There is no denying that real estate is a tough market. It's not that there are not enough buyers, but just that there are too many sellers. A few years ago the market was definitely in the seller's best interest, and many buyers that bought then are now upside down in their mortgages. But what if I need to sell my home? Can it be done right now?
Buyers today are offerred all kinds of incentives and bonuses that keep them out in the market looking for homes. There are plenty of buyers out there, but the questions is... what exactly are they buying? There are many bank-owned homes because of high interest rates and predatory lending that has driven folks right out of their homes. Dealing with a bank can be time consuming and often times, frustrating. The process of choosing a bank-owned home can also often take 2-3 times longer than that of using an agent and finding a home for sale through an agent. Some buyers just don't want to have to deal with that.
So as a seller, you do have some good things going for you. Often times, banks will sell cheap just to get rid of the property and therefore not do any repairs, upkeep, or even cleaning. Most sellers that are serious right now are striving to keep their homes clean, well-maintained and staged for buyers.
As a seller you will need to price the home competitively right from the get go. You can't afford to chase the market down, or you might end up going lower than what your home is worth. Check out the competition and something similar to your home and go a bit lower than that. More often than not, a buyer will visit your home and choose the cheaper one over the higher priced one. If your home has special features or amenities the others don't, you can still price higher for them, but emphasize these features and amentities dramatically in the listing.
The real competition is not only bank-owned homes that are priced below market value, but also developments that are selling brand new homes for dirt cheap. That's a tough competition when you are dealing with brand new homes. Even if your home is built better, has better amenities and finished features, many buyers just simply want a new home. And builders want to sell these homes almost as badly as the banks want to sell theirs and are therefore willing to set up quite a show for the marketing of these new developments.
Having a staging company set up your home for success is really what attracts buyers. Tour some of the local showrooms and model homes and see how they set up a house for viewing. Remember, these staged homes are what your potential buyers are seeing. How do they compare with your home? If you can set up your home in a similar fashion, price it competitively and showcase the features new homes don't have, you are sure to have a sale soon.
Please don't hesitate to contact us anytime for staging tips, information on selling, pricing strategies, and anything else about potentially selling your Ardmore real estate.