Getting an Offer

by Carla Hill
Thursday, June 21, 2012

This question is more than just idle curiosity. When and how quickly you sell your home can mean the difference between buying the dream home before it's scooped up and avoiding carrying two mortgages.

There is an old adage used in real estate that says, “location, location, location.” While location is important for certain reasons (close to schools, crime levels, neighborhood appearance), there is something far more important when it comes to making a deal. The new adage should be “price, price, price.”

You can sell any home if it's priced to sell. Pricing right is about more than just pricing along with the competition. Sometimes it means listing at a lower price to make your home more attractive. Of course no one is willing to let someone just walk away with their home, but in a strong buyers market like we have today, you must be realistic about what price will truly entice a buyer.

Experts say that if you overprice a home at the start, you're making a big mistake. Buyers look for new listings. They'll pass right over your home if it doesn't compare to the competition. They could also see your price reduction later on as a sign that you are willing to go even lower on your price.

This is not to say you shouldn't do a price reduction. If you already have your home on the market then you should consider if a price reduction will bring in buyers. An overpriced home will never sell in today's market. There are simply too many other good deals out there.

This means you need to price your home at the bottom end of what is a realistic price for your market and for you.

Aside from price, there are also a few other issues that you, the seller, need to consider.

First, you should be willing to accommodate buyers with showings. This means if they want to come during an evening or weekend you should be flexible! Your prospective buyers may have difficult schedules, but today's market means you have to work with a buyer, making showings easy and convenient for them.

Next, stage your home. Before you have a single showing you must be sure to take the proper steps in staging. A messy, dirty, or cluttered home will turn off many buyers. They will see your home for its problems instead of its potential.

Finally, have a financial game plan ahead of time. This means knowing what sort of offers you are willing to accept and not. Buyers don't like to sit around for days awaiting your response. What is your true bottom line?

Selling your home in a strong buyers market is full of its challenges to be sure, but getting an offer and closing the deal in today's market is possible. Just be sure to price your home correctly!

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