While it certainly isn't the best time to sell, some of you have to. Whether it's because you're relocating, payments are forcing you to downscale, or perhaps you're among the lucky few who are even buying up, it is still possible to sell in a market with as many as a million more homes for sale internationally than is average. Here's a few ideas for sellers trying to attract a buyer in this flooded housing market.
First off, prepare your home so that it looks great. When there are 20 of the same type of home in similar neighborhoods, you need to make yours stand out. Read up on home staging tips, look around at what else is for sale, and then get your house into shape. This will mean doing extensive cleaning, clearing out some cluttering possessions, and probably making a few minor repairs. Consider getting some of the common inspections buyers like to do done before you even put the house up for sale. Then you'll know what your home needs, if anything, and can do the work so a buyer doesn't have to. The fewer outstanding flaws, the more reason a buyer has to pick your home over the next one in line. If a buyer can move in immediately without needing to do anything, they will probably consider it. A small investment in getting your home ready will pay off in a faster sale, and ideally, a higher offer than if you sold the home "as is".
Be prepared to wait a little longer. Homes in a market like this rarely sell fast. Unless your home is somehow outstanding, or you're offering it at an exceptionally low price, expect it to be on the market for at least three months. This is just an estimate, but don't hope to have a buyer within a week. Also, realize that waiting until the market is better will mean you will get more for your home, but that could take a couple of years. If you need to move now, there's nothing you can do except accept what fate has dealt you. No matter what, now is not the time to expect top dollar, no matter where you live, and pricing at last years rates will only mean you'll be sitting on your home for a long, long time.
But take heart, because smart buyers know that now's a good time to buy. Prices are low, and some buyers will be eligible for tax breaks. Plus, the market's bound to get better. Some experts estimate that things should be turned around within the year, and some parts of the country are already seeing a small, ok, minute, increase in market prices already. But however small, it's a sign that things are looking up. So anyone buying now should be seeing good equity within a few years. See, there's a silver lining to every gray cloud.
