Selling Your House in Buyers Market
Similar to how a bad flu spreads around in a school, a "listing virus" has struck my neighborhood. Almost every month, one or more unit out of the thirty-two that we have in our townhouse complex is listed on the market for sale. Unfortunately, nothing has been sold for months! Right now, there are four units for sale, even though just a little before two years there were intense bidding campaigns for these very units.
What is the problem here? This is all because of the requirement for sellers to alter their expectations to what is reasonable. If you wish to sell your home, here is how to ensure that you are able to do so successfully.
Alter your expectations - price your place reasonably. I don't mean to say that you should sell it off dirt cheap. The idea is to be practical. If the area comparables are indicating current sales for $600thousand, list at $599 thousand instead of $640 thousand. it is not realistic to think that the prices will go up after a few months and that you will eventually get what you are asking for. What sellers need to realize is that if they let their property pine away at suchh a high price on the market for such a long time they will be sending very bad signals to prospective buyers.
Keep your house clean! No one wants to live in a dirty, messy house. And if that is the picture you paint of your house for potential buyers, they are most likely to decline the offer. It is imperative that you make an effort to make your house presentable - do not leave dirty dishes in the sink or unlaundered clothes strewn around. If you really want to convince someone to buy your place, make them want to live in it.
Have a Plan-B. Unless you are moving out because you absolutely have to, for example, if you have a new job that is too far from your current residence, do not purchase a new house till you have sold the current one. You do not need the stress from two mortgages. Another option you could explore in this case is keeping the first house for rent till when the market has improved. When you are confident that your property will sell at a decent price then you can put it up on the market for sale. However, everyone does not wish to invest in real estate as this can be risky business.
There is chaos in the property market, but you should not lose hope. People are still looking for homes to buy, so you still have the opportunity to sell your place for a decent price. Just be sure that you are reasonable and that you don't overprice your property. Buyers these days are nervous, and media is only feeding their concern negatively. Put the potential buyer at easy with a neat, clean and inviting home which is priced reasonably. Also, minimize your own stress levels by having back-up plans in case your property does not sell immediately.