Selling in a Down Market, Part 1

The question I’ve probably been asked most in the last few years is “What can I do to sell my house in this economy? I’ve tried everything!” The answers vary from person to person, and from house to house, but if you stick with these basics, chances are you’ll succeed.

Rule No. 1: Check the price! Sorry, but there is just no way around it. Many sellers still overprice their houses. It’s hard to not be emotional about all the hard work (not to mention blood, sweat and tears) you’ve poured into the house over the years, but that is exactly what you have to do in today’s marketplace. A realtor who knows the local market will usually give you a good idea of your home’s worth in the
current market.

Rule No. 2: Let EVERYBODY know you’re selling! I’m not just talking about marketing the house. Many people refuse to put up a sign or do open houses because “We don’t want our neighbors to know we’re selling.” In actuality, that is exactly what you do want. Many times, a neighbor will have a friend or relative who wants to move into the neighborhood. This “ready made” is already sold on your area and often results in the quickest, easiest sale.

Rule No. 3: Clean it Up! Know how long you have to make a good first impression in our fast paced world? Three minutes? Five minutes? The latest studies show you have eight seconds for the buyers to decide if they are interested. Paint the front door and mailbox, seal the driveway, keep the lawn mowed. Curb appeal is more important than ever before.

Rule No. 4: Let People In! I’m always amazed when people want to sell their home, but make it almost impossible for buyers to see it. I remember a seller telling me he would only show his house “Tuesday or Wednesday afternoons. If anyone’s really interested they’ll make time to see it then.” (By the way, his house is still on the market four years later!) Be accessible. Lockboxes today are electronic, meaning they are programmed to turn off automatically at night and allow your realtor to keep a record of every agent who has shown the property.

That’s a great way to know how many people have visited the house–and to get feedback!

Hope this blog has been helpful and that you will become a regular reader. Watch for Part 2 Soon.