What to Expect in Today’s Market, Fall 2011

If you bought your home between 2005 to 2007, you may be in for some sticker shock if you want to sell now. Depending on how much you originally put down, you may find yourself “upside down” with your mortgage. This means you would owe more than you could get from the sale of your home. If you fall into this category, you may want to reconsider selling your home, or be willing to take a loss. But there are still things you can do to be competitive in this market.

• Consult with your Realtor to determine an asking price that will target buyers looking for a home like yours.
• One of the most important things when showing your home to potential buyers is the first impression they get when entering your home. Decluttering and a deep cleaning go a long way to making a buyer feel good about your home. Even dated homes can show well when they are clean and decluttered. Remember that first impression: Clean smells, no loud or threatening animals, bright lighting and if you happen to be at home when a buyer arrives make them feel welcome and allow the agent to show the home. Slip out the back door or go for a walk if you can’t leave…….hovering sellers have killed more deals than you would ever believe. See our tips on staging.
• Be flexible. Most sellers today don’t get their asking price. That’s just the name of the game in this market. You may get “low ball offers”. These are offers considerably lower than your asking price. These may feel insulting, but consult with your Realtor to determine how or when to negotiate.
• Think about offering a one-year home warranty. It helps buyers feel protected from the maintenance cost of appliances, heating/ac systems, and hot water tanks during the first year of ownership.