, Sell, Not, Sell? Wait for the Market or Sell?
We meet many homeowners interested in selling their homes, but, say they will wait for the market to return to normal. We have to break the news, today is the new normal. If you are a seller waiting for 2005 market demand and market values to return, be prepared to wait for a long time. Perhaps 5 -10 years or more in specific areas depending upon the volume of inventory on the market, the number of distressed properties behind it and the demand by buyers.
We can indicate that in specific geographic areas, price points, type of property the market is showing signs of stablizing which means price declines have slowed or stopped. For example, one Tampa Bay subdivision showed 12 closed transactions in one month (October 2010) with a market time (days on the market) of 30 days or less. The price points ranged between $400,000 and $600,000. Many transactions were cash. you might say how, where, that’s what I want for my property! Please keep in mind that this subdivision has also experienced a significant decline in prices. During 2005 their highs reached into the millions. So that purchasing a $500,000 home in this subdivision might have sold in 2005 for $1 million or more. Everything is relative.
When you decide to sell call an experienced agent willing to market the heck out of your property and price the property aggressively. We employ tricks of the trade to market our listing to generate a flurry of activity and subsequently receive offers to purchase. Also, you are the SELLER and not the BUYER. As experienced listing agents, we walk through your property and create a check list of recommendations to best present your property for sale. These recommendations are based upon our assessment of your property against your competition, generating an activity of buyer interest and securing you a contract. If the walls of your home are pink that is your taste as a Seller, how many Buyers will like pink walls. You might say, “I am not going to fix it, the next person can do it.” Guess what, the next person will dismiss your property as needing too much work or reduce their offer based upon the cost of work required. You might consider re painting the walls a neutral color or expect a lower offer due to the work needed. Here are a couple of pictures showing before and after. The cost? $1000 for materials and labor. The intrinsic value? Moved the property from poor market position to sold.
A great way to discover any buyer concerns that might arise is to hire a home inspector as part of listing your property and BEFORE the buyer conducts their inspection. In this way you as the Seller, can correct any and all items that might arise during the contract and negotiations.
Keep in mind that properties are selling, it is a harder “turn” to secure a contract and get it to the closing table but it can be accomplished. We have succeeded with our real estate endeavors for many clients. It takes a team effort. It can be done.
If you are considering selling your home call us 941.313.1234.