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How to sell in a slow real Estate Market
Homeowners throughout the state have come to realize that the fast paced real estate market has leveled off and quite abruptly in some areas. The National & State Associations of Realtors are predicting existing home sales (the number of units sold) will drop up to 6% this year from 2005’s record breaking levels.
You might be thinking about selling and this probably isn’t what you want to hear. It is however, possible to sell your home even though the demand has softened.
You must be realistic and understand that you may not sell at the price you want. Many homeowners have become used to the huge appreciation levels of the past few years. Of course, you can price your home any way you wish, but buyers are smarter in this age of information and know better what the values are.
There quite clearly are more homes on the market and inventories are at historic levels. Many wise home sellers are pricing their property to sell rather than some stratosphere like pricing that buyers refuse to acknowledge.
If you are thinking of selling on your own it can be done, but it is far more difficult and costly in a slow market. You are up against a real estate industry that has marketing expertise and is available virtually around the clock to get homes sold. Not to mention the difficulty of running your own transaction while you try to work your own job. (What would your boss think?)
Curb appeal and condition are very important. Homes are viewed on the Internet and are seen by hundreds of people each day. I know many people do not want to fix anything, but repairs and or credits for repair can be considered and should be considered to enhance the sale.
In conclusion, homes are selling, but the “Days on the Market” (DOM) are lengthening. It’s always great when you sell your home fast, less aggravation keeping up for showings and not worrying about when the sale will occur. So, price your home to “Sell” not just “For Sale”. Find a knowledgeable Realtor, no part-timers unless they are partnering with somebody who has experience and most of all LISTEN to them. You will be far less stressed out and most importantly, you’ll sell your house.
(Bernie Hassan has been a Realtor since 1986,sales manager since 1990 and is the host of “Real Estate Today” on AM 1460 WBET each Tuesday from 11am to 1pm.)
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